I have been an estate agent since the late 1980’s and experienced interest rates going up to 15% and also being as low as 1%, plus times when there’s been too many houses, and other times when there have been not enough.
Fortunately for many of us who deal in property, and make our living out of buying and selling, people in the UK love their homes! And love to find a way of buying and investing long term in property.
So, here in Weymouth and Dorchester, what should we do? Buy or wait?
Shall we wait for everyone else to buy at the same time as us? So that we can all queue up to get our 15 minute slot at the viewing and fight with each other to secure that home?! Maybe! But maybe there are better alternatives. Maybe a cooler market has more benefits than one first realises.
So, firstly, you don’t have to view within an hour of the ping on your phone when ‘new instruction’ alert shouts at you. Possibly you can view tomorrow or even the next day!
Maybe the agent can give you 30 minutes on a viewing rather than 15 minutes shared with other people!
Perhaps the price will be market value rather than above and beyond!
Perhaps your solicitor has a bit more time to communicate the progress of your transaction
And maybe the added interest percentage on your mortgage feels reasonable considering the bigger picture of the last 20 years!
You may even feel calmer, more considered in your process of buying a property.
In fact, the more you think about it, the more benefits evolve.
After the carnage of a market when every property had a list of maybe 20 viewings on an open day, with no hope of getting it at asking price, there is an argument to say that we are now set for a more civilised, considered market place, where people can think, digest and then action.