Market Comment
There are so many predictions about what might happen to the market, we forget sometimes to look at what is actually happening.
It’s really very simple, if you own a property and want it sold, price it accurately and it should sell. Correct pricing is more necessary today than any time in the last ten years. Where sellers and agents are too ambitious with a quoted asking price, it usually results in a property not selling at all or for a long time.
Volumes of transactions are about half what they were in 05, 06 and 07 and this is likely to be the pattern for some time to come. That said it is a good time to move for those who wish or need to, as the volatility associated with sharply rising or decreasing values is gone, resulting in a more stable market.
That said it is neither a sellers’ nor a buyers’ market. Whilst buyers are being more measured in their actions and considered with their offers, there are simply not enough properties for sale to give the choice required. As a result, when a good property, correctly priced becomes available, it is quite often resulting in more than one person bidding for it.
In such cases, those bidding with properties yet to sell, usually miss out. Here are a few basic steps to consider to help make a move successful.
- Decide if you really want or need to move – many people don’t really know!
- If you own one, have your current property 'accurately' valued
- If you need one, find out 'precisely' how much mortgage you can obtain and are comfortable to support
- Then check out that in the area you wish to move to, what you have to spend will buy you the sort of property you want to move into.
If this all checks out, put your property on the market and endeavour to secure a buyer before you go searching in earnest for your new property. The rest will fall into place more readily and with far less stress and frustration. Falling in love with your dream home and being unable to purchase it by not being in a position to do so, is a heartache for many.
Whilst it is very important to buy as wisely as possible, the recent recession has had one upside. That is people are now looking at their property purchase as a home, not just a vehicle for making money, which was the reason for many moves in the crazy years before the recession began in 2007. However for the long term as well as being your home your property will also be a sound investment, which when you come to sell and cash in your added value will be tax free (assuming it is your main residence of course).
ANDREW DEWAR
Joint Senior Partner
Property Market News July 2011
Summer Property Market Comment
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