Written by Lisa Proffitt | 6th January 2022
2021 was a frenetic year for the property market. One in 16 homes exchanged hands and the year ended with the lowest ever number of houses available for sale and buyer demand strong. So if you’re hoping to successfully buy or sell in 2022, what can you do to give yourself the best chance of success?
Nothing feels certain anymore and there is no guarantee that there will be a rush of new homes to the market in the spring. Plus, any new homes for sale will be more than matched by active buyers. Competition will be fierce and that will drive up prices so in order to have your sensible offer accepted, start your search now.
Buyers who can offer flexibility on their moving in date are in a strong position. A swift exchange of contracts followed by flexibility on completion of up to six months means that the seller may well accept your offer over a higher offer. Long completions are in vogue because of the serious lack of stock so if you can delay your moving-in date you increase your chance of sealing the deal.
In an ideal world you would be a super-buyer, in other words someone who has sold their property, are renting, have cash in the bank or their mortgage agreed and their solicitor is ready to go. In reality this is a tall order, but you can do everything in your power to make yourself an attractive buyer able to prove to a seller that you have funds available to make good on your offer. Have regular conversations with a Financial Advisor because packages and requirements for mortgages can change on a weekly basis. Michael Graham Private Finance offer completely impartial and independent financial advice and quick and easy access to the right mortgage for you.
If you widen your net to include homes 10-15% under your top budget you will be in a position to increase your offer if the seller of your dream home has more than one offer on the table.
You may have a firm idea of where you want to live and in exactly what sort of property, but if something doesn’t turn up in the first three months then consider looking further afield.
2022 looks set to be a market that continues to benefit sellers, so maximise your home’s potential and sell the lifestyle as well as the home. Buyers want outside space and a home study, so if you don’t have a home office, create one. Stage a spare bedroom as a home office with a sofa bed to show it as a flexible space. If you have a garden or a balcony, make it as attractive as possible. If you don’t have outside space, pre-empt any concerns and make sure your property details shout about your proximity to parks or green spaces.
If you’re thinking of making a move in 2022, we would love to help you sell, buy or rent a new home. Please contact your local Michael Graham office to talk through plans with your local expert or get a free market appraisal of your home now.