September Market Update
We are now very much in the ‘Back to School’ phase of the market, August is sometimes a strange month for the property market with lots of people away on holiday and many people with families delaying marketing their property and/ or looking for a property until children go back to school.
In August we sold the same number of properties as we did in both July and in August 2021 but there was a drop when we compare this to sales in August last year (2022). Whether this was a ‘blip’ or shows a slowdown in the volume of properties being sold in the North East we will have to wait and see, however September is already off to a positive start for sales.
The property market has a more ‘normal’ feel to it than it had done in the hectic period that we have experienced in recent years. Some properties are coming on the market and selling immediately, others are a little slower to move and in some instances, we are working with our sellers and revising the price of their properties to try to generate additional interest.
When thinking of timescales for moving you sometimes need to work backwards, we used to work on the basis that if a seller and buyer wanted a sale to complete before Christmas then the sale needed to be agreed before October Half term. Currently sales are still taking a lot longer to go through and in many instances 12-16 weeks is a realistic timescale, so if you are aiming to be in a new home before Christmas you need to be acting quickly.
Buying and selling through auction is an attractive option for both sellers and buyers who wish to move quickly and have specific dates and timescales for moving from the outset.
If you are thinking of selling please get in touch with your local Pattinson office to arrange a free valuation.