SPRINGING FORWARD INTO A BUOYANT MARKET

Spring is traditionally the time when the property market becomes turbo-charged, and that is certainly the case this year; we are noticing a very positive vibe, with more homes coming onto the market, and fewer viewings required before an acceptable offer is made – provided (and this is a big caveat) that the asking price is set at the correct level, writes Kate Gillard.

In fact, we are now starting to see the kind of competition between buyers which were a feature of the market a couple of years ago and more.  Already this year we have seen four people view the same property on its first weekend on the market and been so enthusiastic that we resorted to asking for ‘best and final offers’ – and all four did indeed put in such a bid.

Across the country, Rightmove reported that 28^th March was its busiest day this year so far for new property listings.  That figure is reflected locally, too.

One compelling reason for this is the quality of the potential buyers out there.  A growing proportion of viewers are serious, and often in a position to move quickly.  These kind of prospects are starting to outnumber the more speculative viewers.  We certainly shouldn’t dismiss those who are starting to look at houses without necessarily having a clear plan, but all vendors like to see serious buyers who are ready to go walk through the door.

Setting the asking price at the right level is, of course, crucial in achieving a rapid sale at the right price.  Properties which hang on the market and end up having to be reduced often sell for less than they would have done had the asking price been correct in the first place, so the advice is to pick an agent who really understands the local market, and not to be dazzled by one who says they can achieve an unrealistic result, just to win your business.

Here in Norfolk we are also seeing a growing number of potential buyers from outside the county, especially from London, Essex and Kent.  These are a combination of the retiring downsizers which the county has always attracted, and those who have perhaps moved away from Norfolk and who are looking to return, often when they are in the process of starting a family.

Given the price differential between the capital and Norfolk, a lot of these buyers will not need a mortgage, something which is especially important as we are learning to live with higher interest rates.  Although most commentators predict the base rate will start to fall soon, which will be welcome news for those who do need to borrow to secure their dream home.

As the weather improves, expect even more activity in the market.  Vendors know that sunshine makes their properties even more attractive, and buyers are motivated by thoughts of moving in time to enjoy the summer in a new home.