It has been clear, from an Estate Agency point of view, where the real demand is just now in the Edinburgh market. Many homeowners are deciding to sell up their City Centre pads and moving to the outskirts of Edinburgh and beyond. Rightmove’s latest stats show that there has been a 70% jump in searches for gardens in the last 2 years and this looks like it is going to be a consistent theme for the years to come.
A question I get asked on a regular basis is when the best time is to sell my home. As we recover from the winter blues, it seems that more and more people are looking to spring time before marketing their property with a move in time for summer. According to Rightmove analysis, March is the strongest time of the year to sell and with buyer demand up 32% over the last three weeks compared to this time last year, I don’t think the stats lie. Due to post pandemic pent-up demand, we are now seeing the highest number of buyer enquiries per property for sale on average over the last five years.
We are also seeing a healthy increase in the amount of home valuations being carried out by Estate Agencies by 27% compared to last year leading to 11% new listings. As we come into Spring there will be more listings available for the queue of active buyers, which also results in more competition for those looking to sell.
As a result of the buyer’s market being so competitive, we are experiencing that offers being accepted ‘subject to sale’ are rare. If you are certain on moving, then it may be worth selling your property to ensure you are in a stronger offering position when the right home comes up. There is the additional benefit of knowing what you can afford financially and this is something to factor into your next offer. Understandably, not everyone is in the position to do this and would need the security of their own home rather than potentially renting. Revere gains an understanding of our client’s current situation and can advise on what they are comfortable with.
The demand for property in the Edinburgh market remains strong as we come out of the covid world (hopefully). Even more reason to make sure if you are selling that you are choosing an agent who is capable of handling large volumes of enquiries. Revere is dedicated to our clients results and cap the number of properties we bring to market. This allows us to respond to purchasers’ enquiries quickly and efficiently ensuring the best service for vendors and buyers.
* Stats provided by Rightmove