We cannot remember a market like this. Record high demand, record short supply, record low interest rates, record speeds of sale and record high prices have created one of the strongest seller’s markets in memory.
In fact, the conditions are favourable enough to temporarily tear some pages from rulebook on selling your home and getting the best price.
Usually, we’d recommend spending a week or two fixing every little unfinished job, perfecting your kerb appeal and getting your interior styling just right. However, with so much demand and so little available property, the time to get your home on the market really is today.
It’s not only an unprecedented time to be selling; it’s a golden opportunity to increase your buying power for the home you’ve always wanted. Historically low interest rates and accessible lending are making that extra bedroom, bigger garden or perfect location more possible than ever.
If you’ve been pondering selling your home, or holding off for the right moment, the ideal conditions are here for achieving that premium price. And by having a sale already agreed, you’ll enhance your buying position when your dream home hits the market.
This week’s blog looks at how you can use the market to your advantage, as both a seller and a buyer. There’s plenty to take in and consider, but fear not! If you’re still wondering whether the timing is right for your move, call for a chat on 01256 811220 or email – we’re here to help.
Record short supply
Although the lack of property on the market means you’ll have minimal competition when selling your home, you could well be concerned about finding somewhere to buy.
The curious thing about low supply levels is how they’re usually followed by a flood of homes coming onto the market. As soon as everyone gets wind of the favourable conditions, they rush to seize the moment before it fades, turning a lack of availability into an oversupply.
It’s rarely a gradual change, and the diaries of estate agents begin to groan from trying to fit in all the valuation and photography appointments. An ocean of homes is not the best environment for selling, but it’s an excellent market to be ready for when buying.
To help you find your next home, your selling agent should pull out all the stops. If you’re looking to stay in Basingstoke, we’ll send letters to all the homeowners in the streets where you want to live. And if you’re moving further afield, we’ll talk to as many estate agents as you need to help you get an offer accepted.
Record buyer numbers
There are so many high-quality buyers right now: you’ll be able to choose from the cream of the crop.
The other side of that coin is that you might face a lot of competition wherever you’re looking to buy, but you’ll be at a disadvantage if you try to find your next property before accepting an offer on your own.
No matter how confident you are of accepting an offer quickly, the estate agent acting for the seller of wherever you wish to buy will be looking for people in a position to proceed, just as we are when finding a buyer for your home.
You can take comfort in knowing that most buyers will wait for you – they all know what it’s like at the moment, and you have the opportunity to put yourself in the best buying position very quickly, and at a brilliant price on your sale.
Record low interest rates
The cost of borrowing has been historically low for a while, but the real story now is that 95% mortgages are more widely available. Since the 2021 Spring Budget, the government-backed mortgage guarantee scheme has unlocked the door to loans that were mostly withdrawn in 2020.
As well as helping more people to buy their first home, the effect has rippled quickly up the property ladder. While that means a larger market for your existing home, it also means that your buying power has significantly increased on your next one.
Perhaps your forever family home had seemed just out of reach, or the leap to your perfect location was too much of a stretch. You could now be in a position to make the move you’ve always wanted.
Record sale seeds
According to Rightmove, the average time to agree a sale more than halved between May 2020 and May 2021, from 88 days to 41. Many homes are selling even quicker, some in their first week on the market.
That’s good news if you find it a bit of a chore having to tidy up every single day, just in case someone wants to view your home. Even if you’re supremely organised, it’s still a to-do list for the mornings and evenings: is the washing up out of sight; are the beds made; is the couch plumped to perfection? We’ve written entire articles on getting ready for viewings!
But right now, with property selling faster than ever, you can be free of that daily obligation much sooner. Instead, you can concentrate on finding your next home with the confidence of being an attractive buyer who can move quickly.
Record high prices
The average UK estate agent now only has 17 homes available for sale. This lack of availability, combined with market confidence and accessible lending, has proved that buyers are willing to pay more and take a longer-term view on property values.
How long will this last? Nobody knows. We’ll only know after the moment has passed.
As it stands today, more homes are receiving multiple offers than ever before, pushing prices to new heights. So, if your primary goal is to secure a premium price for your sale, use the current squeeze on supply to your advantage, before that advantage is gone.
To catch the wind of the current excitement and energy, the right pricing strategy remains the vital first step. The more interest and competition there is in your home, the more you can capitalise on these unique market conditions to achieve a record price.
Final words
It’s a remarkable time to be selling a property in Basingstoke, and we’d love to help you get a premium price and at record speed – it truly is a seller’s market that could be the springboard to your ultimate dream home.
To put your plans into action today, call us on 01256 811220 or email us – we’d love to be part of your move.
