October – Halloween is just around the corner and Christmas will soon follow suit. Several people have been contacting the office to speak with me regarding the current market situation. You could say the market has been ‘spooked’ by the fact. Liz Truss gave First Time Buyers a Stamp Duty exemption to get buyers on the property ladder. However, within the next 48hrs mortgage rates were increased to between 5.0%-6% making it inevitable that the offer was given on one hand and taken away with the other, with mortgage rate rises – this has proved counterproductive.
In general, we are still achieving sales at good prices in the local market. We have already sold three properties this week and it is only Wednesday! The demand is still brewing and the lack of stock coming to the market is still pushing favourable properties to the asking price. However, it is a slightly different case with the higher priced properties but our clients are listening to our suggestions of reducing their prices and they have all achieved additional viewings this week.
Going forward into the winter, I believe if an agent is tenacious with valuations we can keep the market moving by offering discrete marketing to several clients. This works well, as it takes the angst out of appearing on the major portals. We are very proud of the fact we have sold seven properties this year with discrete marketing, the properties never came to the market and both sellers and buyers were very happy!
If you are seeking advice about your property just give us a call on 01892 838363