20 May 2022
The buying market has been unprecedented lately, with demand for property vastly outweighing the number of available homes and properties for sale. It is therefore more important than ever to stand out from the competitive crowd if you want to land your dream property. Here’s how.
How to stand out from the crowd
The market definitely favours sellers right now, which means prices will be inflated due to increased numbers viewing each and every property that hits the market. In the past, you may have gotten away with entering negotiations with sellers by putting in a low offer, but this will no longer work. The offer is extremely likely to be rejected with no real thought, because other buyers will be willing to pay more. That’s why it is imperative to open with a solid bid – they grab sellers’ attention and lets them know that you’re serious about their property and that you won’t waste their time.
You should also have your Mortgage In Principle (MIP) sorted. Knowing your budget and affordability, what a broker will potentially lend you, and having your deposit ready makes it much easier for an estate agent to put an offer forward in the best light. Other buyers will have their MIP ready and waiting, so you’ll miss out if you don’t have yours in order. In short, you need to get your finances in order before submitting an offer.
List your own property before looking to buy
Because of the competitive market, chances are that your rival buyers already have their houses on the market, because doing this can speed up the process. Estate agents have a responsibility and due diligence with their selling customers to put all offers to them with full transparency whilst providing the best advice possible. Therefore, if two buyers submit similar offers but only one has their current house or property on the market, you can be sure that whoever has listed their home are more likely to see their offer accepted. The further on you are with your property journey, the further the seller is with theirs.
As a buyer, the best position to be in would be to have no chain of your own. This is an idyllic view, but is also one that can play into the hands of tenants whose contract is shortly ending. A guaranteed signing date is extremely attractive to sellers because it is a rare occurrence. If you are a homeowner, however, if you manage to agree the sale of your own home before making an offer, the seller will know that the process is already half done, despite the chain.
If you are in the fortunate position of being a cash buyer, you can also boast the ability to not have to spend time with mortgage advisors and, with the money available immediately, sellers won’t hesitate to accept these kind of offers if it is at the higher end of the bids they have received.
This is because there is much less risk of the deal falling through – the same applies if you have no chain.
What will the market look like at the end of 2022?
This market is largely unpredictable. There was the general expectation of the market slowing down as we entered 2022, which has not happened; demand is still high and supply numbers are still low. One thing that is for sure, however, is that it’s an exciting time for both selling and buying in this current market and we can’t see levels dropping through the summer, so autumn or winter will be when we are most likely to see a slowing in the market and rises in property prices.
Are you looking to buy or sell a property in Yorkshire? Take a look at what the market is like for your home by entering your postcode here: https://linleyandsimpson.research.homesearch.co.uk