Whether you are buying or selling in the housing market, you want to achieve the best possible price. With the stamp duty holiday in place, prospective buyers can lower the overall cost of buying a home.
This is positive news for buyers, and it has stimulated the housing market. However, pricing is also crucial for vendors. If you plan on selling your house, and need guidance or even a property valuation, we are here to help you.
At Frank Schippers, we have helped many vendors connect with buyers, and we look forward to assisting you.
Be Confident In The Housing Market
A study by an online property market company found since lockdown started, 45% of vendors say they’ve had a request from buyers to lower the price of property. The most commonly requested reduction ranges between 5% and 10%.
Only 19% of vendors said they haven’t been asked for a reduction of late.
It appears as though vendors are not looking to sell at a reduced price. 25% of vendors said they would consider a reduction between 5% and 10%, 29% of vendors say they will not accept a reduced offer.
50% of vendors say they will not let the pandemic prevent them from moving home. 35% of vendors believe house prices will increase in their local area once we move forward.
52% of vendors believe they will sell their home this year and 18% of respondents said they have received greater interest in their home than they expected to receive.
Know what you can afford to be flexible on when selling your home
Sam Mitchell of the company that undertook the survey said; “Now that restrictions have been lifted, property demand is booming. Not only was there pent up demand to move after months of being unable to, but the government’s stamp duty holiday being released into a low-interest-rate environment has also worked wonders for the UK property market’s revival. Over the past few months, we’ve seen at least a 50% increase in demand from buyers now versus before lockdown and we are on average agreeing twice as many sales per week as we were pre-lockdown which is astonishing.”
Sam continued by saying; “While buyers are always going to try and get a good deal on a property, and who can really blame them for trying, demand is so high that sellers might not feel the need to lower prices in the current market. Many of our own customers are seeing multiple offers to choose from – an ideal situation to be in. But it is also important to remember, the quality of any offer is also worth weighing up. For example, has the buyer sold, can they move quickly and has their mortgage already been agreed?”
Sam concluded by saying; “If a buyer goes into it fully prepared and the answers to these questions align with the seller’s motivations, then accepting whatever the offer may be could be in the seller’s best interest.”
If you have any housing market questions or queries, please feel free to contact us. If you plan on selling your home, we recommend arranging a property valuation to ensure you make an informed decision. At Frank Schippers, we are here to support you in this trying time, and you can call us on 01344 777 888.
