Well, summer is apparently upon us, although looking out of our Norfolk office it’s hard to tell exactly what time of year we are in. I get the feeling this is the same outlook that both buyers and sellers feel when it comes to selling or buying a property right now.
One online article from a reliable source is quoting rising prices and lower than ever mortgage rates for everyone, whilst another is telling us there’s a slowdown and to expect this to continue until the apparent doom that leaving the E.U will bring. The answer is that there’s some truth to both and it’s certainly the reason for so much apprehension in the market place currently “do we wait it out or do we sell now before it gets worse” is the question. What people don’t realise is that these reports are typically two or three months behind true markets condition and that’s due to lenders relying on land registry to provide them with the required figures.
As estate agents in the here and now with our fingers on the pulse it’s much clearer that whilst there is a severe lack of properties on the market there is still an extremely high demand for property. Those that have taken that step and come onto the market have certainly been surprised by the levels of interest with the most recent properties in both Brundall and Wymondham selling in less than 14 days and achieving their asking prices. One of these properties had been marketed earlier in the year by a local agent who had struggled to get interest even at a lower price! Does this mean we are moving forward? It’s impossible to predict what will happen with our economy, leaving the E.U is not a scenario anyone had really prepared for and if inflation rises are anything to go by it certainly won’t be easy for people to justify moving home as their disposable income dwindles. What I can say to those who are in a fortunate position to move is that moving now, whilst it seems difficult, will mean that you will be competing with fewer properties. In my opinion, there is a backlog of people looking to move that are just waiting for the right moment, this has been happening ever since the referendum result. When our path becomes clearer with the E.U and everyone feels more secure there will be a couple of years’ worth of property that hits the market. Will the market be as strong? Will mortgage rates be as low as they are now? My feeling is “no” to both and that making the choice to sell now will benefit you further down the line.
If you’re thinking of buying or selling, get in touch! We’re a friendly bunch, passionate about our county and our counties beautiful properties. We can be reached on 01603 300900, by email at [email protected] or pop in and see us at De Vere House, St Faiths Lane, Norwich, NR1 1NE.