Are house prices dropping? Or are agents valuing accurately?
Norwich has seen record house prices highs in 2022, are they now going to fall?
With a shortage of new build houses over the last two years – people have been fighting to find and buy a house to move in to. Have estate agents been over pricing to get listings, only for valuers to attend and “down value” properties when it comes to get a mortgage?
Brown and Co believe accurate valuations are key when buying and selling a property, so are we going to see a house price fall? Savills believe we are going to see a 10% price drop in 2023 – which makes sense – high interest rates and increased costs of living are all going to impact people’s affordability, the ability to move and buy a new house.
Does supply outstrip demand? Minors and Brady (Norfolk Estate Agents) believe so – where we’ve limited land and available properties to buy it’s inevitable over the long-term house prices increase.
Newspapers, such as EDP and Evening News, are already reporting house prices dropping.. Main sources showing house prices “falling” have been Rightmove, Zoopla and On The Market, all are based on prices listed – not sold.
With media coverage and rising interest rates those buyers previous racing to book viewings and bidding way over the asking price are either being more cautious or waiting on the side-lines.
Enquiries and viewing numbers have fallen, since Liz Truss’s announcements in September, though are apparently still higher than prior to the pandemic. So the market is likely to soften and asking prices are likely to be more reasonable.
Where does this leave sellers who’ve got their houses on the market for sale?
Properties are likely to take longer to sell with finding the right buyer taking 2 to 3 months, rather than being snapped up in minutes. Kean to sell – agents typically like to reduce asking prices to encourage more interest. Is this the best strategy? Discounting might get you a sale, though if you aren’t in a rush – wait to find the right buyer or try another proactive agent who can help.
Is it the best time to sell?
Right now, if you can sit on your property for a little longer and wait for the right buyer – keep on going. Else hold on and keep your property until, inevitably, the recession blows over, interest rates and inflation falls.
Need to sell?
With the cost of living increasing and bills squeezing cash out of your back pocket, some will need to sell their house quickly. Being a Norwich Home Buyer – ZebraBuyer is actively looking to purchase properties (whether it’s a flat, house or commercial building).
So give us a call, 01603 851 581.
