Demand for properties in Plymouth continues to rise exponentially.
More and more people are looking to move, which means competition for homes is at an unprecedented level.
Estate agents in Plymouth are reporting house price rises of up to 15% on last year.
According to Dataloft, the average sale price of a home in Plymouth over the last 12 months is £219,468. That is some 9% higher than the previous year.
The main issue now is that there are not enough available properties to satisfy demand.
If you’re thinking about moving, here are five reasons why now is the perfect time to sell your home.
1. You can reach a record number of potential buyers
Gone are the days where we could only market your home locally to people in Plymouth and the surrounding areas.
Now, thanks to our YouTube channel, we can reach house-hunters worldwide.
Our video tours have been watched more than 300,000 times since the start of the first lockdown – that’s more than 13,000 hours!
Since January 2021, we’ve attracted nearly 3,000 viewers in Hong Kong alone. We’ve even sold three properties in Plymouth to people who currently live in the Chinese region (including one in October!). We also regularly attract viewers from the United States, Romania, Vietnam and Canada.
We also utilise Facebook, Twitter and Instagram to put your property in front of thousands of potential buyers.
It allows us to showcase your home to a larger audience and gain maximum exposure, giving you the best chance of a quick sale.
We even have a ‘VIP’ Facebook group to market your home. Whether people are actively looking to move or just browsing for a new home, this group is designed to give house-hunters the opportunity to view the latest properties up to 48 hours before they officially go on the market.
Here, members enjoy access to exclusive videos, pictures and information on new homes available in Plymouth and the surrounding areas. The group has nearly 700 members and is growing by the day.
Find out more and join here.
2. You’re likely to get the best price for your home
Asking prices in October 2021 have hit record highs this month, according to Rightmove.
House prices have been consistently rising across Plymouth over the past year, as people continue to prioritise moving into their dream home over other life decisions.
It means that the price of your home may be significantly higher than you think, and now could be the optimum time to sell.
If you haven’t had your property valued in the last 12 months, get in touch with us here for a free valuation.
We will keep you updated on a regular basis, to let you know whether or not potential buyers are serious about your home.
We even have a ‘hot buyers’ list! This features people who we will contact when a suitable property – such as yours – comes to the market.
If someone sees your home and thinks they’ve found ‘the one’, our team is on hand to help them book a viewing.
If people are unable to attend a viewing in person, don’t worry. We will put the virtual tour of your property on our YouTube channel, so people can watch from the comfort of their own home.
If you’re thinking of moving and would like to be added to our ‘HOT buyers’ list, please contact us today.
3. You’ll have a larger budget for your next home
With house prices at an all-time high across Plymouth, your home is likely worth more than you think.
If your property is valued at more than you bought it, you’ll have more money to spend on your next home.
That may open up new possibilities of affording a house in a better location. Or perhaps you can find something with more space.
We’re seeing more properties come to the market. Hopefully having a larger budget will give you a greater choice for your next home.
If you’re thinking about moving, here’s what house prices are doing in YOUR area.
4. You can have ‘power buyer’ status
A ‘power buyer’ is someone who has already found a buyer for their own property, is chain-free, or has no need to sell at all.
By becoming a ‘power buyer’, it can help you stand out from the crowd when the time comes to make an offer.
Paul Preen, Managing Director of Lang Town & Country, says: “To come across as a serious buyer, you need to be in a proceedable position. You should either have your property under offer, or have no property to sell.
“There are still a lot of people trying to view properties who aren’t yet on the market. This is a pointless exercise. We have in recent months advised clients to get their property on the market and get a buyer.
“When someone makes an offer, it is on the proviso that they give the vendor time to find somewhere. If they are prepared to do this, then the vendor will advertise the property as sold. If they aren’t, they don’t buy the property.
“This will then put the vendor in a great position when the right property comes on the market. They will be able to make a firm offer as they have a buyer, if they can’t find anything they haven’t lost anything.”
Here’s how you can become a ‘power buyer’.
5. Mortgage interest rates remain low
Having your Agreement in Principle (AIP) in place is crucial when buying a property.
It is even more important if you’re looking to buy your first home, as it will save valuable time later on.
The AIP is confirmation from a mortgage lender which states how much money they are prepared to pay towards your new home.
Mortgage interest rates are now lower than ever in what is a very competitive market. You’ll also find that lenders are currently more likely to offer mortgage loans.
Now is the perfect time to sell and buy your next home, before a possible rise in interest rates.
Following the Autumn Budget, the Office for Budget Responsibility – the Government’s independent forecaster – says that if inflation rises by more than 5%, then we may see a higher Bank rate and more expensive mortgages.
At Lang Town & Country, we have dedicated mortgage experts who can help you take the next step. Get in touch here.