17/10/2023
The housing market was quieter than usual over the summer months this year, as many people put their home-moving plans on hold during the summer holiday period, and mortgage rates remained high, according to Rightmove's latest market report.
We’ve seen mortgage rates edge down slowly since the end of July, but they’re still a lot higher compared to the ultra-low levels of recent years.
Average asking prices usually rise at this time of year, as the number of home moves start to pick up again. This month, prices have edged up by 0.5% to £368,231. This is the smallest increase in October since 2008, and significantly below the average increase of 1.4% usually seen at this time of year.
In a market that many estate agents are describing as the most price-sensitive ever, a more subdued seasonal rise in prices shows that some new home-sellers are lowering their asking price expectations.
What does this mean if you’re thinking of selling your home?
There are motivated buyers out there. But it’s important to price right the first time, to avoid the need for a reduction later.
The number of home sales agreed are 17% below this time last year, suggesting that home-sellers who haven’t adjusted their pandemic-market price expectations are finding that their homes aren’t attracting buyers.
However, the number of buyers enquiring on each available home for sale is 8% higher than the more normal market of 2019, showing that home-movers are still searching for the right home at the right price. So sellers who price competitively stand out.
Rightmove says buyers are likely to be on the look-out for homes that they feel represent excellent value. If similar nearby properties for sale appear overpriced, home-sellers have an opportunity to stand out from the crowd and attract immediate interest, which increases the likelihood of finding a buyer.
Sellers need to capture a buyer’s attention with a competitive price from the first day a home is listed. Analysis shows that starting too high and reducing later seriously damages the chances of a sale.
Contact us if you would like to discuss selling your home. [email protected] www.mrandmrsclarke.com
