Less so perhaps, if you are trying to buy or sell a home. Schools break up for the extended holiday and the property market becomes subdued. Buyers and sellers alike are, understandably, wholly occupied by their children when at home and then flock to the continent to chase some sunshine.
All of this means that new deals are hard to piece together and existing deals are hard to progress. The summer is a frustrating time in the property industry. For those that are able to keep their eye on the ball, however, it can be a good time to take action.
New houses coming to the market are likely to be scarce but those that do will have less potential buyers. Vendors who have been trying to sell for some time may be more willing to accept an offer on their property in order to be “under offer” when the September market rolls around. Again, I believe the key to getting it right is research.
Working out where values are going is hard at the moment but it is possible. Don’t be afraid to ask the selling agent questions about other properties they have sold in the area and to ask them to show you details of the comparable information they hold. Researching the specifics of the house you are interested in is just as important. Make sure you understand what the seller’s motivation is and try to tailor your offer to match. Timing may be just as important as money if there is pressure to sell.
I would also suggest that you prepared. Have a solicitor standing by and make sure you have a mortgage in mind – a good broker can be worth their weight in gold in securing a property.
So, if you are trying to buy a new home and things are a bit flat over the summer, try and make the most of it. If you don’t manage to take advantage of the quieter market by negotiating a good deal then use the time to get to know the relevant agents and to make sure you are in the best possible position for the autumn.
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