Recently a number of people have told us that although they wish to sell their property, they are concerned about subsequently buying in what is currently considered a seller’s market.
A seller’s market generally favours the home seller and is characterised by a thin supply of homes for sale, meaning there is not enough inventory to meet buyer demand. It can lead to homes selling for over asking price and multiple offers being made.
Experienced investors with a number of properties in their portfolio will often try to offload property in a seller’s market, and wait for the market to drop before they make their next investment purchase.
But most people need to buy and sell simultaneously, or at least within a quick period of time. And the truth is, if you are buying and selling in the same market, the state of the market doesn’t really matter. Yes, you’ll pay a higher price for your new home, but you will have achieved a higher price from the property you sold.
So if the thought of buying in a seller’s market is putting you off selling – remember you are also selling in a seller’s market! It’s unlikely you will be worse off and we will work with you to ensure you sell for the best price possible.
Contact us if you would like a free market appraisal on your property. We can also assist you in finding your new dream home if you wish to buy and sell simultaneously.