Well, this is a first. Normally there are too many buyers and not enough property, or too many properties and not enough buyers. There is rarely too many of both. And we’ve never encountered having not enough of either. But then, these are uniquely interesting times.
Trying to make any sense of the current commentary, guesswork, figures and opinions around the fallout from the Brexit vote is an absolute minefield. In fact, with so many differing views, there is virtually no sense to be made it all. And perhaps that's for the best, because it might just stop people obsessing about it.
However, in short, if you want to sell your property, you can sell your property. But let’s not kid ourselves that things haven’t changed since June 23rd.
Here's a quick yes/no questionnaire to answer the main concerns. Has there been a price crash? No. Is the market slower? Yes. Is the market dead? No. Are there fewer buyers registering? Yes. Is there a lack of buyers? Yes. Is there a lack of property? Yes!
We've never experienced the last three happening together.
Something we had feared, but that never materialised, was a flood of property coming onto the market from desperate sellers trying to get out while they felt they still could, forcing prices down through increased competition with buyers pushing them down even further with cheeky offers. That just hasn’t happened.
What has happened is that the predicted concerns of buyers have resulted in around 50% less buyers registering, but that homeowners have not panicked and are, instead, waiting to see how things go. This has produced a lack of available property in and around Redhill which means that even the lower number of buyers aren't getting everything their own way. In fact, some are still having to bid against others to secure a property.
To suit this new reality, we been adapting our way of doing things.
What’s been really effective is identifying the very best potential buyers and working extremely closely with them. Where someone is clearly serious about buying a property in or around Redhill, has their finances in place, knows what they want and has a timescale in mind by when they’d like – or need – to move, there is no separating us. We are their new best friends! Aside from the business benefits, a purely personal experience is how delightful it is to get to spend so much time with individual buyers to really understand where they are at.
With homeowners too, we've been genning up in even more detail about their property, making sure we are even more in the know and that we don’t miss a trick with potential uses of every property we're marketing. It’s those tiny little nuggets of info that, when gleaned from a seller, might just trigger a “Eureka!” moment for a buyer. When somebody registers for property and has a requirement that, on the face of it, cannot be met, it could well be the case that an existing owner may have had similar plans in the past for the home they currently own.
Making these extra efforts to be thoroughly on top of every aspect of every property – and exactly what and why people are looking to buy – has kept us successfully selling. We’re still achieving close to asking prices, and we’ve even seen multiple offers on single properties.
So all is not lost. In fact, very little is.