This week we have seen significant variation in activity, both in relation to listings and viewings, across the country. London agents have seen a rise in listings, particularly of flats, as a rise of investors put rental properties on the market. There are still a good number of serious buyers looking but we may start to see a shift in prices achieved if supply continues to rise. Many of these investors are planning to re-invest in property but outside of London in areas where they anticipate higher yields with the ratio of rent to income generally being lower.
In some areas agents have seen a slight reduction in both listings and registered buyers, which they put down to a reflection of the stamp duty holiday coming to an end. Prospective buyers and sellers are perhaps re assessing their budgets with this in mind.
If you are looking to sell a property, speak to a few local agents in order to get a feel for the market you are going to be selling in and keep an eye on similar properties that are listed. If you are also looking to buy, do the same in the area where you are looking to purchase. With such a variation in activity you need to be up to date with what is happening in your area so that you can use that to your advantage.
Solicitors are still swamped with work so do have a conversation with your chosen solicitor when you agree a sale or a purchase as to their anticipated timescales.
Rightmove has partnered with iamsold, bamboo and a number of other online auction players to provide online auctions. These allow the seller to set a reservation price and then have a period under which they are marketed by the local agent with a date in eg. 30 days when the property sells at auction. So instead of being a fixed date auction it is a variable day auction set by the seller.
However the reality here is that sellers are giving up price for certainty. You are still encouraged by the auction house to set a reservation price 10-15% below what you would list the property at in a normal sale. This sounds like a good deal for estate agents who normally take far longer than 30 days to find enough buyers for your property, raising the certainty of their fee to the detriment of sellers in price achieved.
Lets face it, the only way to sell a house is to get lots of buyers in the room at the same time interested in your property. How do you do that? By giving it to one agent with a low reserve price and hoping they run around like crazy getting buyers? No… By giving it to an ibuyer who will resell it by private treaty? No....
You have to market the property through the agent with most buyers and bring in another if they can't generate loads of viewings.
Movewise is the only way to maximise buyer eyeballs on your property.
Don’t give up price for certainty. Sell for the most with Movewise, we can always do an auction at the end of our sale process if you really need to get out.
Have a great week.
The Movewise Team