From the insanity of the post-lockdown market to one now with higher interest rates and the subsequent squeeze on prices, things are unquestionably different. But people still want/need to move.
On the ground
There are no longer 50 buyers for each property, so the need for sellers to stand out in some fashion is more important than ever. Whether with the marketing, the price, the chain or some other incentive, it’s certainly worth thinking about.
Old-fashioned estate agency is back to the fore. Rather than fielding 100 calls/emails per property with 50 viewings, we’re making 200 calls and getting not too much from them. Sitting and waiting = sitting and waiting.
Plan A works less than 50% of the time in a great market, so in a tough one, plan B, C and D are super important. It’s worth speaking to your agent about plan B if plan A hasn’t worked/doesn’t work.
Rent to rent used to be an option
Historically in a tough-to-sell market, it would be that you could rent your existing home out and then use that income to pay the mortgage whilst you go and rent another property. Tax implications now make this a lot tougher to financially make sense of.
Selling for a price you don’t love, but buying at one you do.
I appreciate interest rates are higher for many, but if selling and buying it’s a market for making things happen. Taking a bit less gives you an opportunity to negotiate well on a forward purchase. Especially if you can secure a good buyer.
Avoid chasing the market down.
In a rising market, eventually, the market will catch up to an over-priced property. In a falling market, an over-priced property can often chase the market down, always being slightly too overpriced to sell. If you can take a slightly bolder move on price and get ahead of things, you could get in a great position.