House Prices: Essential Insights for Buyers and Sellers

Understanding the property market, and navigating the trends are essential to allow you to make better and more informed decisions, whether you’re buying your first home or selling your property. Preparing to sell your property, knowing what influences house prices and the steps that you can take really can make all the difference.

Having a better understanding will allow you to make informed decisions about pricing, marketing, and presenting your property to potential buyers, ultimately increasing your chances of a successful sale. In this post we discuss some key insights every buyer and seller need to know so they are confident in navigating today’s housing market.

What Drives House Prices?

We’ve compiled a list of the key factors that significantly impact house prices. Michelle and her team possess the expertise to guide you through these factors and help you understand how they influence the value of your property in today’s market.

Supply and Demand

If you are looking for a house to buy that is perhaps in a desirable area; you need to be prepared for the fact that this will push the house prices up and you will be paying more for a similar house of the same size, amount of bedrooms, size of garden for example compared to other less desirable areas. This is the same for areas where there are multiple houses for sale, as this can lead to a decrease in house prices due to increased competition, giving buyers more options and potentially resulting in lower offers.

Interest Rates

The changing economic climate and uncertainty around interest rates play a pivotal role in the shaping of the housing market. When interest rates rise, borrowing becomes more expensive, which can put potential buyers off and reduce the demand. This can also result in the sale or buying of a house taking longer and can result in sellers changing and adjusting their prices to attract buyers. The other side to this is, when interest rates fall, meaning there is an increased affordability of borrowing, this can drive demand and can often result in quicker sales and higher property prices.

Local Amenities

Homes that are close to schools, good transport links, shops and that are within a community tend to attract higher prices due to their convenience and desirability. These not only improve the quality of life for the people buying a home in said areas, but it also makes the property more

appealing to a wider range of potential buyers. Additionally, the presence of desirable amenities can significantly increase the resale value of a property in the future.

Market Trends

Post Covid, the working landscape has been significantly influenced, as has housing market trends, particularly with the increase of remote and hybrid working. More people are prioritising homes that offer dedicated office spaces, both inside and outside the home, such as garden offices, or larger living areas or another bedroom, to accommodate their new way of working. These elements are now highly sought after and drive demand for properties that can offer these. As a result, homes that offer these can command higher prices and reflect the fact that people’s preferences are changing.

Insights for Buyers

If you are in position where you are looking to buy a home, it is important that you consider the following steps:

Do Your Research

It may sound like an obvious step but before making an offer on a house, do some research and understand the average house prices in the area. This is where the expert experience and guidance of Michelle Burke can really make a difference, helping you navigate the market with confidence. We can provide valuable insights, making sure that you make the best decision for you and avoid overpaying for your preferred home.

Secure Your Finances

Taking the time to secure your finances and getting everything aligned is essential when preparing to buy a home. Arranging and securing a mortgage agreement in principle will give you a clear understanding of your budget and it will also make you a more attractive buyer to sellers. Personally, understanding what you can afford, what you can borrow and what savings you have, and overall financial preparation will mean a smoother buying process and will hopefully help reduce any surprises that may arise. Don’t forget to take into consideration and account for additional costs when it comes to buying a home, like stamp duty, legal fees, and the cost of moving your belongings, as these can impact your budget.

Be Ready to Act Quickly

In a competitive market, properties can sell very quickly and so being prepared to make an offer quickly could mean the difference between securing your dream home and missing out. The importance of having your finances all in order prior to putting in an offer cannot be ignored. Being financially ready shows sellers that you are serious and able to act, putting you in a stronger position.

Insights for Sellers

Taking the time, as a seller to understand the market and how to best present your property, really will help you achieve the best price. Below, we have listed just some of the key areas to focus on:

Know The Market Value of the House You Want to Sell

Get your property valued by an experienced estate agent. They will not only assess the size and condition of your home but also take the time to understand what the local market is doing, and what local amenities and transport links there are as these all have a role in what the asking price is.

First Impressions Really do Matter

This can be as simple as tidying outside your front door, mowing the grass, or taking the time to declutter the living areas in the home and putting some toys in storage boxes. These little steps make your home more inviting and well presented; both are essential when it comes to selling a home.

Be Realistic About Pricing

We of course think we know what our house is worth and want to maximise its value when putting it on the market. However, an accurate valuation from an experienced agent like Michelle Burke is crucial to make sure your expectations align with the current market conditions. Overpricing your home can have a negative impact and can deter potential buyers, meaning that it can sit on the market for too long. In contrast to this, under-pricing could mean missing out on your home’s true value.

Timing Is Key

Like most things, timing is key and what time of year you decide to sell your home, can affect you successfully selling it and at what price. Spring and early summer are traditionally busy times for the housing market, while winter is quieter and less active. Michelle Burke will work with you and choose the best time to list your property, taking everything into consideration.

Work With Michelle Burke

Whether you are buying or selling a home, working with an experienced agent is invaluable. The expert guidance, understanding the local market, preparing your home for sale or negotiating offers, finding the right next property, understanding and valuing your budget and needs and general tips on how to buy or sell a home are all elements that Michelle Burke can assist you with. We offer tailored advice, local expertise, and a commitment to excellent customer service. Please contact Michelle via our online enquiry form or call our expert team on 091 868080.