Chronic Shortage of Property for Sale Driving Up Prices on Existing Stock

If you’ve been considering selling your property, but have been hesitant to do so due to the uncertainty on house prices, then this may be the ideal time to put your property on the market. Recent figures have shown that there’s a chronic shortage of properties available for sale with more buyers looking for a property than ever, making it an ideal time for you to sell your property. 

With very little competition out there from other properties, and demand for properties being so high, this makes it a great time for you to sell your home, before too much competition becomes available. Here at Michelle Burke, we have put together this short post, to explain more about the recent figures on property prices and buyers and why it’s the ideal time for you to put your property up for sale. 

What Do the Latest Figures Show?

This week’s Irish Independent provided us with some interesting figures, showing us that there has been a rise in the number of first-time buyers approved for a mortgage in January, with a 2.1% increase on the same month as last year. This means that more people than ever are looking to buy a property in 2023, with a total of 1,890 new buyers getting the go-ahead for a home loan. 

However, there is a chronic shortage of properties available for sale, with the number of houses on the market remaining at an all-time low. This means that there are more buyers looking for a property than ever, with a huge shortage in properties on the market available for sale. 

The Effects of a Shortage of Properties on the Housing Market

So what do these figures mean, and how do they affect us? Well, a shortage of properties can have a significant effect on the housing market, which impacts both those looking to buy a home and those looking to sell a home. 

When there is a shortage of properties on the housing market, this will significantly drive up prices of homes, which can greatly benefit those looking to sell theirs. This is because there aren’t enough properties to go around, therefore house prices have to rise due to the demand. 

How a Shortage of Properties for Sale can Drive Up House Prices

When the supply of properties for sale is lower than the demand, it can dramatically drive up house prices, which is fantastic for those looking to sell their property. This is because when there is less competition for properties, buyers become much more willing to pay a premium for the property that they desire. 

This increases the market value of the properties, as buyers are willing to pay much more for their dream home and because there are many fewer options available on the market. It can also lead to bidding wars – due to there not being enough properties available for the amount of buyers – which can drive prices up even further. 

Put your Property on the Market when there is Little Competition

Putting your property on the market when there is little competition can be beneficial for several reasons for someone looking to sell their home. Firstly, it increases the likelihood of your property selling quickly as there is less competition for buyers, therefore your home is likely to be snapped up a lot quicker. 

Secondly, it can also help you to get a better price for your property, as buyers are more likely to make higher offers due to the lack of competition and wanting to bag the home that they really want. Finally, it can make the selling process smoother as there will be fewer negotiations and potential complications, with people wanting to have the purchase of their property complete as soon as they can. 

Why Put your Property on the Market when Demand is High

Putting your property on the market when demand is high is a great idea because it gives you the opportunity to maximise your return on investment and make the most money possible for your home. When demand is high, buyers are willing to pay a premium for properties, so you can potentially make more money for your home.

Additionally, in a competitive market, you can use the high demand to your advantage by negotiating better terms for your sale and getting a higher price than you usually would, and you may have a lot more people interested in your home. 

Looking to Sell your Property?

We hope that this short post has taught you more about what the recent figures have shown on the chronic shortage of properties and increase of people looking to buy a home, and what this could mean for you. If you’ve been thinking about selling your home and feel like this could be the perfect time, then why not sell your property with Michelle Burke? 

With demand for properties for sale being at an all-time high, and a chronic shortage of properties available for sale – it is a fantastic time for you to put your property on the market. Our team here at Michelle Burke promise our clients a completely personalised service with excellent results from the very start of the process of selling your house, right through to completion. We work extremely hard for all of our clients, and would love to help you sell your home.

If you’d like to discuss selling your home with Michelle Burke, don’t hesitate to give us a call on 087 2500 716 or send us an email to info@michelleburke.ie. We look forward to helping you sell your home for the best price possible.