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Price Remains Essential For Vendors

With so many buyers active in the market right now, it is a reminder of how crucial price is in the housing market. There are many factors which influence buyer demand and activity, but if people can lower the cost of moving home, they are more likely to consider moving.

Therefore, it is easy to see how crucial price is for buyers, but price is also critical for vendors. At Prestige & Village, we work hard to ensure property owners receive the best price for their home. This might be the highest price, or it might be the price which enables the homeowner to achieve the best possible outcome.

Your circumstances and hoped-for next move all influence what is the right price for you. You can rest assured we will do what’s best for you.

The process of selling your home for the best price starts with a property valuation. If you want to arrange a property valuation, get in touch, and we will be more than happy to provide you with this service.

When you have a realistic valuation in place, you enter the market with greater confidence. You also have a good starting point in planning your next move.

Buyers are looking for the best price – so should you

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.

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.

Get the price which helps you achieve your property goals

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?”

At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.

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