Where have all the houses gone?

SPRING is synonymous with house moving and there are plenty of buyers looking for a new home. This year has seen sellers firmly in the driving seat with a shortage of properties for sale meaning buyers chasing few properties pushing prices higher and creating competition for quality homes.

The National Association of Estate Agents say: “The fall in the level of available homes to buy means in some areas there are 11 buyers chasing every home for sale”.

This competition often leads to multiple offers on individual homes with sales being agreed on a ‘best bids’ basis. This is where buyers are asked to make their best offers, usually by letter to the agent by a certain date and time.

This can lead to homes being sold over the ‘Guide Price’ and the seller advised by their agent can choose which offers suits their circumstances best. For this strategy to work well, sensible pricing is essential to encourage interest, viewings and competitive bids.

When submitting a bid or offer, it is important to provide the agent with as much information as possible about the buyer’s position and financial ability to proceed. Provide an ‘agreement in principle’ from your mortgage lender or show proof of funding if the cash is in the bank.

Easter usually brings a flurry of new properties to the market and our advice is if you want to move then get your house on the market. Get yourself in a position to proceed and offer when the right home comes up. Too many sellers are waiting to find a new home before putting their home on the market. This is the main reason why there is a shortage of properties and those people are unlikely to move in this current market as by the time they get their own property ready to market, the home they like has been snapped up someone who has already sold.

If you are thinking of moving we can talk you through the process and help you get priority alerts when suitable homes come to the market.

Call 01453 542395 and arrange a free market appraisal.