NOVA NEWS EDITORIAL NOVEMBER 2022
SITUATION NORMAL
SITUATION NORMAL
The housing market has experienced unprecedented levels of activity over the past two years or so, and the recent volatility in the financial markets, with mortgage rates increasing so rapidly has seen a change in the market. Gone are the days when you could expect to sell your property within a few days, although there are still some homes which are selling quickly. The market has turned back to a much more ‘normal’ state of affairs, and this means it will become more challenging for the agents to achieve a sale for their clients, and equally, sellers will need to be a little more patient in their expectations both in terms of anticipated sales price and more particularly in respect of time scale.
Many buyers have recently been anxious to achieve an exchange and completion on their prospective purchase in order to secure a time-limited mortgage offer. The mortgage market has been very unpredictable for a few weeks but gradually the number of products available will increase, and buyers will become more accepting of the financial implications of their purchase. This may, however, lead to a reduced number of buyers in the marketplace and that in itself will also have a bearing on the selling market. It is possible that it may turn into a buyer’s market, but I think that may, to some extent, depend on the number of new instructions.
This time of year inevitably sees less property coming on the market with buyers and sellers more inclined to look towards Christmas and preparations for the festivities rather than concentrate on the search for a new home and this in itself leads to a slow down in the market. Once Christmas is over, people will be re-evaluating their financial circumstances, and it will be interesting to see if this leads to an increase in property coming onto the market with downsizing and more energy-efficient homes possibly influencing the marketplace.
Whatever your circumstances, patience is likely to be the key word and try not to be too optimistic with your expectations.
Most of all, have a wonderful Christmas and a Happy New Year.
Many buyers have recently been anxious to achieve an exchange and completion on their prospective purchase in order to secure a time-limited mortgage offer. The mortgage market has been very unpredictable for a few weeks but gradually the number of products available will increase, and buyers will become more accepting of the financial implications of their purchase. This may, however, lead to a reduced number of buyers in the marketplace and that in itself will also have a bearing on the selling market. It is possible that it may turn into a buyer’s market, but I think that may, to some extent, depend on the number of new instructions.
This time of year inevitably sees less property coming on the market with buyers and sellers more inclined to look towards Christmas and preparations for the festivities rather than concentrate on the search for a new home and this in itself leads to a slow down in the market. Once Christmas is over, people will be re-evaluating their financial circumstances, and it will be interesting to see if this leads to an increase in property coming onto the market with downsizing and more energy-efficient homes possibly influencing the marketplace.
Whatever your circumstances, patience is likely to be the key word and try not to be too optimistic with your expectations.
Most of all, have a wonderful Christmas and a Happy New Year.