Navigating the Housing Market

The housing market, whether you are a buyer, or a seller can feel turbulent and overwhelming, with economic uncertainty, house prices fluctuating and more and more houses coming on the market, as well as ones sitting stagnant for longer periods of time. It is therefore crucial to understand market trends as a whole and to prepare yourself with the right knowledge and insights so you can make the decisions that are right for you.

Here at Michelle Burke, we have created this blog to guide you through how to stay at the forefront of the market and to share tips for maximising your opportunities, regardless of if you are a buyer and a seller. With our expert advice you can be confident that you will be able to work through and navigate the process, resulting in the best outcome for you.

How to Stay Ahead

The housing market can change easily and can be influenced by factors such as interest rates, economic changes and the supply and demand of houses. Over the past few years, specifically post Covid, we have seen major changes in how people view properties and what their requirements are, with remote or hybrid working becoming more of a factor and significant influence than we could ever imagine. Buyers are now prioritising more space, whether it’s a home office, additional bedroom to convert into an office or larger gardens and living areas as they are spending more time at home. As a seller, if your home has one or some of these key features, you are staying ahead and have the competitive edge.

Interest Rates

Interest rates are a key driver of the housing market and have a key impact. When rates are low, borrowing is simply more affordable meaning more buyers, and therefore more competition, pushing the prices up. However, when interest rates rise, borrowing simply becomes more expensive, and this puts many buyers off and can result in the market slowing down. Taking the time to research, understand and stay informed about any changes in interest rates and understanding their potential impact on the housing market means that you can make smart decisions, especially when it comes to when you buy or sell a home.

Economic Factors

When there are uncertain times in the economy and the economic conditions feel unstable, buyers, as well as sellers may be hesitant to commit which can result in the market slowing down. In contrast to this, when there are periods of economic growth, the housing market may experience a surge in demand, and sellers acting quickly to put their houses on the market as well as an influx of buyers; both scenarios causing prices to increase quickly.

Supply and Demand

If there is only a limited number and supply of homes, especially in desirable locations, this can significantly increase house prices, but similarly when there are too many houses for sale in the same area, this can result in the market stagnating and prices dropping. It is common knowledge that areas with good schools, excellent transport links, and a positive and thriving community typically have a higher demand, which can keep prices high and potentially rise further. In contrast to this, properties in less desirable areas may take longer to sell and may need to be priced more competitively to compensate.

Maximising Your Opportunities

Whether you are entering the market as a buyer or a seller, taking the time to understand how to maximise your position and opportunities can make all the difference in you achieving the best outcome, whether that be selling your house quickly and at the highest price, or buying your dream home for the right price. Below, we have created some essential tips for both buyers and sellers in today’s housing market.

For Buyers

Secure Your Finances

This is one of the first steps you should do when buying a home. It is important to get a mortgage agreement in principle before you start viewing homes as this not only gives you a clear budget, but it also evidences to sellers that you are serious. During this early stage, we also recommend that you take the time to understand all the other financial costs that are involved in buying a house, such as stamp duty, legal fees, and removal company costs as this will help you budget accordingly and avoid any unnecessary financial surprises.

Research Local Market Conditions

Explore and understand what houses have sold for in the areas that you are interested in. A good estate agent will provide you with valuable insight into which areas offer the best value for money based on your budget and preferences and they can also highlight areas and style of houses that you may have not considered.

Be Ready to Move Quickly

We all know how competitive the housing market can be so the need to move quickly is crucial.

When you find a property that you wish to buy, we recommend you make an offer quickly. This is where having your finances all in place really can support your offer as it will make you more attractive to sellers and help avoid delays, increasing your chances of securing the home you want to buy.

Consider the Long Term

For many, walking into a home that ticks a lot of boxes but the realisation that it may need some work, or the amenities may not be exactly as you had hoped, can be daunting. At Michelle Burke, we recommend you really try to think about the long term. Think about the work that you can undertake in the home to make it exactly how you want it, future developments in the area that will tick more of those boxes and the potential. Take the time to do your research into the costs to renovate or decorate and what developments there may be in the future for more of the amenities that you desire.

For Sellers

Presentation

How your home is presented can significantly impact its sale price. A house where potential buyers can see its space and how their own belongings can fit into it is more likely to appeal to buyers. This can be easily achieved by making sure it is tidy, and things have been put away. Taking the time to repaint walls, tidying the garden and replacing worn fixtures that have been on our to do list for a while are great ways to make sure your house is being presented in the best possible way. If your home is ready to move into, it will attract more potential buyers, helping you sell it quicker and at a great price.

Be Realistic

We want to sell homes for the maximum we can, but it is important to set a realistic price for your property as overpricing can mean that it sits on the market for too long, while under pricing may mean that you sell it quicker of course but that you do not sell it for what it is worth. At Michelle Burke, we will provide you with an accurate property valuation and help you price your home appropriately based on the current market trends and other houses that are comparable.

Be Flexible and Ready to Negotiate

Negotiations are common and buyers may try to negotiate the price or ask for furniture to be included in the sale price. Be as flexible as you can as this can help you sell your property so you can move forward. It’s important to set realistic expectations for yourself and be prepared to compromise on certain aspects of the sale to reach an agreement.

Work with a Knowledgeable Estate Agent

Selling your home is a big decision, and working with an experienced estate agent will help you navigate the process. They can provide you with expert advice on setting the right price and how to present your property, attracting the right buyers. The support of an experienced and knowledgeable estate agent and property expert is huge. Michelle Burke has many years of experience and a real passion for outstanding customer service; a forward thinking estate agency who are committed to achieving the best results. Please call us on 091 868080 or email info@michelleburke.ie to see how we can help.