Professional property finder Jonathan Hopper discusses why now, more than ever, a knowledgeable local expert would be a valuable asset when searching for and securing a home
In all aspects of life, it is extremely rare that the stars align and the 'perfect time' to do anything presents itself.
Those who make changes at the most optimum time are called lucky, but it’s often also the case that they were well-advised.
Moving home cannot always be timed to fit in with the ebbs and flows of the property market. The timing is often influenced by factors dictating that 'now' is the time that you need to find a property to buy. This doesn’t necessarily mean there’s an urgency to act, or a need for compromise, but in a changing market there is more risk of a misstep that could prove costly.
How can buyers make well-informed decisions at this time?
A changing market place
The UK property market has been on somewhat of a rollercoaster in recent years and, as with any changing market, there will undoubtedly be winners and losers.
Some areas are seeing a readjustment of prices after the recent rapid rises, but there is a disconnect between the price sellers believe they can still achieve, and buyers think they need to pay. Many prime markets across the UK continue to suffer from an acute lack of stock meaning prices are robust and, in some areas, competition remains strong, which can put buyers under pressure to make rash decisions.
Professional property finders not only find you the right house to buy, but they also ascertain the seller’s motivation to sell, carry out due diligence on current values, negotiate the terms and price, and overall formulate the best strategy to secure the property.
Setting your priorities
The key to buying a property in any market, but particularly in a more challenging climate, is to set your priorities in place. Understand what is absolutely essential and what is a ‘like to have’, where you might compromise or at least be open to options you hadn’t previously considered. With many of the most exclusive areas in the country continuing to suffer a lack of homes for sale, buyers might find their dream home is in fact just a mile down the road.
Another consideration is renovation: what level of refurbishment project might you be willing to undertake? Increased costs and potential delays have deterred many buyers but has this presented opportunity for others? Homes with potential will present themselves but should be very carefully analysed before committing.
A buyer’s advantage
Some areas are experiencing justified premium price tags due to scarcity and desirability, but other areas might be inflated without foundation, buyers should be wary of this when securing a property.
A buying agent will have a deeper understanding of the local property market and will be able to analyse value as part of their due diligence when proposing the best strategy to secure a home.
And, if necessary, they’ll also advise when it is simply time to walk away. It is this pragmatic approach, without emotion, that can prove invaluable.
If you are considering your property-buying options and would like more information about how to better navigate your local property market, contact Garrington to arrange a no-obligation discussion.
garrington.co.uk
