Selling a home has suddenly got much harder. Buyers who are still committed to moving are looking for bargains. However, there appears to be a marked reluctance among sellers to acknowledge that prices are lower and that househunters are now looking for properties in a different way, starting their search on the internet. This method of selecting homes suitable for viewing appears to exclude - from the outset - any homes that seem overpriced. It is against this background that Geoffrey Weston is trying to sell his 16th-century Grade II-listed home in Suffolk. It has been on the market for three years, yet Weston remains convinced that his property is worth every penny of its £295,000 price tag. His experience should prove a cautionary tale for all sellers in the current climate.

According to Weston, everybody who has seen the property agrees it is beautiful. They are right. Standing on the High Street in the pretty village of Debenham, near Stowmarket, it is the sort of home you might peer at on the way to the tea shop during a weekend break.

Estate agents might call it a three-bedroom terrace, but it is much more than that. With its intricate timber frame, inglenook fireplaces and an exquisite monochrome 16th-century wall painting of winged mythical beasts, it has the air of a much bigger and grander house, as it once was. What are now Nos 31 to 37 on the High Street was originally a single home built about 1540, presumably for someone rather grand. It was divided up, probably in the 18th century, and Weston's home, No 37, inherited the parlour, the grandest room in the house.

Although it had fallen into disrepair, Weston has spared no expense or effort in restoring it since he bought it in 2001. With its new bathroom, kitchen and extra bedroom, you might expect that buyers would be queueing up. However, since the house went on the market in May 2005 there have been few viewings and only three offers, all of which have fallen through for different reasons.

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There are downsides to this house that might be overlooked when the market is rising fast and buyers outnumber sellers but can become firm sticking points when prices grind to a halt. One drawback is that that the property is small and has no outdoor space: the back of the house overlooks a church and its graveyard, and - apart from a small flower bed - its frontage is right on the road with traffic hurtling past.

That said, when houses fail to sell the price is more often to blame than anything else. At £295,000, No 37 costs much more than an average three-bedroom house in the area. William Sadler, an estate agent at Bidwells in Martlesham Heath, near Ipswich, said: “£300,000 can buy quite a reasonable property in Suffolk, and you don't have to be in the middle of things to be close to amenities. You can find houses that are in quite rural locations and have land but are close to the shops.”

Weston, an editorial consultant, is adamant that he is asking a fair price. “It is like a chest of drawers. You can buy one from Ikea for £50 or get one at Christie's for £50,000. They both serve the same function but are completely different things. This house is so special, you really can't compare it with anything else on the market. Everyone who has been to see it loves it.” Weston says that several local agents have agreed on the valuation.

Unfortunately for Weston, there are some who believe that the price could be keeping potential buyers from even viewing the property. David Clarke, the head of country houses at Strutt & Parker in Ipswich, whose original valuation in the low £200,000s was rejected by Weston, said: “These days everybody starts their search on the internet. You need to have a competitive price in order to get buyers to make the journey to view it in the first place. Without viewings you are never going to get a sale.

“In a slow market, individual homes are easier to sell than ones which are in a row of similar properties. But quirkiness can also limit the market. You are dealing with a much smaller pool of buyers, so the possibility of achieving a premium price is reduced.”

The time for achieving top prices is also over. The market in East Anglia peaked at the end of 2006 and has been slowing gradually ever since. According to Hometrack, the number of property sales is falling and sellers are being forced to accept offers at 7 per cent below the asking price to secure a deal. Halifax forecasts that property prices in East Anglia will rise by just 1 per cent this year. Martin Ellis, its group economist, believes that smaller homes will be the worst hit: “Smaller flats and terraces will suffer, but family homes will fare a little easier.”

If Weston is disappointed with the gloomy outlook, he is not alone. Sellers all over the country are being forced to readjust their expectations. Sadler said: “It's what happens when the market changes after a period of significant growth. Sellers' expectations are always greater than the valuation you are giving them.”

37 High Street, Debenham, is for sale with TW Gaze of Diss (01379-641341), and Fine & Country (0845 3897122)

It is crucial to price your property at a realistic level in a difficult market. Your house is worth only what a buyer is willing to pay for it.

Choose your agent carefully. Pick the one selling plenty of properties similar to yours, not the agent who offers the highest valuation.

Ensure your home is advertised online because that is how most buyers start their search.

Do not expect instant results. Homes are taking an average of two months to sell, according to the data company Hometrack.

Avoid getting in a long chain, and consider renting if you have not found somewhere to buy. Prepare your home information pack. It should include an energy performance certificate.

Make your house easier to sell by decluttering and finishing off any odd jobs.

First impressions are even more important in a slow market, so clean the windows and wash the curtains. Pretty window boxes also help.

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