Q. I’m being told it’s a buyers market out there at the moment– is this true?
A. It’s absolutely true. The N.A.E.A. reports this month via their members that the number of house buyers on agents books, houses available and percentage of first time buyers decreased throughout last month whilst the average difference between asking and sales price continued to widen. The widening gap highlights the need for homeowners to set realistic prices to ensure that their property does not remain on the market any longer than necessary. It was also reported that the percentage of first time buyers has taken a tumble which is disappointing but it is anticipated that this sector will steadily improve as properties appear at competitive prices. With Homeowners now taking agents advise on board with regards to price, buyers are now firmly in control as they continue to make offers in a falling market. Talking to several Sellers this week some have been of the opinion that they have the upper hand, this is definitely not the case, sellers only have control of the market when there is an abundance of buyers. This time last year sellers could sell anything to anyone at any price, unfortunately for them it’s now the buyers that have the upper hand in this falling market.