The market improves do we sell now?
With signs that the recession is near to ending the housing market has been showing signs of recovery with increased sales during the summer and autumn months. For the first time in nearly two years house prices have risen month on month and buyers now seem eager to purchase their next home. The mortgage lenders seem to be relaxing their lending criteria to allow for lower deposits and this has encouraged first time buyers to acquire their first home.
The main issue now facing the industry is a shortage of properties to market, which is a contradiction to the previous two years where properties were in abundance but there were few buyers in the market planning on buying. We have heard many comments over the last few months from clients saying to us they will wait to sell their property in the spring when the market improves but we are informing clients that if you want to sell your property, do it now while your competition is low and there are many buyers actively looking for their next home. In spring there will be an influx of new instructions, which will flood the market increasing competition and driving the prices down. With so many properties not selling during the recession many people have either rented their property or are holding on to it until the market recovers and they can acquire a higher price for it and this seems to be in spring 2010.
Our message is clear, if you are intent on selling your property, now is the time to do it and we have many clients on our mailing lists waiting.