Price Remains Crucial For Vendors
Posted October 28th 2020
The stamp duty holiday has increased focus on the importance of price and saving money. This isn’t a surprise, most people like to save money, no matter what they buy. However, in the housing market, saving money is crucial.
However, it is not just buyers who are focused on price. At Thomas Morris, we know pricing is crucial for vendors. We offer a property valuation service, which helps you enter the market with greater confidence.
We also stay in touch with market research, and there is information which states pricing is vital for vendors.
Buyers want the best possible price, vendors should too
A study by an online property market company found since lockdown started, 45% of vendors say they’ve had a request from buyers to lower the price of property. The most commonly requested reduction ranges between 5% and 10%.
Only 19% of vendors said they haven’t been asked for a reduction of late.
Vendors need to be sure of their budgets
It appears as though vendors are not looking to sell at a reduced price. 25% of vendors said they would consider a reduction between 5% and 10%, 29% of vendors say they will not accept a reduced offer.
50% of vendors say they will not let the pandemic prevent them from moving home. 35% of vendors believe house prices will increase in their local area once we move forward.
52% of vendors believe they will sell their home this year and 18% of respondents said they have received greater interest in their home than they expected to receive.
Sam Mitchell of the company that undertook the survey said; “Now that restrictions have been lifted, property demand is booming. Not only was there pent up demand to move after months of being unable to, but the government’s stamp duty holiday being released into a low-interest-rate environment has also worked wonders for the UK property market’s revival. Over the past few months, we’ve seen at least a 50% increase in demand from buyers now versus before lockdown and we are on average agreeing twice as many sales per week as we were pre-lockdown which is astonishing.”
Sam continued by saying; “While buyers are always going to try and get a good deal on a property, and who can really blame them for trying, demand is so high that sellers might not feel the need to lower prices in the current market. Many of our own customers are seeing multiple offers to choose from – an ideal situation to be in. But it is also important to remember, the quality of any offer is also worth weighing up. For example, has the buyer sold, can they move quickly and has their mortgage already been agreed?”
Sam concluded by saying; “If a buyer goes into it fully prepared and the answers to these questions align with the seller’s motivations, then accepting whatever the offer may be could be in the seller’s best interest.”
“At Thomas Morris, we appreciate these are uncertain times for many buyers”, said Thomas Morris St Ives Branch Manager Katy Poore. “If you plan on selling your home, we are committed to helping you achieve the best price for your needs. Whatever your next move is, we will ensure you make the right move.”
If you are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our St Ives branch on 01480 468066.
