Read James’ article in the september edition of the Hanover Directory…
The post-Brexit dust has settled – that may be pushing it but certainly there has been time to take stock and gather our thoughts on the state of the housing market. The gloomy outlook forecast by many is yet to materialise and while we won’t deny these are turbulent times we prefer to focus on the sunny side and declare now is a fantastic time to move – and we don’t necessarily mean emigrate.
Why a tale of two markets? What has become abundantly clear post-Brexit is that the market has cooled. The bidding fervour that engulfed the property market during the previous two years has dissipated leaving buyers confident that they can take their time and wait for the right property at a lower price. After a period of homes selling in excess of the asking price, sellers are now seriously considering offers made on their home. As a result there are now two ranges of house prices: those aiming for pre-Brexit prices and sitting on the market for a long time, and competitively priced homes that are selling relatively quickly. And of course, it is the owners of those competitively priced homes who are able to get moving sooner.
There are two recurring conversation pieces when we meet with potential clients on valuations; we are told by those considering selling that they are in no great hurry and happy to wait for a higher price, and we are often asked what we would do if we were selling. The answer to the second is indisputably tied up with the first. If you’re in no great hurry then don’t put your home on the market. The detrimental effect of sitting on the market for months on end is huge. The property starts to look stale in the marketplace, if offers do come in they are invariable low (possibly less than if you had initially marketed at a lower price), and the drain on you, the seller, constantly keeping the house tidy.
So what would we do? Price against the competition is the simple answer. Take a look at what is on the market in the area. Critically compare your home to something similar and price yours at the same level, or even better, cheaper. Buyers love a deal; you’ll be sold in no time, have bought your dream home and be sunning yourself in new garden while the people down the road will be tidying up once again for yet another viewing.
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