"Keep a close eye on the market, even after you submit an offer, so you can reassure yourself you've made the right choice. A well-stocked market is a healthy market, but it is very time-consuming. And with people going back to work in offices, finding the time for viewings can be challenging"
- Sara Ransom - Stacks Property Search
Between early 2020 and 2022, rural buyers were dealing with a strong seller's market, predominantly caused by the Pandemic and post-pandemic ripples. Buyers seeking more space and rural living snapped up properties at or above the asking price. Competitive bidding was the norm, and desperate buyers were making offers on properties they hadn't been able to view. A shortage of stock exacerbated the situation.
Fast forward two years and the market looks very different. Mortgage rates are higher, demand has levelled out, and properties aren't selling so quickly; the market is better stocked and there's more choice.
Charlie Rearden of Stacks Property Search says: “Property owners have been delaying selling for three or four years; at last all the indicators point to it being a good time to sell, and the market is well supplied. Of course, with higher supply comes lower prices, but many vendors have failed to appreciate that the COVID premium is no longer applicable, and properties are coming to the market overpriced. Buyers are confused by price, and overwhelmed with comparatively wider choice."
Ed Jephson adds: “While south Devon has plenty of stock on the market, we can generally discount nine out of ten properties – because they're on at a premium price; but they're not premium properties. The trick is finding the one in ten that ticks all the boxes and is priced correctly.”
So how can buyers negotiate the market, sort the wheat from the chaff, and make sure they don't miss out on the best in class?
Stacks Property Search has the following advice:
James Greenwood says: “Don't be tempted to dismiss properties from a quick scan or by looking at the pictures; seeing properties in the flesh is really the only way to be sure whether it should be shortlisted or not.
Rachel Johnston comments: “Be consistent in giving feedback to agents to maintain a relationship and make sure they know what you want. Be very specific about why a property hasn't met your needs so they know what to rule out, and what will work for you.
“Reporting back to the selling agent also means that they know you're serious. They're busy with so many instructions, and they don't want to waste time on browsers and tyre-kickers. Estate agents like specific buyers. If they know you're determined to find the right property, they'll tell you in advance about properties that are coming on so you can see them as early as possible.
“Take great notes and lots of pictures. If you're seeing lots of properties it's easy to quickly forget which property was which, what the best bits were, and what the drawbacks were.
“Keep a spreadsheet of all the properties you've seen with the top line information such as price, number of bedrooms, and address; and have columns for comments. Then a column where you can record whether you should ask for a second viewing, put it on the backburner for the time being. There's an argument for including the rejects with comments to explain why you rejected it!
“Use an online spreadsheet resource such as 'Google Sheets' that allows members of the family to collaborate and add their input.”
Sara Ransom says: “Keep a close eye on the market, even after you submit an offer, so you can reassure yourself you've made the right choice. A well-stocked market is a healthy market, but it is very time-consuming. And with people going back to work in offices, finding the time for viewings can be challenging.
"Those with flexible working would do well to swap the popular Friday off for a different day of the week – in London the selling agents are super busy on Fridays, but it will be easier to get an appointment to view on a different day of the week.”
James Greenwood comments: “If you want a second viewing, get it booked in quickly so you can maintain the momentum. It's easy to think that because there's lots of stock there's no urgency, but good properties are selling quickly.
“Go and see properties that are up to 20% over your budget; there may well be room for negotiation. Sound out the agents as to what level might be acceptable, and what the vendors' circumstances are, before you decide where to pitch an offer.”
Charlie Rearden concludes: “While there are lots of properties languishing on the market, there are plenty that come onto the market and sell rapidly. If something ticks all the boxes, don't assume you can take your time or push for a price drop.
"Or that something better will come along. The difficulty in a crowded market is recognising when you've found the winning ticket. The only way you'll know that is if you've put in the homework! And once you've found the perfect property, don't obsess about whether you're over-paying; if it's best in class and it works for you and your family, by all means make an offer, but be prepared to pay more if it's within your budget.
"Lots of properties are over-priced, but that doesn't mean that they all are.”
