So here we are again! Recession has hit the North-East once more as well as the global market due to the fall in oil prices. As many in the profession know this is cyclical but with aging oil fields we need to be armed to deal with the fact that this has a huge impact on house sales in this part of the world.
So we know the problem. What is the remedy?
Well first of all where we have a stagnant market in the sale of properties particularly at the top end – statistics show that many properties under £200,000 are still moving quite well – it is an opportunity for purchasers to do “deals” on properties which would otherwise have been outwith their price range. This means that if you are first time purchaser and can obtain mortgage finance you are well placed to put a foot on the property ladder. In addition if you are moving out of the bracket under £200,000 in to the higher bracket you may well be able to purchase at a lower price. Be guided by your solicitor. They know the local market well.
Secondly, sellers out there do not despair! Good quality and well presented properties always sell well albeit it more slowly.
So how do you gain a march on other sellers? Well it is really quite simple. Take a long hard look at your property. Get the opinion of family members and good friends about how they see your property. Do they consider it to be dated and needing freshened up, which need not be costly? Do they think it is cluttered where you can’t see anything for everything? Can you see the spring flowers in the garden or are they covered in rubbish? If you are in a flat have fresh flowers and plants around. It is difficult to be objective about a place that you have lived in for some time and it can be hurtful to hear honest opinions about your “haven.” But hear it you must if you want to sell. Estate agents and solicitors can provide could solid advice. They have seen many a home and know what it takes to sell. They will be objective where others may not be.
Remember the better times will come again and let us face it nothing worth having in life ever comes that easily!
So! To summarise! Deals potentially to be done for purchasers at more realistic prices than in the past and well-presented properties will sell – it will just take time!