How surveys are changing
There’s a bit of a trend in the property market at the moment which, if you’re not buying or selling frequently, you may not be aware of.
Surveys have always been an important part of the process; they protect the buyer in particular and ensure the home they’re considering investing in isn’t a just a money pit in disguise.
There have always been a few homes coming onto the market which hit a snag when the survey is done; often, it’s as much of a surprise and a disappointment for the vendor as it is for the buyer when issues are detected.
But, of late, we’ve noticed it’s happening more frequently and, as a result, the price tag on quite a few homes is coming down.
Hurry Up And Wait
Why now? To be honest it’s hard to say as it’s unlikely to be a single reason. There are a number of different types or survey for example – some more detailed than others – and it may, in the current economic and political climate, buyers are investing in a more cautious approach.
Another possibility is that people are rushing homes on to the market in the hope of completing a quick sale in case the current slow-down develops into something more. As a result, the proper checks are not being completed in advance or it may be that there are more sellers taking risks, trusting to luck and that a survey won’t find anything serious.
It may be that the high prices demanded for property at the moment are inspiring buyers to use all the tools are their disposal to bring them closer to their budgets. A more stringent survey could throw up enough issues to knock a few thousand pounds off the asking price; after all, a vendor may be more willing to consider a reasonable discount if it keeps the deal alive.
But, whatever the reason, our advice would always to be open and honest in your property dealings. Yes, the property market has always operated on the principle of “buyer beware”. But, if you want a sale to go through smoothly and for the best possible price, it’s best to invest in sorting out any major problems with the house first, keep the asking price realistic, decide what factors set your home apart and then make sure potential buyers focus on those.
If you have to reduce the asking price too many times, there are plenty of tools available which allow buyers to notice, which can then seriously undermine your chances of a sale.
If you’d like any more advice on selling property, fell free to drop us a line or give us a call. Perhaps we can start you off with a no-obligation valuation or a few ideas on how to prepare your home for the market.
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