Market Comment June 2020
What strange and unprecedented times we are living in at the moment.
The property market is open for business once more but not as we knew it. Most agents are offering virtual viewings initially which are fine to a degree but will never give you the whole picture, or indeed ‘that feeling’. You can’t smell the damp through a screen! There are apparently those who are making offers on the basis of this virtual view and that is probably o.k. if you are looking for an investment property and have done your homework. Others may offer having done research pre-lockdown and know an area well. Be aware though that if you make an offer without physically viewing and another party has, the vendor is more likely to go with the latter party. As buying agents, we are on the ground to visit and give honest opinions on properties, warts and all.
Prices in the area are unlikely to be reduced and will be at least as at pre-lockdown. In fact it is quite possible that if stock levels remain low and demand continues to increase, we could see price rises and bidding on the best in class. A good time to sell? Maybe.
So, if you decide to make that move, give yourself the best chance of succeeding and get all your ducks in a row. This includes: instructing a solicitor from the outset, preferably a conveyancing solicitor; obtain at least 3 agents valuations if selling; get all relevant paperwork together; get a mortgage agreed in principle if required or cash readily available; make sure your property is in the best condition it can be and, in particular, clutter free.