NOVA NEWS EDITORIAL 03 MARCH 2022
There is certainly no let up in the property market as far as sales are concerned. Pretty well every property that comes on the market is attracting a great deal of interest. This is as a result of a considerable shortfall in new instructions of existing homes coming for sale. Every agent I speak to has a significant lack of supply and, generally, those properties that are coming on the market are getting a high level of viewings within the first few days of marketing and a number of sales are being achieved prior to these coming on to the open market..
By the time this issue of the Nova is published we will be into the Spring and the market may well be more active with new instructions. Now is a good time to prepare yourselves for this. Agents are always on the lookout for buyers to match up to properties either on their books or soon to be for sale and if you are a seller, not only will the agents want your property to sell but you may well also fit the criteria of being a prospective buyer. It could be prudent to get a valuation of your home. Firstly you will be more prepared by having an up to date valuation in a rapidly changing market and secondly the agent will be aware of what is coming on the market and mentally noting any potential buyers who may be looking for your home. Additionally the agent may have just the property for you “in the pipeline” but not yet marketed and advertised for sale.
Putting yourself in a position ready for marketing will be beneficial for all parties and may place you at an advantage to other prospective buyers. You see the expression “have they sold it already” or “I never saw that property on the market” much more frequently now so if you can place yourself in a slightly more advantageous position then that must be a good thing.
One alternative would be to sell your own and move into rented property but that comes with the upheaval of moving twice and the rental market is also very busy so this may be a more challenging option.
I do not see the market changing significantly in the short term so be ready to make that move. An increase in interest rates may have a calming effect on the market but when there is very little property for sale it will remain a sellers market.