The chicken and the egg
If you are reading this article chances are you have some kind of interest in property at the moment. Whether you are a Rightmove addict (come on, we all do it!), looking to downsize, buy a bigger family house or take that first step on to the property ladder you might well have noticed that there aren’t as many properties on the market as you’d like at the moment.
Peter Joy think that we may we have the solution to this issue. Problem is, the answer isn’t necessarily one that everyone will like. One of the reasons that there is a general lack of stock at the moment is a classic case of the chicken and the egg. To elaborate on this point, I refer to a conversation I had with a lovely couple who called into our Nailsworth office last week. They were very keen to find a classic example of a character Cotswold cottage but haven’t seen anything suitable. Because of this, they hadn’t committed their own property to the market. I had valued several houses that would suit them, but, in turn, those sellers weren’t ready to market, as they hadn’t seen anything suitable.
It may seem a huge leap of faith but if sellers were prepared to go to market prior to finding their ideal new home everyone would have more property to look at. This obviously needs to be handled carefully, with the proviso that the seller will need to find, but given that estate agents tend to work on a ‘no sale no fee basis’, there isn’t a huge risk in making that commitment to the marketplace.
For you to be able to find your next home, be it a rural retreat with land or a family home, the market needs interesting, fresh property. The demand is certainly there, with lots of good buyers registering, but supply has fallen back. It is a perfect example of a chicken and an egg situation and one that all house sellers have control over.
Many buyers registering in September are looking to move in time for Christmas. Currently the average sale is taking longer than the historically typical eight weeks to move from sale agreed to exchange, as solicitors process has become more complicated in recent years, with more paperwork and more boxes to tick. With this in mind we’re keen to offer advice on marketing timescales and strategy, so please don’t hesitate to call Peter Joy to book a free valuation.
Ref: NEA Report