I am sure you can imagine that we are constantly being asked how the market is going, what with all the changes of interest rates and the general impact of the rising cost of living.
So I thought I take this opportunity to explain how we see it on the shop floor, answer some of the more FAQs we get, and try to cut through some of the sensationalism that comes with news headlines.
So, Is the market slowing down?
Yes, and that is inescapable, I would be insulting your intelligence if I wasn't transparent with that BUT it is all about context, and you need to understand where it is slowing down from.
2021 was one of the busiest years I have seen in a 35 year career, so compared to then, any drop in activity could seem catastrophic. However, looking through a prism at other previous years, and the activity is very similar.
To put it simply, if the market is average and it drops, then you have cause for concern. but if the market was amazing, and then it drops, then not so much, and I truly believe this is where we are now.
Should I wait to buy?
Without a crystal ball, this is a hard question, as there are so many variables, but my gut is telling me no.
Lets say you wait, and prices drop, then you may have had a result, but interest rates continue to rise, then you wouldn't have a tangible gain, you'll be paying more, for a smaller mortgage.
Of course, the opposite possibility is that you buy now, secure yourself the best rate you can, and then prices do drop, and that scenario could be an issue if you want to resell in a short period of time, but if you have a long term goal, say 5 years plus, then history tells us that prices rise again.
Ultimately, its about what you can afford to do, how long you intend to stay, and whether it fits around your life.
Will I still struggle to find a home?
One of peoples biggest concerns over the last few years has been an apparent shortage of properties coming to the market, and we understand that, but we still passionately believe that if you trust the process, and find a buyer first, your chances of finding increase dramatically.
So properties are still selling/letting?
Without a doubt. The amount of viewers has reduced, but the sales numbers have remained buoyant, meaning that the buyers and tenants that are looking, are serious.
Are sellers having to reduce?
Some are, some aren't, but this is true in every market.
I could easily give you a few example of where sellers have had to reduce, to get their home sold, but equally, I could give you the same amount of examples of people that have had buyers fighting over their home and bidding higher and higher.
The key is getting the price right, first time, and getting the marketing amazing to make sure it is noticed.