Dorset Property Market Hots Up!
By Grant Brook – MD Edwards Estate Agents
In the summer months, during more normal market conditions, we tend to see the local property market settle into a more leisurely pace following the Spring rush. These are not normal times.
Along with the recent heat wave, we’ve seen a surge of new properties coming to the market in and around the Bournemouth area. As local sellers right across our office network, from Poole to Verwood, Ferndown to Wimborne, people have decided that now is the time to sell.
Surprising, given the current uncertainty in the economy as a whole. Although, as the mainstream media continue to talk the market down, it would seem that the great British public is undeterred, as buyer demand locally also remains strong.
I’ve been in the property business for a good many years, so should know better than be surprised by the vagaries of the property market. But the widely predicted slow down only seems to have encouraged an influx of summer movers.
The National Property Market
In the recently published ‘House Price Index’ from Property portal Rightmove, they confirm that this month has seen the fifth consecutive monthly average asking price increase of the year, modest by previous months at 0.3%, but any further increase in property prices was not expected.
Looking at properties coming to the market, the report also confirms that valuation requests from people thinking of selling were at the highest level recorded so far this year and much higher than in 2021. The number of valuation requests in the week beginning 20 June was the most since January and beat last year’s figure for the same period by 24%.
With regard to national buyer demand, this is also strong nationally, as buyers looking for new homes coming to the market are at more than double (+113%) of the pre-pandemic five-year May average.
Rightmove does suggest that there are early signs that the market will ease over the coming months, when the impact of the economic slowdown begins to be felt more generally. Although, many have been predicting this for much of this year, and as Rightmove report, we have just had an incredibly strong first half of the year.
So for those currently considering a move, my advice is to make hay whilst the sun shines…
Rightmove’s Sellers Survey
In research also carried out by Rightmove, some 2,500 prospective sellers were surveyed, and the results of the survey showed sellers are much more interested in agents being responsive than in giving the highest valuation.
Prospective vendors value agents being responsive (87%), presenting their properties professionally in advertising (86%), and being knowledgeable about local markets (84%) more than having the lowest fees (32%) or providing the highest valuation (21%) for their home.
How to Choose the Best Estate Agent
As an estate agent, this may not necessarily be seen as an unbiased position, although with many years of experience in the property business, I am perhaps, well placed to offer fair and reasonable advice to would-be sellers.
More specifically, to help their understanding of what is, and maybe more importantly, what isn’t the best choice of estate agent, and one that is most likely to attract the most potential buyers and critically, how to obtain the best price.
Getting straight to the point, the best agent is almost always not the agent that values your home the highest and offers the lowest fee. This strategy is tempting for the owner as we all want the highest price and pay the lowest fee.
The Rightmove sellers survey offers an interesting perspective, with 84% of sellers surveyed choosing an agent that is ‘knowledgeable about local markets’. Yet we continue to see those that choose to sell their homes through cut-price online agents. Often with slick TV advertising campaigns, tempting unsuspecting homeowners to use their low-fee offering. Where the survey suggests that only 32% of sellers chose an agent that offers the lowest fee.
I find that most people understand that you get what you pay for, this is never truer than when it comes to selling your home. When you consider that your property is almost certainly the highest value asset you are likely to own, is it really worth taking the chance…
Marketing your home to achieve the best price is not simply about listing it on the internet, to achieve the best price for your home it must be seen by as many potential buyers as possible.
As an example, at Edwards we’ve been selling homes in the Bournemouth and surrounding areas since 2009 and have a good understanding of the intricacies involved in attracting that one perfect buyer.
With four prominent High Street office locations, as well as having unique representation from our Fine & Country Office in Mayfair, and the network of prestigious Fine & Country members.
As well as having our own fantastic website, focused on attracting buyers from across the world. We also feature in major property portals like Rightmove for the specific areas we cover. We have a dedicated team local people that are all experts in their field, with a thorough understanding of the types of property and locations across our area.
Our business is focused on ensuring we have every possible potential buyer that is looking for a new home in the area registered on our database.
A proper estate agency service is much more than value and fee, if your property is correctly marketed, the price achieved will be the best possible price, as every sales opportunity will have been exhausted, every possible interested buyer will have viewed and the resulting offers will be the highest achievable at that time…
The result of correct and proper marketing guarantees the highest price, and for our clients, that’s worth paying a fair and reasonable fee.
Considering moving home?
If you are one of the many considering, make an early start and take advantage of the current very strong local market.
If you would like some help or advice, please feel free to give me a call at our Ferndown Office anytime.
Until next month, happy house hunting.
Thanks for reading