Advantages of Entering a Less Competitive Market

After more than two years of a booming house market with recorded prices achieved, sealed bids, best and finals and cash buyers scrambling for the best houses, it is now clear that there is a shift as buyers are now dealing with higher borrowing and a far slower market. However, as a buying agent these are exciting times as this is always a good time to
 buy. Historically we can never be sure when to buy, and some experts may advise buyers to wait until 2024/25, but there are always good reasons to take the plunge prior to the predictions.

In the current climate, offers close to or below the asking price are common. This means buyers have the opportunity to secure better properties at more realistic prices. However, it’s important to gauge the situation as vendors may change their minds or decide to rent out their homes instead.

With fewer buyers, the market offers more opportunities and less disappointment. Taking advantage of this uncertainty can be beneficial. To increase the chances of having a lower offer accepted, it’s important to be able to proceed quickly without needing to sell a house. Capitalising on a market of some uncertainty can prove very beneficial, but the key to having a lower offer accepted is being able to proceed and not have a house to sell.

Now is the time for cash buyers without a doubt as we enter a less competitive market. As buying agents, our ability to negotiate on price also offers them fabulous value on a purchase, whilst their buying power is extremely attractive to any vendor, especially if they can be flexible on a completion date. This is because it allows the seller time to find something to purchase themselves, putting them in a good buying position because they have a purchaser waiting in the wings.

As rents increase, it becomes more beneficial to pay for your own mortgage rather than lining a landlord’s pocket. It’s important to seek professional financial advice and explore all possibilities, as buying a property can be a great incentive and make you a property owner.