Setting The Right Price Is Crucial For Vendors
Given the level of activity in the property market since the stamp duty holiday was introduced, it is easy to see the impact of price on buyers. Having the chance to lower the cost of buying a home appeals to many buyers, and it shouldn’t be a surprise to see so many people engaging the market right now.
However, price is also vital for vendors. At Harpers Estates, we can help you enter the market with confidence when it comes to pricing. We know the local market, and we know what buyers are looking for.
We also offer property valuation services. When you have a realistic property valuation, you enter the market with a greater degree of confidence. You also have the chance to create a realistic budget for your next move.
There is also significant evidence in the current market that vendors are unwilling to budge when it comes to price.
Buyers and vendors should look for the best price in the property 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.
Are you planning on selling your home this year?
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.
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.”
We know this is a challenging time, and for many households, the thought of buying or selling property is far from their mind. However, we also know many people are keen to keep themselves entertained, and some people may have property market issues. If we can be of any use to you, please contact Harpers Estates, and we will be more than happy to assist you.
