How will the current 'seller's market' affect you?

If you are considering moving house then you will have heard the term ‘seller’s market’ flying around. What does this actually mean and how will it affect you?

What is a seller’s market?

A seller’s market refers to when demand for properties exceeds supply. This means that buyers will often be competing against each other for the same property. As a result sellers can often pick and choose between several offers.

How does this affect me if I am renting while looking to buy?

Congratulations! You are in an ideal situation to take advantage of a seller’s market as a buyer. That is because with multiple offers on the table sellers will usually choose the one put forward by the buyers that are in the best position to proceed. 

If you are renting then you will have no chain and as you do not have to sell your own property in order to buy there is no chance of your house sale falling through and derailing the purchase. This will help to make your offer stand out.

How does this affect me if I am selling my property to buy another one?

As a seller the current market is great news for you but it may require you to rethink the order in which you take your next steps. As sellers can currently choose from multiple offers it is a good idea to try to ensure that when you make an offer you have done everything you can to make sure that yours is the best on the table. 

The best way to do this is to put your property on the market and find a buyer before you start looking for your next property. There are several reasons for this. By getting an offer on your property before looking around you won’t feel pressured to accept a lower than ideal offer just because you have found your dream property and are eager to please the seller of that property by having your property under offer. 

Another reason is that by removing that pressure it gives your estate agent a chance to thoroughly market your property and ensure that you get the best price possible. 

Finally once your property is under offer you will have a clearer idea of your budget when choosing which properties to view. 

How does this affect me if I am selling my property and not buying another one?

You are in the best position of all. In the current market buyers are grateful to have managed to find and have an offer accepted on a home that they love. Without the constraints of an onward chain and with no pressure to finance your next property you are in an enviable position. Added to that the current market means that you will undoubtedly have the luxury of being able to choose from a pool of very motivated buyers.

Here at Alexander Taylor we are here to help you to make the best decisions when it comes to buying or selling your property. If you would like some advice on buying or selling your property please give us a call on 01324 811 233 and we will be happy to discuss your options with you.