One of the industries that has been hit by the concurrent lockdowns that have come in the wake of Covid 19 has been the housing market. Trying to buy, or indeed sell a home has been something that has been near on impossible – how can you sell a house that people can only view on Zoom or through other virtual tours? Similarly, buying a home when the employment market has been so unpredictable, with furlough and redundancies, has frankly not been a good idea either.
But as we move back to some normality, and whilst we are still in Summer, now is probably the best time to get that house back on the market. Actual, prospective buyers can, once again, come and browse your property in person, so they can actually get a feel for all those improvements that you have made, the size of your rooms, the quality of the decoration – all the things that you can’t really see over a Zoom. In addition, for most people, their homes never look better than they do in the sunshine, with the garden blooming and the paintwork you had so much time to sort over lockdown gleaming.
For people looking to buy, the online calculators offered by Mortgage Calculator UK are offering true breakdowns of the cost which can show exactly how much you will be paying each month and therefore the affordability of the purchase. The ‘What Mortgage Can I Afford Calculator?‘ is particularly good as it allows the buyer to actually see what could be afforded comfortably. They take into account the fairly low interest rates we are enjoying at the moment so you get a clear picture of what you will actually be paying out each month, and can then be brutally honest about whether you can actually afford this, or whether you could maybe afford a little bit more.
For sellers, the Mortgage calculator is something you could suggest potential buyers look into when they are interested in your home as it is a handy tool when budgeting.
If you are selling a family home, one that has three or four bedrooms, you may never find a better time to do this. Rightmove has reported a drop in these sorts of properties for sale (by as much as 30% – click here for the full article), so you may get the best possible price for your property, great if you are looking to size up or down. The lack of properties on the market mean that for those happy to try to sell, there are financial rewards a plenty to enjoy. Homes with large gardens are also selling at a premium right now.
One of the biggest issues facing property buyers in the UK at the moment is a lack of houses actually available to buy. According to property portal Zoopla, housing supply is currently 20.8% lower than last year. This is in line with comments from Rightmove that stock levels on the site were at an ‘all time low’. (From getanagent.co.uk)
If you do have a desirable property for sale, now could be the best time to sell it.