Jonathan Hopper from Garrington Property Finders shares some expert tips for successfully moving home this spring
After a brief slowdown during the final months of 2022, buyers and sellers are now re-entering the market in greater numbers presenting both opportunities and challenges for those planning to buy a property.
Whilst this increase in appetite to move is resulting in more homes for sale, uncertainty remains surrounding property values with the slowing down of price growth. Buyers are right to maintain an air of caution but also must be mindful that the most sought-after homes will still command a premium price.
The right price
With roughly a third of property transactions not dependent on lending and funded entirely by cash, together with the fact that over a third of home moves are made out of necessity, people will continue to move home regardless of the political and economic landscape. For all homemovers, regardless of their motivation, paying the right price when moving home is incredibly important.
Local micro property markets are moving at their own pace and are experiencing varying degrees of changes to pricing. Homes that are considered to be the most desirable maintain a scarcity value and buyers should expect competition and to potentially pay a premium to secure such a property. Some sellers though, are attempting to achieve a post-pandemic boom price for their home, which simply does not align with the current market climate.
So, how can buyers determine the right price for a property? Firstly, the length of time it has been on the market often serves as an indication as to whether the price is appropriate, whether it has had a price reduction will also be visible on a property portal. Secondly, although there can be a delay in recording of sold prices, it is always worth researching recent values of nearby transactions of comparable properties.
Off-market homes will not have a live digital footprint so greater research is needed. Navigating property values in a moving marketplace, where uncertainty is present, can be overwhelming and buyers might benefit from the professional guidance offered by an independent expert. A property finder can offer assurance when it’s most needed; being immersed in their local market they are able to share valuable insights regarding property prices.
Selling and buying at the same time
Whether upsizing, downsizing or relocating, many homemovers will have two transactions taking place in tandem. Selling and buying at the same time can often require greater planning and consideration.
With there still being a shortage of prime homes for sale, some sellers are preferring to sell off-market through their estate agent. This can offer sellers the opportunity to test the market both for pricing and appetite prior to spending time actively searching for a home to buy. With a surprising number of homes continuing to be sold discreetly, buyers can benefit from professional representation to ensure access to all opportunities and, furthermore, receive guidance crucial during negotiations, which, at this time, is particularly important.
If you are considering moving home this spring and would like more information about how to better navigate your local property market, contact Garrington Property Finders.
