The traditional time to market your home is in Spring but we feel 2022 will be different. With inflation rearing its head and worries about interest rate charges there could be a slowing in the property market after the first quarter. There is currently a large number of buyers on our database looking to move and we feel if you wait until Spring your property may get lost in the number of homes coming to the market at that time.
From talking to our database of buyers we have noticed that quite a few over the past 6 weeks have decided to put their property search on hold until after Christmas. The most common reason is that there is a lack of housing stock on the market and they feel there will be more choice in the new year. The other reason is many of our buyers have already sold earlier this year and are living locally in rented accommodation with a 1 year contract many of which come to an end in spring or summer 2022. They will be really focused on securing their new home in early 2022 as they would like to move when their contract runs out.
Interest Rate Rises focusing buyers minds
It is predicted that interest rates will rise slightly by the end of the year to help combat inflation with further rate rises in 2022. From The Times Money Mentor article the “Markets are pricing in a rate rise from 0.1 to 0.25 at the end of 2021, with a second rise to 0.5% in Spring 2022, hitting 1% by the end of 2022”
Although the predicted rises still mean a low interest rates, mortgage companies will raise their rates and buyers want to secure fixed interest rates on their mortgages as soon as they can or Port their existing mortgage across to their new property.
Hopefully celebrations this Christmas will return to some sort of normality after 2 years of restrictions. Many families will be together for the first time in ages and one of the popular discussions round the table will be moving house in 2022 and what they want from their new home. This is why Boxing Day is one of the busiest times on Rightmove with millions of people searching for houses, more than double a normal day.
We also predict the continuing trend of families considering 3 Generational Living to continue. By combining resources this is a good way to achieve what all parties want and the larger budget gives the ability to these buyers to get larger accommodation and more land/garden.
Basically we predict buyers making the decision to move house over the Christmas break will be fully focused on securing their new home in the first months of 2022.
What to do now to market your home in January 2022
Possibly the most important marketing tool. If you can, ask your agent to take photographs before you put your Christmas decorations up as this means that the photos will not look out of date so quickly. At Charstedge we employ professional photographers which are included in our fee to portray your property at its best.
Changing Estate Agents
With most agents having a months notice period if you are thinking of changing the right time to give them notice i now to enable you to start afresh in the New Year.
What questions should you ask?
As property experts in the area, we at Chartsedge estate agents based in Totnes, thought we’d give you our seven tips so that you can choose the best estate agent for you.
Phone a Friend
Ask for recommendations. Friends and family can point you in the right direction and equally they can steer you away from the agents to avoid! Ask them if they’ve had a great experience with a particular estate agent, and enquire about how communicative, knowledgeable and friendly the agent was. Did the agent get the job done – and achieve the asking price or above?
Tip: Social Media is your friend! If you’re a member of a Facebook community group in a particular area, post your questions in that group. And while you’re there check out local estate agents’ profiles to discover more about their local area knowledge and understand how they interact with the local community.
Check out estate agents reviews online. Check their websites for reviews, Facebook reviews, Google reviews can all give you an insight into other customers experiences. Have a read through to get a good idea as to whether or not an agent is worth shortlisting.
Tip: Always have an open mind when reading reviews, because while most will be genuine, some negative ones (and some positive ones) may not be.
Check the Agents Website
If you have a couple of shortlisted estate agents, check out their websites. Compare and contrast the services they offer and the fees they charge. Research where they market their properties and check out their social media feeds.
Tip: If you’re comparing and contrasting, you need to ensure you know what you want your chosen estate agent to do for you. Write a wish list of your requirements.
Check Fees and T&Cs
When it comes to estate agents, each will offer a slightly different service, and each will have a different way of operating. You have high street offices, internet-based offices, and hybrid agencies that blend traditional with the internet. Each has its advantages and disadvantages depending on your individual requirements, but always check the small print and look at the overall service.
Tip: Do some research and decide whether you want a sole agency agreement, or if you would like multiple agents to market your property. It’s important to read the contractual obligations if you choose the latter.
Review your Agent’s Performance
Remember, your estate agent will be working for you, to get your house marketed and sold. But it’s actually a two-way thing and you will need to do what you can to help them do their job too. Your agent should be prepared to communicate with you if they think things should change, like a review of the price for example. And you should feel confident enough to ask about performance and see results or otherwise.
Tip: Have a clear understanding of your expectations and what you will want to review. Is it the number of people shown your property, or is it the number of hits on property websites? Is it about proactive calls made to prospective buyers, or is it to get an offer within a certain timeframe?
All of these are a must because you need to know that your agent knows what they are doing and can convey that to a prospective buyer.
Tip: If you want to know how much similar properties have sold for have a look online so that you are fully informed.
Trust your Gut Instinct
There’s a lot to be said for getting a feel for whether you have picked the right agent to market your property. Something may simply click into place when you’re having a conversation, or you may know immediately that the agent is for you. Trust your instinct as it may well be right.
Tip: While we say trust your instinct, make sure you also carry out the checks and reviews as well!
For no-obligation advice on selling your home, please contact our expert property team at Chartsedge on 01803 505115.