Weekly Market Pulse - 21st March 2018
There’s plenty going on in the market. Last week I spoke about the state of the market and if it was a buyer or seller market. I touched on the lack of buyer urgency which we saw more of on Saturday.
Genuine buyers are taking more time to find the right home for them, and feel they have the time to do so. Prices are still remaining level at present, however the homes that have had a fresh coat of paint, and are beautifully presented certainly receive more offers and sell in a shorter time to those homes that may need a freshen up, or even a tidy up.
I’d thought I would share with you some of the patterns we are seeing emerge and evolve in the market, starting with buyers. It’s as though a playbook has been given to every buyer in the marketplace on how to purchase property, and they are all following step by step. They know there is less urgency on the market and prices are remaining steady, although some home owners selling below what they paid even up to 7-8 years ago.
We are finding buyers are coming through a number of our Open Homes, sometimes a number of times without even making an offer. The reason being is they are looking anywhere up to 10-12 similar properties with the same level of intensity and they are looking for the very best value their money can buy. They are very selective and less willing to compromise. We are also finding when a buyer does make an offer on a property, they most likely have made an offer on other properties and are looking to secure one of them at a price they are happy with.
Even if the sellers meet the buyer at the first offer straight away, the buyer will often wait to see what happens with the other properties they have made offers on in case another property comes in at a better value for them. While inconvenient and sometimes frustrating for sellers, if as a seller you receive an offer on your property in the current market, you are one step ahead of most sellers.
Don't forget the Colouring Competition entries are due into the office by next Friday.
We have plenty of quality homes open this weekend, I look forward to seeing you at one of them.