Osprey Market Update
WE ARE WORKING FROM HOME
Our Osprey offices remain closed but some of us are working from home keeping the business going.
We have seen our list of buyers beginning to rise. This could be families having more “family time” to consider their next property moves, some people considering relocating to our area, or possibly those that may be forced to change. Whatever the reason, there is, what we think there will be a relatively quick bounce back in the property market when things normalise.
WILL THERE BE BARGAINS TO BE HAD?
Possibly there might be the odd distressed seller, but it really depends on when the market can “normalise”. By this we mean, when buyers can enter properties for viewings, when surveyors and valuers can visit properties again and when solicitors and others are back in their offices.
WHAT DO WE THINK WILL HAPPEN TO HOUSE PRICES
Presuming the market “normalises” in the next next 3 months; say by August, then we don’t believe there will be any huge impact on property prices in the market. Indeed, we expect strong pent up demand, possibly with sellers being reluctant to sell. So it is not a bad time to consider selling. We can advise you and tell you what our “pre covid” and our “post covid” valuation is, and you can take a view.
So for sellers our message is; it is not a bad time to consider selling. Don’t be put off by rumours, we will give you an honest transparent valuation of what the property is worth now and what it was worth back at the start of the year and you can make your own considered opinions.
WHAT CAN SELLERS DO NOW
Ask Osprey for a valuation now (even though inspection may not be now), Discuss your objectives with our sales Director and discuss what simple things you can do to present your home for sale whilst at home, prepare documents for sale. Be on the front foot. We can show our HOT BUYERS owner made video tours made under our guidance(see our blog www.osprey-property.co.uk) and get them primed and interested subject to a viewing.
We have prepared document for our sellers to complete pre-sale that are normally sent out when a sale is agreed, this will help to speed the process when the sale is agreed.
WHAT CAN BUYERS DO IN THE MEANTIME
As mentioned we have a growing number of buyers joining our waiting lists for viewings. You want to be in a position of “first mover” advantage; be pro-active and be ready to buy when the right opportunity presents itself. A rising number of our prospective buyers are also spending time during lockdown submitting their mortgage applications etc so that they are well positioned financially for when the normal activity recommences. Whilst the number of mortgage products may be less, we are seeing lenders competing for business again and raising their loan-to-value ratios they will lend at, and their maximum loan sizes. At the very least keen buyers can prepare their paperwork and applications for when this market frees up.
REGISTER YOU DETAILS WITH US
We have a number of properties that will be coming to the market which we can advise you will be available fully once the lockdown lifted, some of these we will have vendor videos and some photos. We can register you for the first viewing.
So the above we hope are some pro-active ideas. For now, patience and pragmatism reign. Certainly, the normal seasonal sales market will not be the same in 2020; there is no busy Spring period, there may be a forced summer lull, but when restrictions end and the market reopens we think there will be plenty of business to be done.