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MAY MARKET REPORT

The month of May has been a quieter month in regards to applicants registering and valuations booked. Maybe this was the knock on effect from the election? Or maybe this was due to the summer being finally upon us!

Although the phones weren’t ringing as much our levels of business didn’t seem to tale off and we are still achieving the asking price if not more, on 98% on our sales. Viewing levels are down and open house appointments are nowhere near as busy as they have been in previous months but the appointment’s we are booking are good quality appointments. As the old saying goes, “Quality not quantity!”

The rest of the year is looking fruitful for sellers, but slightly more challenging for buyers as the property shortage is still a real problem. This time last year we had 57 available properties compared to the 17 we currently have available now. Being linked with over 850 estate agents throughout the country this is the general message we are hearing from most. 

Mortgage rates are still at an all-time low, but the lenders seem to be tightening their grip on the spiralling house prices. We have noticed some properties from other agents coming back to the market from down valuations and we are getting more and more surveyors into the office struggling with comparable evidence. Unfortunately some of the Estate Agents in the town are pushing prices higher than they should be just to win the business. So be careful! Just because the Estate Agent promises you more than the others, doesn’t mean this will stand up to value with the Lender’s if you’re lucky enough to get a sale. If you do decide to go with another Estate Agent for more money ensure your contract length is brought right down. A typical contract in this market should be no more than 4 weeks especially if you’re trying the “higher price!”

If they can’t sell your home at the price they have promised you why should you give them anything more than 4 weeks commitment?

Thanks for reading and enjoy the sunshine.

Report By Matthew Thompson.


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