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The Right Price Matters For Vendors

With the ability to save up to £15,000 in stamp duty fees, it is no surprise to see so many prospective buyers in the housing market. Lowering the cost of moving home is vital for buyers, but price is also crucial for vendors.

At Lock & Key, we are pleased to say we work closely with Melksham homeowners looking to sell their home. We can provide you with a property valuation, which is the ideal way to start the sales process.

When you enter the housing market with a realistic valuation, you enter the market with confidence. Also, you will have a strong starting point for creating the budget for your next move.

As well as knowing the Melksham housing market inside out, we stay in touch with what is happening nationally. If you’re looking for guidance when selling your Melksham home, we can help.

Buyers want to arrange the best price in the housing market

A study by an online property market company found since lockdown started, 45% of vendors say they’ve had a request from buyers to lower the price of property. The most commonly requested reduction ranges between 5% and 10%.

Only 19% of vendors said they haven’t been asked for a reduction of late.

It appears as though vendors are not looking to sell at a reduced price. 25% of vendors said they would consider a reduction between 5% and 10%, 29% of vendors say they will not accept a reduced offer.

Many vendors want to move, in spot of COVID pandemic

50% of vendors say they will not let the pandemic prevent them from moving home. 35% of vendors believe house prices will increase in their local area once we move forward. 52% of vendors believe they will sell their home this year and 18% of respondents said they have received greater interest in their home than they expected to receive.

Sam Mitchell of the company that undertook the survey said; “Now that restrictions have been lifted, property demand is booming. Not only was there pent up demand to move after months of being unable to, but the government’s stamp duty holiday being released into a low-interest-rate environment has also worked wonders for the UK property market’s revival. Over the past few months, we’ve seen at least a 50% increase in demand from buyers now versus before lockdown and we are on average agreeing twice as many sales per week as we were pre-lockdown which is astonishing.”

Sam continued by saying; “While buyers are always going to try and get a good deal on a property, and who can really blame them for trying, demand is so high that sellers might not feel the need to lower prices in the current market. Many of our own customers are seeing multiple offers to choose from – an ideal situation to be in. But it is also important to remember, the quality of any offer is also worth weighing up. For example, has the buyer sold, can they move quickly and has their mortgage already been agreed?”

If you are looking to make a move in the Melksham property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone Lock & Key on 01225 707 342 or why not come and visit us at 5 Church Street, Melksham.

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