Rightmove, the UK’s largest property portal, reported recently that stock levels across the country were down by over 24 per cent on the previous year.
Whilst 2016 has made a promising start there are still less properties coming onto the market.
So why are people reluctant to put their property on the market?
The answer is simple: when fewer properties are coming onto the market, people are concerned that they will sell their own property and not be able to find a property to move to.
And so the cycle goes on...
Saxton Mee are the area’s leading independent estate agent with the largest market share of properties locally.
James Mee, managing director said: “In 2015 we listed and sold more properties than any other agent locally. 2016 has started very much the same way and with so little new instructions coming onto the market, we are seeing a substantial increase in the ratio of buyers to properties.”
“In the last week alone, we have seen the majority of properties for sale through our Banner Cross office receiving multiple offers and going to best and final offers, with sales often being agreed higher than the initial asking price in a matter of days.”
But with multiple buyers per property how can you ensure you will secure the property of your dreams?
James added: “It’s simple! You need to put yourself in a good position.”
Marketing and agreeing a sale on your property prior to offering on another property puts you in a much better position. With more buyers you will often be thrown into a mix with cash buyers, people in rented etc. and therefore even if you offer more money you may miss out on a property if your property has not sold or even on the market.
James continued: “The important thing is to ensure your property is priced correctly when it comes onto the market. In a market where there are less new instructions, we are seeing many agents over valuing properties in order to win instructions and then prices being reduced just weeks later. Whilst property valuing isn’t an exact science, an experienced valuer with extensive knowledge of the local property market will know their market. At Saxton Mee, our valuers all live locally and pride themselves on carrying out extensive research of properties marketed and more importantly sold, in the local area together with reviewing our extensive database to ensure your property is marketed at the correct price from the outset, which will increase interest, viewings and inevitably offers. And remember, a sale is not legally binding until you exchange contracts giving you plenty of time to find and secure your new home.”
To arrange an appointment for honest and professional advice phone 0114 268 3241.