Roly Matthews, Director of our Hinchley Wood office
With high inflation, a perpetually revolving door of politicians and mortgage rates higher than we’ve become used to, there’s an assumption that the property market might be better off in hibernation for the next six months. Not only does Roly Matthews, Director of our Hinchley Wood office, believe that the market is healthy right now, but he also thinks that today’s market is more accessible to the majority of Surrey homeowners. Read on to find out why.
Do you remember the days when prospective buyers were competing with another 20 – 30 people for one property? The days when people were placing offers on the biggest purchase of their lives based on a 15-minute whirlwind tour. Or when the words ‘sealed bids’ were an inevitably rather than a novelty.
Funnily enough, a lot of people didn’t like having to spend less time on buying a property than they would choosing what sandwich they were having for lunch. A piping hot market is stressful and intimidating, and turns what is already a big decision into one racked with anxiety, frustration and disappointment.
Taking the temperature down
And that brings us to today’s market, which, admittedly, is somewhat cooler. But with that comes a more relaxing experience – and one that provides the space to make considered (as opposed to kneejerk) decisions, for both the seller and the buyer.
As is stands, prospective buyers aren’t expected to make a decision by the time they’ve left the vendor’s driveway. Equally, a seller who’s owned and lived in their house for 25 years is no longer thrust into the equivalent of a property pressure cooker when looking for their own onward move.
Now, our clients can actually take the time to test the market, establish whether or not more time on the market might result in more money, and weigh up their options over the course of several days - and not several minutes.
The point is that a calmer market doesn’t mean a quiet market. Far from it, in fact.
Only last week we sold four large properties in the space of only seven days, which highlights that there is a market – it’s just that it’s a more pleasant market in which to be buying and selling. Unless you thrive on the nervous energy that comes with deciding to buy or sell your home in the time it takes to make a cup of tea, of course.
There are people like that but in my experience, they are in the minority. Most people like to take the time to get under the hood of a property before they commit to buying it. Or arrange a second viewing, at least (something that has become a bit of a luxury in recent times).
The last couple of years have been ferociously competitive. Those who didn’t respond well to that kind of pressure – and it turns out there were a lot of them - simply decided to delay their sale until things calmed down a bit.
So, if you’re ready to sell your property in a more peaceful market, then now’s the time to jump right in.