It is understandable to be wary of buying or selling a property in the current climate. Recent times have seen soaring inflation and high mortgage rates and many families are struggling to make ends meet with the cost of living crisis. Many people would consider this a bad time to buy a house.
An uncertain economic situation can make any big decision feel risky, but depending on your circumstances, now could be exactly the right time to make that leap into homeownership.
Want to buy?
If you can afford to get a mortgage and the bank will lend to you, there are plenty of opportunities out there.
Although the latest figures for Corby show that house prices increased again in September, the rate is starting to slow. This means that the chance to get on the ladder also looks more achievable for first time buyers.
For tenants with savings, now is a brilliant time to consider a purchase as rent prices continue to rise. Rather than paying off someone else’s mortgage with your monthly payment, consider using your savings as a deposit and investing in your own.
There is also currently less buyer competition out there as many people are daunted by the prospect of taking a risk right now. People are wary of what might happen with the housing market, although this could well be a huge positive for house hunters. With prices slowing down, you might be able to negotiate a better deal on your dream home.
Looking to sell?
It is still a buyer’s market out there so if you’re looking to sell your property, be realistic about an asking price. Too high and it won’t get much interest and if you’re then forced to reduce, it can seem desperate to those looking, which can be off-putting.
However, now could be a good time to capitalise on the housing market before the expected slow down in prices.
If you want to sell your home to purchase another and the prices add up, it makes sense to take the plunge. For example if your current home is commanding a smaller price tag but your new home has also gone down in price and your finances aren’t affected, make the move.
Despite the uncertainty in the market, not everyone is able to wait and see. If you’re going through a divorce or relocation, there will be some urgency about your sale. Personal circumstances may dictate your decision and therefore don’t waste time in taking action, but do be aware of the market as you go along your house sale, as things may change.
If you would like to find out how much your house is worth, our George Street team would be happy to provide a free market appraisal. Call us on 01536 261666.
