Autumn property market - Braced for action?

Typically, the heat of summer brings a cooler property market. 2024 has been no different, however the drop in interest rates on 01/08/24 has led to a busier than typical August.

With September fast approaching the stage is set for what could be a significant increase in buyer activity.

The Key Factors that are influencing this are;

  • Lenders making significant rate reductions
  • With record levels of supply there are a lot of people planning a move, but rates and competition have dampened their plans - these would be movers could soon be adding to the pool of active buyers!
  • Consumer confidence on the rise
  • Stable asking prices 

 

HOW TO CAPITALISE ON A MORE ACTIVE MARKET?

BUYERS:

  • Get viewing - You may have a shortlist bookmarked to view, get out and see them. They may feel and appear very different in person
  • Don't Hesitate - If a property is right for you, go for it! If it's right for you the chances are it's right for others. Properties may not being staying on the market as long as they have been. You may want to wait and see if 'The perfect property comes up' the truth of it is it may not exist, a small compromise may be as close as you can get to 'perfect'.
  • Don't be afraid to offer - Start the conversation, test the waters. You may be surprised!

SELLERS:

  • Don't price yourselves out of the market - Step into the shoes, what else are your potential buyers looking at? Objectively how do they compare to yours and how much are they asking?
  • Remember: Your asking price is only an invitation to view - If buyers are not viewing your property, it is often an indication your listing is not attractive enough. Speak to a property expert about how to best attract viewers. When buyers are through the door an experienced sales negotiator can really get to work.
  • Do not lose patience - There is little to nothing to be gained from listing with numerous agents or changing agent (unless you are dissatisfied with the service you are receiving) When the market begins to move, agents will increase their marketing activity. You may receive letters stating "I have a buyer looking in your road" or "We have buyers registered from out of town." Unless these 'buyers' live in an internetless bunker, the chances are they do not exist. If they aren't looking at Rightmove or On The Market adverts how serious are they about moving?

To speak to a property expert call Clarkes today on 01202 533377