Summer reflections on moving home
With daily life returning to normal for many people following the busy summer season, David Lewis discusses why September is an important month for anyone thinking of moving before the end of the year
The summer holiday period can provide the ideal time to escape the pressures of day to day life, relax and provide quality time to reflect and consider priorities for the months ahead.
For some people, this can lead to cementing plans to move home. Accordingly, there is usually a noticeable increase in activity in the property market from early September, as new sellers list their homes for sale and buyers commence their property search in earnest.
Buyers are typically either upsizing locally into larger properties, purchasing after a prolonged period in rented accommodation or moving back to the region with young families after having built a career in the South or overseas.
What to expect in the Autumn
The shortage of properties may mean that sellers will become more bullish with their asking prices so buyers will need to be careful when making an offer on a property that it is realistically priced, despite the current supply and demand situation.
This said, sellers should also be careful not to overprice their homes. Most buyers are increasingly savvy about a property’s value and as a consequence, we have seen lovely homes sit on the market for months just because the asking price is over ambitious. Sometimes it is better to be realistic with your asking price and generate healthy interest (possibly leading to competitive bid situations) rather than being overambitious with no viewings.
So how do you navigate this market?
Once in a position to act, ensure that you are very clear about your search criteria (I would recommend documenting this), listing the absolute essential aspects and those which are a ‘nice to have’.
Naturally, the smaller the search area, the more restricted you will be on choice, so try looking as widely as possible. A plea I make to all my clients is to view as many potential properties as possible. Too many people try to buy property online and miss out on gems because they assume a supposed negative is a deal breaker, without taking time to explore the wider benefits a home may offer. Look carefully at properties that have been on the market for a long time. Longevity doesn’t necessarily mean there is anything wrong with the property and could present you with an opportunity to buy at a good figure if the seller has realised they were previously too ambitious with their pricing.
Family buyers will typically wish to move around school holiday times and for other purchasers moving by the end of the year becomes somewhat of a psychological deadline to hit.
Despite advances in technologies to speed up the process of moving home, it can still take months to progress from your offer being accepted to picking up your new front door keys. For this reason, September and October are crucial months if you are steadfast on moving by year end, to allow sufficient time for the legal process to go through.
Once the ideal home has been found, it is important to act both decisively and prudently. Be wise about your next property purchase and make the most of the market opportunities that are currently being presented whilst consulting professional advisors before embarking on negotiations and a transaction.
David Lewis GARRINGTON