A difficult autumn property market can work for you especially if you have some help (talking my own book!)
Demand remains good in the areas that I carry out my searches and agents are still busy with viewings, particularly at weekends.
There is a reasonable amount of stock on, I am able to view houses that are of interest much more often than the last few years and yes, buyers are being wary (as they should be) but deals are being made and people are moving.
As always, it’s all about price. Vendors who may be thinking that they house is worth what it may have been worth in March ’22 are now realising that those valuations are off mark. With stock being so low at that point agents were pushed or perhaps pressurised to give possible vendors valuations that just weren’t realistic. It is always interesting to see patterns of valuations from some agents coming in consistently higher than others, they are businesses under pressure despite the recent good times.
Buyers should feel able to bid down sensibly to a level that they feel comfortable with without insulting the seller. The uncertainty of an election is frustrating as it’s an unknown but mortgage rates have stabilised and some lower rates have come through this week.
There is certainly more stock available off-market and this is only likely to increase, unless you are desperate to sell why not market your house to a selected few (sometimes not a few so do be specific in terms of what buyers you wish to be targeted) and test the water, hopefully find a buyer and avoid going on the portals where a lagging property tells a story that may not match your property.
I have had a number of downsizers as clients recently, selling wonderful houses where their families have grown up but are now also looking for houses that will give them everything that they would like from the next phase of life, perhaps a little more ‘lock up and leave’, more efficient, less bedrooms but still spacious downstairs (bottom-heavy) with lower maintenance gardens.
Mortgage free they are in the enviable position of being able to release some cash to their children enabling them onto the property ladder. They’re savvy in terms of what works for them in a property and represent a newish demographic who don’t feel the need to live in their big family homes until they can no longer manage them.
Homes needing renovation are still lagging – costs of refurb are at a new level that the market has to get used to, some materials are coming down in price but many will stay at new levels.
The cycle is always interesting, every client is different and local markets can be quite small in area so don’t get swamped with the national statistics, do whatever is best for you and quite often moving in a difficult market can be a good decision from both a personal as well as an investment perspective.
I am always happy to chat through your possible move so please do feel free to get in touch.