There is a lot of talk about whether we are in a buyer’s market or a seller’s market.
Personally, I think that misses the point.
The market is moving, buyers are coming back, but they are not rushing in blindly.
Rightmove recorded a 5% increase in buyer demand in the first week of September as people returned from the summer holidays. London saw an even bigger increase of 9%.
That is encouraging.
But here is the other side of the story.
There are a lot of properties for buyers to choose from. Rightmove says the number of homes currently available is at a 12 year high for this time of year, while buyer demand is still 9% lower than this time last year.
So what does that actually mean?
Buyers can take their time.
They can compare.
They can negotiate.
And if they do not think a property represents good value, there is a very good chance they will simply move on to the next one.
For sellers, that means you cannot just put a price on a property because you would like to achieve it.
You need to understand what your particular property is worth in the market you are actually selling in.
Because the property down the road might have sold for £1.5 million six months ago.
That does not automatically mean yours is worth £1.5 million today.
And this is where I think good estate agency really matters.
It is not about telling a seller the number they want to hear.
It is about looking at the evidence, understanding the buyer and knowing what will make someone choose your property over the other properties sitting alongside it.
The good news?
Buyers are still there. They are searching, viewing and making decisions.
Zoopla says searches for homes are now 7% higher than a year ago, although agreed sales remain 6% below last year.
So I would not describe the market as dead. Far from it. I would describe it as selective.
And that is a very different thing.
If you are thinking of selling, getting the price right from the beginning has never been more important.
And if you are buying, there is plenty of choice, but that does not mean you should assume every property is negotiable or that good homes will sit around waiting for you.
The best advice is still the simplest:
Know your numbers.
Know your market.
And know the value of the property you are buying or selling.
Thinking about selling?
If you would like to know what your property could realistically achieve in today’s market, rather than relying on an online estimate or what your neighbour sold for, speak to one of our property experts.
Book a valuation with Properly here Speak to an Expert
You can also read our guide on mortgage rates and what they actually mean for buyers and the property market: Are Mortgage Rates Expected to go Down