Like any other, the West Lothian property market is constantly evolving and changing. As a homeowner, keeping a close eye on these changes and market trends is essential to make well-informed decisions for your property. In this blog, we’ll explore the current state of the West Lothian market and provide some insights into what homeowners can do to maximise their property’s potential in a changing landscape.
Honest Insights on the Market
So some background… After a quiet week on enquiries for homes on the market, the Property Webb team made their diaries available all weekend for any new viewing or enquiries. The unfortunate reality was that there was only one enquiry during this time. However, Property Webb always strives to be honest about the current market and won’t overvalue properties or talk up prices to win business. We believe in providing accurate information and transparency to our clients so they can make informed decisions.
We won’t sugarcoat the facts or tell you what you want to hear to secure a sale. Instead, we provide honest assessments of the market conditions and realistic expectations for buyers and sellers.
Changes: The Good and the Bad
The property market is always subject to fluctuations, with some changes proving beneficial while others may have negative impacts. For some sellers, riding the storm might be necessary, depending on where their home is priced. For others, offers may still come in, albeit at a slower pace and lower price points.
It’s essential to recognise that some changes are inevitable and adapt accordingly to ensure the best possible outcome for your property.
Mortgage Rates and Lender Caution
A sign of the current times is the gradual rise in mortgage rates over the past few weeks, which has driven a decrease in market activity and will continue to put downward pressure on prices. Lenders have priced some rises to the base rate, but inflation data released on 24th May suggests that tolerance has been exceeded. As a result, some lenders have pulled mortgage products to reprice them. The number of first-time buyer products available at the start of June was 4.4% lower than a week earlier.
While this demonstrates caution from lenders, it’s still a far cry from the -50% fall in products seen the week after the mini-budget. As a seller, you must be aware of these changes and adjust your expectations accordingly.
Strategies for Success in a Changing Market
To ensure success in a changing market, there are several strategies that we deploy for our customers, such as:
- Ensure homes are priced correctly: Accurate pricing is essential to attract potential buyers and receive offers in line with current market conditions.
- Showcase homes effectively through marketing efforts: High-quality marketing materials and targeted campaigns can help present your property in its best light and reach potential buyers.
- Utilise all available marketing tools to reach potential buyers: From online platforms to print media, utilising every possible avenue can increase your property’s exposure.
- Have open and productive conversations with buyers and sellers: Understanding the needs and desires of both parties can help facilitate successful transactions.
- Understand sellers’ goals and assist in their moving journey: Providing support and guidance throughout the process can help make the moving experience as smooth as possible.
With years of experience, in-depth knowledge, excellent communication skills, and unique personalities, Property Webb is well-equipped to help clients navigate the changing West Lothian market and achieve their property goals. Please connect to find out how we can help you.