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Tips for Finding a Property and Advice for Sellers - 5th February 2022

February, 2022

Why Can’t I Find a Property to Buy? A bit of advice for buyers and food for thought for sellers.

 

It's fair to say that for most people who have recently purchased or who are trying to purchase a property trying to do so over the past 12 to 18 months has been the toughest they can remember or toughest ever. Properties in the Southwest are selling on average within 32 days and this is still the fastest of anywhere in England as it was for most of 2021. Only Scotland in the UK selling quicker at ab average of 23 days.

 

If we look at Gloucester, then 77% of properties currently listed on the Internet are sold subject to contract. This figure is significantly higher than historical levels which would show in the region of 57%. The chart below breaks down the full postal codes of GL1, GL2, GL3 and GL4 and shows the number of properties listed, the number of properties sold subject contract, but it also shows how many of the available properties have been on the market for a period of six weeks or more.

 

 

Postcode

Total Properties Listed

Properties SSTC

% SSTC

Properties on Market 6+ Weeks

GL1

455

343

75%

68

GL2

464

362

78%

38

GL3

264

211

80%

22

GL4

344

265

77%

25

  

Buyers

First of all if you haven’t already done so then register with every estate agent that covers the area you are looking in. Why? Good estate agents will start marketing a property well before it appears on the portals. By having your details they are likely to contact you by telephone or email and give you advance notice of any suitable properties and often you can arrange to view before they appear on Rightmove, Zoopla et al. It may also be worth widening your search area, decide what your minimum requirements are and don't be too specific. The portals will exclude anything that does not match all of your filters so by taking it back to basics you may find a property that you previously would have missed. If you have been looking for a long time, as a number of people have, then it may also be worth revisiting your mortgage options. Speak to a financial advisor and get them to reconfirm what you may be able to borrow. You may be pleasantly surprised and find that you can increase the price that you are looking up to by a bit more then you thought. By increasing your price range search, it may also be that you find a property that has been on the market for a little while and not sold so consider arranging a viewing and offering what you can afford.

 

Sellers

If you are one of those people trying to sell who was not yet found a buyer and if your property has been on the market for more than six weeks, then it would be wise to take a step back and re-evaluate. Have a look at how your property is displayed on the portals, are you happy with your photos? Are there too many photos? is the price right? Was it priced too high to start with? It's no secret that 60% of properties that have not sold with the first agent do go on to sell when the seller changes to a different agent, so it is well worth considering a fresh start. It's possible if your property was overpriced to start with then you may eventually sell for less than if it had of been priced correctly in the first place so consider whether the original price was your price or a price driven by your estate agent to simply gain your business. If you do decide to change your estate agent, then the new agent will be able to list the property as new which is the point at which every property attracts most interest. The agent is likely to present the property differently and give it a completely fresh appearance. One thing often missed or forgotten when doing this is that giving notice to your current agent can spur them on to increase their efforts to find a buyer. They will be aware that the clock is ticking and if they haven't found you a buyer by the time the notice expires then they will not get paid at all. We had a recent example of someone who followed our advice having not had much interest from their estate agent previously. Suddenly they had 8 viewings in the final week, and this resulted in an offer which he accepted.

 

For homeowners who are not yet on the market and need to sell before they can buy it is so important that you get your property on the market as soon as possible and find a buyer. Such is the demand for property that if you see something you like and are not in a position to proceed then you will almost certainly be left disappointed and you may risk not even getting the chance to view. Often the concern is what happens if you can’t find anything and have a buyer on your own property. Rest assured you will not be forced out or pressured to move and we are certainly seeing far more patience in this respect. The important thing to remember is that your position will be communicated to all potential buyers, so they are fully aware of your circumstances. By having a buyer for your property, you put yourself in the strongest possible position to succeed in buying your next home.

 

As always if you have any questions or want any advice or guidance, please feel free to call 01452 260993 or email russell@rbwalters.co.uk or drop me a message.

 

Thanks and good luck.

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