Last weeks Bank of England interest rate freeze has brought some much needed optimism to the housing market with some lenders now offering five year fixed rate term mortgages lower than the base rate.
We sincerely hope this is the turning point and maybe interest rates will now stabilise for a period to allow confidence to be re-stored. The summer and early autumn periods have been difficult, more properties are coming on the market than being sold, resulting in buyers having the greatest choice of properties for several years.
Many sellers still need to re-adjust their mindset to achieve a sale, the selling prices of the boom are a thing of the past, without realistic pricing the chances of selling are slim due to volume of more favourably priced properties available. A large percentage of properties currently for sale won’t even attract viewers without a substantial adjustment in price.
This is the time for sellers to seek accurate advice, not just about pricing but also about marketing. Estate Agents need to earn their money, they should be working harder than ever to find buyers, as they are definitely out there looking to the right property. This is a time when agents should be proactive in talking regularly to both buyers and sellers and working longer hours to ensure no opportunity is missed. The current market doesn’t lend itself to closing by 6pm and closing on a Sunday when quality buyers are exploring the market.
As we enter the final quarter of the year, we feel confident the shrewd buyers will continue to take advantage of the larger choice of properties at more attractive prices.
If you are thinking of buying or selling, please do not hesitate to talk to us, we can illustrate the market is moving and the chances of moving are home soon are still good.