Although spring and autumn are generally the busiest seasons for buyers and sellers, the former still exceed the latter by a large margin. According to Knight Frank data, while the number of new prospective buyers was 50% more than the five-year average in February, sales instructions (new properties put on the market) were down 5%.
In a seller’s market, here are some suggestions for buyers.
Although the competition is fierce right now, there are things you can do to improve your standing…
Take action right away.
According to experts including Manchester estate agents with so much competition among bidders, the chance of getting gazumped rises, so if your offer is accepted, you must act promptly.
Securing a mortgage agreement in principle before you begin your search, as well as selecting a conveyancer to help you complete all of your ID checks in advance, can place you in a better position. You’ll be a more dependable buyer if you can afford their property and won’t delay the process with applications and solicitor searches. Getting your surveyor ready to go is the same thing.
Make contacts and be proactive.
Because there are so few residences for sale, many of the greatest houses and flats are sold before they even hit the market.
As a result, it’s critical to form relationships with local estate agents in your search area and demonstrate to them that you’re a serious buyer in a strong position. You’ll be the first to hear about new properties this way. If the property is located in Manchester to know the accurate value of the property you are interested to seek property valuation in Manchester
Obtain the assistance of a Purchasing Agent.
Purchasing brokers can locate the home of your desires, even if it isn’t currently for sale, and negotiate the best potential price. In today’s seller’s market, they’re very useful.
Get ready for sealed bids.
Three or more bidders made offers to 36 per cent of sellers in the first quarter of 2021. With demand for such a small number of houses on the market, this trend appears to be destined to continue through 2021. Be prepared for a bidding war.
Can you really afford to pay more than is necessary?
With prices already inflated in a sellers’ market, it’s critical to ensure you don’t overpay and stick to your budget. However, with so much competition, it’s equally crucial not to underbid.
If you are looking for property for sale in Manchester make sure you do your homework and make sure you’re not overpaying for the property. The Land Registry is the finest source to visit to find out how much other houses in the same region or street have sold for in the past.
Take a look at new construction properties.
If you include new construction homes in your property search, you may uncover additional options. Barratt Developments recently reported that demand remains high and that it is selling homes faster than a year ago.
Break the cycle by selling first and then buying.
In a real estate transaction, a long network of buyers and sellers usually means one thing: delays. That’s why purchasers who aren’t in a chain and don’t have a property to sell generally get to the front of the line. You’ll be able to move more swiftly if you sell before you buy, and you’ll be less likely to be gazumped.
However, selling before buying comes with its own set of risks: what if property prices continue to rise? In the meantime, where will you be residing? Nonetheless, we are hearing from an increasing number of homeowners who are choosing to sell first and rent or return to their parents so that they can take their time finding their new home.
Bridging loans have also seen a surge in interest on our site in the last six months from consumers looking for short-term financing to help them buy a new house before selling their previous one.