The property market like the recent weather has cooled but it’s certainly not cold – Alison Kent, Associate/Valuer within our North Yorkshire team at George F. White shares her view on 2023.
As we head into the latter part of 2023, I think it’s fair to say that the current market has slowed down somewhat in comparison to recent years. Looking back, the market after the pandemic was exceptional with the majority of homes in the area being sold for in excess of guide prices or falling into a bidding war which was brought on from high demand and low stock levels, alongside an exceptional number of buyers desiring a change in their living circumstances.
It’s important to remember that if you are selling your home, it definitely hasn’t been a typical market over the last few years. For anyone analysing the market 2020, 2021 and 2022 should be treated in isolation given the unique circumstances.
The pressure and demand have naturally started to ease over the last few months we have now moved into a more traditional market. Seller are experiencing a longer time on the market with buyers becoming more cautious in their decision making process. There is no doubt that the changes in interest rates and high levels of the cost of living have also impacted on buyers decisions to move. But, it is not all doom and gloom despite what the media would like you to believe.
If you are selling at the moment it’s important to remember that the property market is always fluid and constantly changing. Values in the area during the pandemic increased between 12% and 15% according to Rightmove statistics and we are currently only seeing a slight re-adjustment in values between 3% and 4%. The market certainly isn’t ‘crashing’ and realistically priced properties are still achieving sales.
We are often asked if there is any point in being on the market if the current climate is slow and the autumn/winter is upon us. If you are a genuine seller then its important that your property remains on the open market, not only to show that you are serious about selling to other agents who might have a property you are interested in, but simply if you are not in the market you won’t agree a sale!
It maybe that a possible re-assessment of the marketing could be required to generate interest and viewings. First and foremost your marketing must be up to speed. Are the online images the best they can be? Do you have an enticing web listing to encourage buyers to pick up the phone and arrange an appointment to view?
Alternatively, it maybe time to discuss an adjustment in the guide price. A good agent will be proactive on this point and be able to explain the current market and where they think you home should be positioned within that market. Don’t be stubborn and hold on to last year’s prices. Remember that if you accept slightly less that you were expecting the chances are that your ongoing purchase will also have had to make the same adjustment to generate a sale.
There is always movement in the market and there are always changes in people’s circumstances which dictate a need to move so don’t be disheartened by the property news, listen to your agent and their advice, in tougher market conditions it can be invaluable.