Over the last few years as demand for all types of residential property has surged in the East Midlands supply has not met demand. Rising house prices and a shortage of stock has fueled a strong seller's market and frustration for buyers. Many vendors have not been able to find their next home ( or have taken longer than normal ) and competitive bidding on the property has been commonplace with frustration rife in the marketplace. Buyers who are financially able and in a proceedable position ( with sold or completed chain/non-dependent on sale ) have enjoyed a significant advantage over those who have not sold or even put their own home on the market.
At the end of 2022 and certainly in the early part of this year, we are starting to see market conditions change as a result of several factors including cost of living, higher energy bills, fuel prices, higher interest rates, market confidence and negative media reporting falling house prices and stricter lending criteria.
At Alexander's in recent weeks, we have seen a record number of market appraisal valuations carried out across our five offices covering the East Midlands region and the motivation to move and commitment to selling is apparent. There is no doubt that we will be seeing an increased number of homes coming to the market over the next couple of months, especially as we move towards the traditionally busy time of looking to go on the market before the Easter period is upon us.
We are pleased to report that on the whole vendors are willing to be more realistic and, on the whole, acknowledge changing market conditions and appreciate that achieving a successful sale within a reasonable time frame needs to be priced correctly based on substantiated, honest advice. We are ensuring current vendors' asking prices are reviewed where necessary and assisting potential vendors who have been subject to overambitious or in some cases, poorly appraised valuations where considered price reductions need to be applied. This will result in more opportunities for buyers and those vendors who align themselves correctly will give themselves more opportunities in the future. There will be opportunities to negotiate and if you are selling and buying in the same market will appreciate the relativity.
We have some superb properties currently being launched from first-time buyer homes to some of the finest homes across the East Midlands, properties for renovation and exciting development opportunities. Committed vendors need a committed agent who can back up their advice with results and experienced, honest advice.
Whatever you are looking to buy we would love to help, get in touch so that we can help you make your move happen in 2023! Register Here.