September is usually one of the busiest times of the year for the property market. However, due to various factors, this last month has been slower than previously recorded years. Despite the usual reasons to move after the summer holiday, kids back in school and getting moved in before Christmas being the top contenders, higher mortgage rates and political uncertainty have caused a drop in the usual activity.

So, what does this mean for those looking to sell around the Maghull, Formby and Crosby areas?

The Current Market.

Recent figures suggest that the current market has lost some momentum, there’s no denying that. According to the Royal Institution of Chartered Surveyors, buyer enquiries weakened in September, whilst agreed sales also saw a dip in activity. Expectations surrounding future interest rates have made buyers more cautious, with affordability being the main consideration.

House prices have also shown signs of plateauing. Nationwide reported that UK prices fell by 0.2% in September. However, Rightmove recorded a 0.7% increase in average asking prices during the month. So whilst people are looking less, when they are finding properties they like, they tend to be offering more.

What is becoming clear whilst we face this new market, is that realistic expectations are becoming more and more important for sellers.

Selling is Taking Longer.

Increased competition is now the main challenge facing sellers today. With more properties available and on the market for longer, it is no longer advisable to sit on the market and wait for offers. Buyers are now taking their time to consider other properties and being far more selective regarding their purchases.

For sellers, initial price, quality of presentation and marketing strategy is more important than ever. A property priced correctly is more likely to receive multiple offer and go over asking price, yet an overpriced property is actually more likely to net less than the sellers were originally wanting, whilst staying on the market for longer.

The former properties are still experiencing serious interest, showing that whilst quiet, the market is still flowing.

Should You Wait to Sell?

It may cross your mind to wait to sell your property until the market becomes more seller aligned. However, predicting when or if this will happen in the coming months can prove near impossible, no matter what you may have heard. Waiting does not always guarantee a better result, and if house prices start going down, you may be facing a loss.

Consider your own circumstances, moving is one of the biggest decision of your life, why do you need to move now? Are you downsizing, relocating, moving closer to family or releasing equity? The right time to sell is not always when the market dictates it.

Obtaining an up to date valuation and understanding the competition in your area can help you make an informed decision.

Selling With Kuavo

We understand that the market can be a concerning place to work with. so we want to encourage those looking to sell in the coming month. Homeowners should still have access to professional estate agency support without worrying about hefty bills at the end.

For the month of October, we are offering our complete sales package for £999 +VAT for properties worth up to £300,000. Increasing the affordability of those in the local area, looking to make that move.

If you have been thinking about selling, or your property has been on the market for a while without the result you hoped for, now could be the ideal time to review your options. Contact us today on 0151 541 7087

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