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Be Aware Of Gazundering When Selling A Home

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Mon 18 Mar 2024

Be Aware Of Gazundering When Selling A Home

In the ever-evolving property market of Bury St Edmunds, homeowners poised to sell face numerous challenges, not least of which is the practice known as gazundering. This term refers to a buyer's decision to lower their offer on a property, having previously agreed upon a higher price, often shortly before the exchange of contracts.

At Coakley & Theaker, we take you from start to end of the sales process, and we want you to feel as confident as possible about any possible move. We’ll ensure you know everything you need to know about gazundering, and all property market matters.

Recent research undertaken by Open Property Group has unveiled some illuminating statistics regarding this phenomenon, which have significant implications for those looking to sell their homes.

The survey reveals that a notable 26% of individuals who completed the sale of their property in the last year were subjected to gazundering. Of these instances, a substantial 68% occurred more than two weeks prior to the scheduled exchange of contracts. Conversely, 32% of sellers experienced gazundering within the critical two-week period leading up to the exchange.

Sellers often have a difficult decision to make

The decision to accept a reduced offer is considerable, with 78% of those affected by gazundering choosing to proceed with the sale under these adjusted terms. The rationale behind these decisions is varied, yet insightful. A significant 35% of sellers were motivated by the desire to avoid the delays and complications of securing another buyer. Meanwhile, 22% were concerned about endangering their subsequent property acquisition, and 14% were reluctant to re-embark on the selling process.

Investigation into the motivations of gazundering buyers indicates that 35% adjusted their offer based on findings from the property survey. Additionally, 24% attempted to lower the price as a speculative strategy, and 16% offered no justification for their actions.

We help to minimise unpredictable behaviour in property market

These findings highlight the unpredictable nature of the property market, underscoring the critical role of an experienced and knowledgeable estate agent. At Coakley & Theaker, we pride ourselves on our deep understanding of the Bury St Edmunds property market and our commitment to guiding our clients through these challenges.

Our strategy to counteract gazundering involves a proactive and comprehensive approach. We focus on attracting serious, qualified buyers to minimise the likelihood of last-minute renegotiations. Our team offers expert advice on preparing your property for sale and conducts thorough pre-market assessments to identify and rectify potential issues, thereby strengthening your negotiating position.

Selling your home represents a significant life event, and we at Coakley & Theaker are dedicated to making this process as seamless and rewarding as possible. Our team is committed to providing unparalleled support and expertise to navigate the complexities of the market, ensuring you achieve the best possible outcome for your property sale.

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.