When you’re looking to buy or sell a house, it’s not difficult to feel confused and even exasperated at the constantly fluctuating state of the market. As the time of this writing, United Kingdom house prices are the lowest they’ve been for more than ten years, a stark change to how they were even a year ago.
However, that’s not necessarily a good or bad thing depending on what vantage point of the market you’re in, and what your goals for being on the property ladder are. After all, selling your house for less money may seem like a harder ask, but if you can find more sellers, chances are the competition is more intense, and you may gain a better offer.
On top of that, you may be able to find a better house for less money than you could have otherwise. Yet with all the news headlines coming out, the difficulty of tracking the market yourself, and having a hard time figuring out if a deal is good or not, you’re not unintelligent or unaware if you feel a little disoriented by all this fluctuation.
So, let us give you three solid tips that help you make sense of constantly shifting house prices. From there, you can make the decision that feels best to you:
Use Trusted Real Estate Agents
Trusted estate agents will always aim to get you the best price for your property, because the more they can sell this asset for, the bigger the share of their cut. For this reason, it’s important to talk to them about fluctuations in the market, if now is a good time to sell for the area, and how that might have effected the value of your own property. They will be able to tell you specifics related to your area and the type of property you have, including how exposed your area is to the wider market trends.
Consider Fluctuations In An Area
When you buy a house, you’re not necessarily buying into the whole market, rather a distinct part of it. For this reason, it can be healthy to lean towards considering price fluctuations in a given area, which may or may not have changed that much depending on its exclusivity, given features, and determinants that cannot be replicated elsewhere. Moreover, certain local developments, investments, and corporate planning efforts can be better predictors of your future value than a constantly shifting wider market, even though that is an influence.
Don’t Wait For The Perfect Time
There’s never going to be a perfect time to own a house or sell one. As you can imagine, it sounds like dour news when house prices seem to be at their most expensive or cheapest since 2009 or another year you could use as an example, but remember, people were quite happily buying and selling that year and all the years since.
This is why it’s good to avoid catastrophizing and instead seek to get the best you can right now, and if you’re not happy, you can always delay for a certain amount of time. This helps you take the metagaming aspect out of house selling, and instead focus on your personal goals on the property ladder.
With this advice, you’ll be better able to make sense of shifting market demand in the property arena.
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