With the 5th January 2023 the third busiest day ever recorded for new valuation bookings, there’s a sign of new found confidence in the market (according to Rightmove.co.uk)
Having returned from the festive period it’s been a busy and positive start to the new year. Early signs point towards a renewed sense of confidence within the market, despite some of the gloomy recent news headlines, as local prospective sellers have begun to return to the market after an expected lull pre-Christmas. This isn’t an unusual occurrence, but it would appear that this uplift is stronger than in previous years - perhaps due to a subsidence in the shock caused by the mini-budget back in Autumn and reduced mortgage rates. According to Rightmove, the 5th January was the highest ever day on record for would-be sellers requesting property valuations across the UK. This is a trend we have also experienced locally and our team have been exceptionally busy helping new ‘early-bird’ sellers prepare and market their homes for a successful sale.
Our biggest piece of advice for anyone trying to sell in the coming months is to be realistic with asking prices - essentially, listen to the experts. It’s vital to take into account the changing market conditions and be sensible with the initial pricing of your home in order to put yourself in a strong position to generate early interest. A positive start to the marketing of your home is key in building buyer enquiries and securing a sale in a reasonable timeframe. We’ve already seen great outcomes for some sellers who have come to the market in the first couple of weeks of the year.
Also, opt for an agent who will make your home stand out from the crowd. It’s looking likely that more and more homes will be entering the market in the near future, so you’ll undoubtedly want yours to be looking its best and show at the top of the property portals. Eye-catching marketing tools such as professional photography, 3D virtual tours, social media advertising and aerial videography look likely to be major driving forces in property sales in 2023 as we head into an increasingly digital age.
It’s good news for buyers too as this uplift in property valuations will undoubtedly lead to a greater supply of homes for sale. There’s been a rare imbalance in recent years as buyer demand has far outstripped the supply of properties on the market, but this looks set to change soon. This, combined with a growing need for realistic asking prices, is encouraging for movers who look set to enter into a calmer and more-measured market.
‘The number of prospective buyers contacting agents is up 4% compared to the same period in 2019, and up by 55% compared with the two weeks before Christmas, the biggest New Year bounce since 2016 after the extended lull at the end of the year (Rightmove.co.uk)’
With all of this in mind, if you’re considering a move this year, please don’t hesitate to get in touch with us. Even if you’d just like some initial advice, our team are here to help you with any aspect of the selling or buying process and as all our advice is free and without obligation, it’s a great place to start. Give us a call on 01803 214214 (Torbay) or 01626 818212 (Teignbridge) or pop into one of our 4 local offices to speak with one of our experienced sales team.
Alternatively, if you'd like an up-to-date valuation of your property, click here to choose from one of our three home valuation options! There's an option to suit everyone, regardless of which stage of the process you are at. They're all completely free too!