Data and analysis feeding through from housing market industry experts is a powerful tool to help both buyers and sellers gauge the market and make sensible decisions, says Robert Burdett, MD of Essex-based independent estate agency James Leigh Property Management.
The latest data available on the performance of the housing market in July is feeding through the market, with the big players all publishing their analyses. But the data isn’t just something that these players use to drive and develop their own businesses. Both sellers and buyers can make good use of the data to come up with successful strategies that will enable them to sell or buy their homes in what has become a highly competitive marketplace, thanks to the Coronavirus pandemic.
Robert, MD at James Leigh Property Management – Powered by Keller Williams said, “As an independent estate agent this data coupled with our knowledge of our local markets is vital to help us grow our business and help our clients buy and sell their properties. But it isn’t just for us and the wider industry. There are clues in the data that can really help people get the most from current market conditions, whether they are a buyer or a seller.”
With demand still high across the board, even at the top end of the market where prices have dropped in July, sellers can expect to sell quickly, and at a good price. That doesn’t mean that pricing above the actual value is a good idea, but arranging a professional valuation and advice will give you the answers that you need.
With such high demand you can expect to arrange more viewings than under normal circumstances, and there are numerous reports of potential buyers getting into bidding wars to secure their new homes.
Finally, Rightmove and other industry leaders are recommending that sellers sell first and then look to buy as the best way to secure your next property. That makes you as the buyer more attractive to a seller since you have already shored up your end of the chain.
There are, of course, many variables to consider, not least of which are local and regional variations, so speak to us or your local Keller Williams property expert for advice and guidance and your valuation. And of course, listing your home for sale.
Robert Burdett said, ” For buyers, the picture is more complex and challenging than for sellers, but there are some key areas to consider.”
The housing market is currently a seller’s market, and that’s not likely to change until well into 2022. So buyers face some challenges, not least of which is high demand coupled with low availability of property for sale. This is acute across all sectors of the market. Demand for flats is lower than houses, and demand for houses in the first-time buyer and stepper sectors of the market is particularly high.
So there is less availability of suitable property, and as a result, prices are high and rising. There are, of course, areas where house prices are lower whether in local pockets, or the North and Midlands, but it may not be feasible for many people to relocate.
But there are things that you can do to make yourself more attractive to a buyer if you are competing for a property:
If you’re selling your home, sell first and buy second. That means that your commitment is clear, and your end of the chain is active.
Make yourself an attractive proposition. Spend some time preparing for your mortgage application- you could have one agreed upon in principle.
Be sympathetic to the seller’s timeline. If they’re ready to move quickly, do what you can to accommodate that. have your legal team ready. Have your conveyancer at the ready to act for you. If they’re going to take a few months to move, decide whether you can be accomodating there too. There may be other things unique to your seller to consider, so be sure to communicate well. Remember. People buy from people.
Take advice from the estate agent on reasonable offers. If you really want the property you might have to negotiate, or even compete with other buyers, so make sure that your offers are not only affordable for you but attractive to your seller.