A realistic look at the local housing market at the end of 2023

Whilst times are starting to become harder in the housing market, we still maintain that the market is not as bad as the media is portraying. We are still busier than we were before the pandemic distorted the level of transactions that were occurring in what became a frenzied market.

So, what do you need to become a successful seller?

It is very simple – be realistic! Sellers that are living in the last couple of years and believing that every house will receive multiple offers from multiple buyers will be disappointed. Realism is the key and not to have over optimistic expectations.

Having said that, there are still signs of life out there, which is extremely positive. Whilst we don’t think that we are in a buyer’s market yet, we are certainly not in the seller’s market we saw in 2021/22. There is more equality out there, and that is not a bad thing.  What any healthy property market needs is stability, and we believe that this is what we will see next year.

Although the economy is still undoubtably suffering, there are green shoots appearing. We have seen that the cost of living has reduced in a couple of instances on a monthly basis, inflation seems to be coming under control and mortgage interest rates are predicted to be falling in the months to come. If all of this continues, things could be very different next year. We will see!

In the meantime, realism is the name of the game. Sellers need to work with their agent to get deals done. There is much tough negotiation out there and it is vital your agent is working hard for you. It is always easy for a lazy agent to push you towards accepting a low offer just to get their commission paid, but a good agent will be fighting hard for you in your corner in every instance.

At Berriman Eaton, our ethos has always been to get the best price from the best buyer.  This is not always necessarily the highest offer, but the one most likely to proceed to completion. To find the best buyer takes commitment and hard work, but that is what you will always get from us.