Advice on buying and selling property in current market blog

Advice on buying and selling property in the current market in West Lothian

It has been a busy week so far at Property Webb HQ. With a high level of offers on our properties from the weekend viewings. We have agreed sales on two great homes, and we are currently negotiating on another six offers. 

Within West Lothian, market prices are not falling; they are stabilising, and what we are now finding is buyers are not prepared to pay 10, 15 or even 20% above the home report. Those days are LONG GONE! In the current market, we are finding that more buyers are submitting lower offers on homes as they presume property prices will crash or fall.

In these market conditions, more than ever, you need an experienced, skilled estate agent who will work hard to negotiate an offer on your home and achieve the best price.

Buyers are prepared to pay the home report price and even a bit more, but this will depend on the demand for the home and how cash rich the buyer is who views the property. With higher interest rates, buyers have to use the additional funds to put into their mortgages to bring down their loan-to-value rate to get a better interest rate.

So here is Property Webb’s advice for buying and selling property in the current market:

  • There is no such thing as a UK property market, don’t be fooled by the media and the doom and gloom they portray. Instead, speak to a local agent who can tell you what is happening in the local market.
  •  Sellers, be realistic about your price and don’t be coerced by overzealous estate agents overvaluing your home to win business. You don’t want to spend months on the market and ultimately sell for less. Instead, ask your agent for a price comparison; if it seems too good to be true, it probably is.
  • Also, sellers don’t be pushed into accepting a lower offer as your agent wants a sale. Ensure your agent is doing all they can to get you the BEST price and buyer.
  • Buyers, if you are interested in a home and it has only been on for a short time, then understand the seller’s expectations will be home report value & if there is good interest, it is likely they will get more. So if you love a home, don’t miss out by submitting a lower offer.
  • Buyers, if a home has been on the market for a long time or requires quite a bit of work, there may be room for negotiation, but ultimately the seller will decide on the offer they want to accept.
  • Sellers, depending on what price you are selling at, depends on the level of buyers. So, for example, we are seeing more buyers below £200k than in the £300k+ market.
  • Overall we are still seeing a strong market in West Lothian, but there are fewer buyers in the market, which means less demand for a home but more opportunity for buyers to secure a home!

If you are looking to buy or sell a home in West Lothian, please feel free to contact Property Webb for Honest, Upfront and No Nonsense advice. 

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