Chris Pick, Valuer and Business Development Manager has been keeping a very close eye on the Newark and Southwell housing market as the year progresses.
He notes that both offices are seeing new instructions coming on the market but potential buyers are approaching purchases with discretion. So, his advice to anyone wishing to sell is to listen to your local property expert to ensure the sales price of the property is competitive from the outset, as the first two weeks of every sale is proving to be key now.
In line with reports by Rightmove, the lower to middle sectors of the market are still showing confidence, despite the rising mortgage rates and stubborn inflation figures, however the upper end of the housing market is becoming quieter with viewings slowing down. If sellers have perhaps been a little over-optimistic about their sales price, then Chris recommends that now is a good time to review the price to attract a buyer and agree a sale before the summer.
In Chris’ experience, the offers currently being received tend to be approximately 97% to 95% of asking price, and again, this reflects the national housing market with Rightmove also reporting in their May House Price Index that the discount from final asking price to agreed sale price is steady at an average of 3.1% across all house types.
Chris and the Sales Teams are making regular calls with all vendors, ensuring they are kept up to date, providing recent Rightmove reports to ensure that our clients see how their properties are performing against similar properties locally, and the performance against our branch average.
They are also making regular buyer calls, encouraging viewings and checking that qualified buyers are still looking. This allows the team to maximise interest from our qualified database.
As always, Chris and the teams take a very personalised approach to the house sale from the outset. Regular negotiator visits to our ‘For Sale’ stock also helps the team build both a strong relationship with the sellers, but also to get a real feel and knowledge for the property, which allows them to speak authoritatively to suitable buyers.
With summer on the horizon, the advice to anyone wishing to sell now is to be realistic, informed about the local housing market performance, take the advice of your local property expert regarding sale prices and to choose a sales partner, like Alasdair Morrison & Partners who will handle your sale personally.
Our teams can be contacted at Newark, 01636 700888 or Southwell, 01636 813971 for advice.
