Q. I’m convinced we have now hit the ‘bottom’ of the market and seriously want to buy my first home, however having registered with all the local estate agents it appears there’s hardly anything available to buy, why is this?
A. Correct, buyers are out in droves looking for property right now, convinced as you say that we have at last hit the bottom of the market. Estate agents are once again experiencing that familiar buzz in their offices they sadly missed so much during the last 12 months. The problem we face now is that unless sellers are ‘A’ – buying in this market or ‘B’ distressed no one wants to sell for the very reason everyone wants to buy. Having valued many properties over the last few weeks, many Vendors are reluctant to place their properties on the market for the current market value which is somewhere in the region of 20 – 25% less than it was just over a year ago, despite the fact that agents have qualified buyers like yourself with their finances agreed queuing up for their properties. The best advise I can give you is to register with as many agents as possible within your search area and keep in regular contact with them, that way as soon as something does hit the market you will be the first buyer that they call!