Tue 21 Jul 2015
by Lee Shuardson, Valuer, King's Lynn Office.
The Royal Institution of Chartered Surveyors (RICS) announced house price growth increased again in June reaching an 11 month high. Good news for many vendors but, not so good for buyers as it comes at a time when market supply is falling. The RICS even commented that their survey shows stock is as low as it has been since they started collecting data in 1978!
At Sowerbys we are recommending vendors get their homes valued and listed now to beat the rush in the autumn. All too often we are hearing from buyers that there just isn’t enough choice in the property marketplace at the moment. A very buoyant spring season saw a good level of new instructions coming to the market and plenty of willing buyers to snap them up but, demand for houses in many areas is outstripping the current supply of new listings. Buyer confidence is running high and many people are taking advantage of busy markets in other parts of the country to make the move to Norfolk and the marketplace needs more houses. July and August are often regarded as ‘holiday season’ for the property market where there is a lull in activity but, due to the current short supply of quality houses those thinking of selling at the end of the summer should take full advantage of fewer new instructions coming to the market now and may be surprised at the response. It is worth noting that houses newly listed this Summer will be competing against considerably less houses in the marketplace and may therefore lead to getting an increased price, either by way of a strong offer or, as in many cases currently, by having two lots of interested parties. Buyers are definitely not wishing to miss out on opportunities when a good house becomes available and in many cases this is leading to asking price offers, sometimes over the asking price.
Even if you are planning on waiting until after the summer to sell you can still benefit from some preparatory work. There is no harm in getting your house valued nice and early, with property prices doing well you may be surprised at the value of your home and wish to start your move earlier than planned. There are other benefits from planning too; you may wish to appoint your agent early so the house can be photographed in good weather with a garden in full summer bloom. A good agent will have knowledge of exactly the requirements of their searching buyers and can advise you of any ideas they have to improve your chances of selling when you are ready. They may even be able to offer immediate viewings from willing buyers currently searching. With everything in place early you will be ready to launch your home at exactly your chosen time and without the delay of going through the whole process. Things are looking good for the property market; let’s keep it that way by feeding the demand!
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