Spring Property Market Comment
The late, great comedian Robin Williams once said, “Spring is nature’s way of saying, Let’s Party”. With the Omicron surge retreating and COVID restrictions easing, this year more than ever, it feels like we should be celebrating as we come out of the long winter! So, for us, as independent West Sussex-based estate agents it feels the right time to share our spring property market comment.
Spring Property Market Comment
Spring is traditionally considered the perfect time to bring a house to the market. By this time of the year, we have all fallen back into a post-Christmas routine, and prospective purchasers come out of hibernation. Comfort is taken in knowing that if you find a new home in spring, you’ll be settled by the end of the summer holidays.
Despite the constant media misgivings over the last couple of years that the property market would run out of steam, there are many reasons for continued optimism. At Penfolds, we receive calls every day from buyers based in London and beyond all looking for a home in beautiful West Sussex. We also see plenty of movement locally as current residents continue to upsize and downsize within the area.
While interest rates have risen recently, this has come as no surprise; it’s been on the cards for several months and hasn’t yet dampened the enthusiasm within the local market. Even with February’s 0.25 per cent interest rate increase, the cost of borrowing is still historically low.
The changes to interest rates will also undoubtedly coax potential buyers out of the woodwork; those who are looking for a new fixed-term mortgage are sure to investigate what their money will buy.
Properties that are being brought to market continue to be snapped up quickly. So, prospective sellers aren’t seeing a lot to compare their home with and incorrectly assume there is no demand. We can assure you that there is!
Keeping Property Simple
At Penfolds, our goal is to keep property simple. The key to a successful sale and starting your onward journey is preparation. So, we’ve created a two-step to-do list for anybody thinking of moving this year.
1: Find out how much you can borrow.
2: Get a valuation on your current property.
It really is that easy!
We recommend avoiding online mortgage calculators for step one as they’re only as good as the information you put in. A better place to start is to contact a respected, independent mortgage broker with access to the entire mortgage market. These professionals are deeply knowledgeable and worth their weight in gold; they can help prepare a mortgage application for your individual circumstances.
And when it comes to step two, we’d love it if you gave us a call. At Penfolds, with over three decades of industry experience between us, we’ve learnt that there’s more to a valuation than the number of bedrooms a property has. It’s about how it feels to live there and the unique value it offers. That’s why we believe every successful property transaction starts with a conversation. As independent estate agents, we’re not bound by a nine-to-five culture, so we’re ready to chat at a time that suits you. Simply give us a call and allow us to help you get moving.