House prices, in the UK, are rising at the slowest rate during the ‘post-summer bump’ since the financial crash back in 2008, so what are the pros and cons of selling or buying a property now?

What are pros and cons of selling or buying a property now ?

Also, in separate figures from Halifax bank earlier this month showed the fastest fall in annual house prices in 14 years in September, reports The Guardian.

We accept, that on the face of it, buyers and sellers are sitting on their hands to see where the market settles, but that might not be the best idea, or even the case.

Bottom of market

For buyers you could buy a property and find it could cost you a large chunk less in six months time.

And the concern for sellers is that buyers are waiting for the bottom of the market before they pounce, why bother now?

However, unless you are immersed in the property, and wider economic market, you are likely to miss the bottom, as a buyer or seller.

This isn’t meant to cause offence, even if you an industry professional that doesn’t mean you can predict the bottom of the curve.

There are so many factors that impact on property prices.

Being savvy can only lead you so far.

Needs not investment 

People buy homes as it appeals to their needs not always as a potential cash cow. It is nice to have both, but that can’t always be the case.

If you land the right home, for you now, then over the period of your mortgage will you be that concerned if you could have got the property £10k cheaper if you had waited another six months?

It is likely that property would be long gone by then.

A slow moving property market is still in motion.

Less competition

One thing to take into account for buyers, is that in a quieter market then there is less competition.

This means that it is unlikely to go into a bidding process, where you could pay well over the odds.

Marketed 

For sellers, if your home is marketed right, with a good estate agency, people will come into the market and offer for your home. There are people out there who want to move into a new dwelling right now, you can be sure of that, regardless of the bleak news in the press.

Furthermore, if there are some relatively inexpensive cosmetic changes you can make to your home to stand out when they hit the property websites would be wise.

That can help your home catch the eye of a genuine buyer.

Activity 

Adding to the debate Sam Murphy MD of Mortgage Medics said: “Even in the most challenging and subdued markets there are always those serious about buying and selling.
“Whilst the speculative movers might be hibernating right now, there is still activity out there, and property professionals (estate agents, mortgage advisers, solicitors) have lighter workloads than in the busy times, so you might find you can get a more attentive service.
“If you don’t test the market you’ll never know….”
If this has got you thinking, we’d be delighted to help.  Get in touch and we’ll be help you understand what’s possible, or sign up to our monthly newsletter, to keep your finger on the pulse.