Garrington Property Finders: Time to spring into action?
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Jonathan Hopper from Garrington Property Finders shares some expert tips for successfully moving to your dream home this spring
To the surprise of many, the property market has remained somewhat frenzied over recent months, and all the signs are that the traditionally brisk spring market could be one of the busiest on record this year. Moving home in a fast-paced property market like this presents both opportunities and challenges.
The main driving force behind rising prices and such a competitive market is an acute imbalance between the number of properties being made available for sale and the continuing glut of homebuyers desperate to find their next property. Of course, with spring approaching it is likely that more properties will be brought to market, but the sheer volume of buyers actively looking suggests that there will still not be enough homes for sale to meet demand.
Tips for finding and securing your next home
A few years ago, when a cash buyer with nothing to sell registered with an estate agent they would have rolled out the red carpet. Unfortunately, today, this optimal position is less rare as many buyers over the last year have sold their properties and moved into a rental property, poised to buy and snap up the latest listing.
Of course, many people do not have the luxury of being a fully proceedable cash buyer but if you want to be taken seriously in this market, at the very least you must have your mortgage ‘decision in principle’ in hand and your property on the market, preferably under offer.
While this may feel like a rather precarious position to be in, it is unfortunately the harsh reality that you must be able to spring into action if you are going to buy successfully in the current market.
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A further top tip is to do your homework on prices in the area you are looking in before starting to view any properties. Many homes are being sold through best and final offers so to avoid missing out, or indeed overpaying, spend some time understanding the dynamics of the area you are trying to buy in.
Selling your home in a fast market
For anyone not making an onward purchase, the good news is that you can expect a quick sale. However, for anyone selling and buying again, selling is the easy part – finding your new home while linking in your sale has become challenging with so few properties for sale to choose from.
For this reason, increasing numbers of sellers are choosing to sell off-market through their estate agent, where the speed and sale process can sometimes be better controlled, away from the spotlight of the open market. To the same end, Garrington has increasingly been approached directly by homeowners asking if they have a suitable buyer willing to transact at a level and pace suitable to their needs. With experienced professionals on side, a transaction can be managed to move forward at a pace to suit all parties and bring it to a successful conclusion.
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.