Marcus Witt writes; The misconception is that, the housing market has been slow in 2019 due to the political situation and the uncertainty surrounding Brexit. However, we are delighted to report that we have had another very strong year and we remain the leading agent for a 3rd year running for sales and new instructions in the Sonning Common and surrounding villages.
The key to a good agent in this market is to value properties accurately. It is known that over the last couple of years, the housing market is very price sensitive. Buyers are NOT prepared to pay tomorrow’s price today. Good properties are still selling for good prices, and we have consistently held an average of £430 per sqft for second-hand properties over the last 3 years. It is easy for agents to get carried away with valuing properties in the area, and in order to get the best price for our vendors, it is not always about putting the house on for the most money. Anything that looks expensive to purchasers, tends to sit on the market for a while and become stale very quickly. This is why it is essential to value properties accurately. Compared to our competitors, we have had the lowest % of prices reduced on our properties in 2019.
The National Association of Estate Agents has given its analysis of 2019 – “Over the course of 2019, demand was slightly higher than last year with an average of 320 house buyers registered per branch, compared to 318 on average throughout 2018.”
What does 2020 hold? Who knows…? We are anticipating things to be busy, with the election out of the way, things will now be a lot more certain for both buyers and sellers. Interest rates remain low, and below are a selection of House Price Predictions for the upcoming year, 2020;
Rightmove – Increase 2%
Savills – Increase 1%
The Guardian – Increase 2%
Beville – 1% increase