21 Apr SELLERS – BE AWARE OF CHANGED CIRCUMSTANCES . . . . . . .
In 2021/2022 it was undoubtedly a Sellers’ market, with property supply noticeably less than demand. However, a word of caution, market conditions have changed and Sellers are no longer in a position of control.
Evidence from research by ‘Stacks Property Search’, a spokes-person Mr Bill Spreckley, says that they are finding that some Sellers who are delaying exchange of contract dates, or pulling out of sales altogether, are under the illusion that they are in a strong position in the market and eroniously believe that they will be able to replicate a sale easily and at the same price.
This misapprehension is causing considerable stress and disappointment for their Buyers, who have often invested heavily in the purchase, with surveyors and mortgage costs as well as legal expenses, whereas the Sellers suffer only minor loss, in the form of a limited amount of legal expense.
This is a warning therefore not to disregard the interests of a Buyer. There are increasing numbers of properties coming onto the market and those that are selling, are taking longer to negotiate and at more reasonable prices.
Don’t be caught up in this now discredited illusion.