While there has been positivity and optimism surrounding the property market at the start of 2020, not all news is good news. If you are a homeowner, you may think rising house prices are a good thing for you. After all, if property prices are rising, you will receive more for your home, and not many people are going to turn down more money for their home.
Of course, if you are then going to buy another home, you need more money, as the cost of that house is likely to be more expensive. Also, if homes are more expensive, some buyers may struggle to afford the price, which could limit the number of potential buyers you can reach. Therefore, while it is good to see there is increasing confidence in the property market, it may not be brilliant news for everyone.
There are more buyers in the market
However, people shouldn’t be put of by the news. With more buyers in the market, there is reason to be confident about the process. Rightmove, the leading online property portal in the UK, says they received more than 150 million visitors in January, making this the busiest month for the site. The organisation also said that the number of agreed sales was also up 12% compared to the January 2019 figures. This represents the largest year-on-year increase since July 2017.
If you plan on buying a home, or you want to ensure you connect with likely buyers in the most effective manner, consider these tips. Life would be simpler for buyers and vendors if people paid the highest price, but this isn’t the way the market operates. Every buyer is looking to obtain the best deal for themselves, so there will always be a lot of coming and going when it comes to offers.
Clear communication is needed between buyers and vendors
One of the most effective ways for buyers and vendors to move forward is to communicate clearly, and to make matters personal. If a buyer or vendor approaches the property market in a business-like manner, they will be looking for the best possible outcome with no consideration to the other party.
You can see why many people think looking out for themselves is the best approach, but if everyone takes this approach, it can work against you. When a buyer and vendor are entrenched in their views about a property value, there will often be a stalemate, and no deal will occur.
However, when both parties take the time to be personal, and consider the emotional attachment of a property deal, it is more likely a deal will take place.
Buyers should come prepared with:
- A clearly defined position as to what they can afford to pay, but be flexible within this stance
- A mortgage that has been agreed in principle
- Proof of funds that will allow them to make a successful offer on the property
- Timescales that are suitable for them
If you are a Rubery buyer or vendor looking to make a move in 2020, get in touch with Dunedin Sales & Lettings, and we will be more than happy to assist you. We can arrange a property valuation for you, which is essential if you wish to enter the market in the most effective manner.
We expect 2020 to be an exciting time in the UK housing market, and if you need assistance in selling your home, get in touch with and we will be pleased to help.