Why the ripe conditions for First Time Buyers make this a good time to sell
"Those planning to buy their first home in 2017 have more choice of properties and less competition from other buyers than their counterparts a year ago," says Rightmove Director Miles Shipside. But why? This time last year there was a rush of buy-to-let investors seeking to increase their property portfolios before the introduction of the stamp duty surcharge on second homes. As such, First Time Buyers were competing with investors, which made it a difficult market for them, but things have changed.
According to Halifax, there has been an increase in First Time Buyers, so much so that the number of those buying their first home in 2016 was the highest since the financial crisis of 2007. The reasons being low mortgage rates, home buying schemes such as Help to Buy Wales, and also higher levels of employment. So why do these ripe conditions for First Time Buyers make it a good time to sell your home?
First Time Buyers are the seed of the market; they are the lifelines for activity within the chain. If you are living in your first home and wanting to move up the property ladder, you want an active First Time Buyer market, as these are the potential buyers you are looking to attract. Without the seed, the rest of the market struggles, as there is a lack of movement within the chains.
We have seen a very buoyant start to the year, and our enquiries from buyers all across the chain continue to increase by the day. Only the other day we listed a property in Aberdare that was sold on first viewing to a First Time Buyer.
If you have been thinking of selling your home in 2017 then you need to know the value of your property in today’s market. You may get a basic understanding from looking at similar properties on sites such as Rightmove, but they will not give you the full story.
When we undertake a valuation on your property we look at many factors, the first being the data on similar properties sold in the area. Our experience of working in the market every day allows us to ascertain where your property sits in today’s market, as the property market fluctuates, and thus so will the value of your home. The location of your property plays a significant role too - is it in an up and coming or desirable area?
One element that people neglect to take into consideration is the condition of your property, and how it is presented. A home that is presented for sale will always sell quicker and at a higher price than those where you are asking the buyer to use their imagination, or where the vendor has not invested time and energy into staging their home.
Knowing and understanding the value of your home enables you to make decisions about your future. Whether you’re looking to upsize, downsize or relocate, having a clear picture of your financial situation will put you on the right path to finding your next home. You may be planning to move, or just playing with the idea, but until you know where you stand, how can you move forward?
Take your first step and contact our team to organise your free valuation today.