Making the Most of Uncertainty: Why Buying a Property Now Creates Opportunity
Buying a property can be a big decision, and doing so during a period of uncertainty can make that decision even more difficult. However, it is important to recognise that uncertainty in the market can also present unique opportunities for buyers.
Lower Prices
It might seem obvious but during periods of uncertainty, there will be a decrease in demand from buyers. This can lead to prices softening as sellers are willing to negotiate more in order to make a sale meaning that any buyers looking to take advantage of such a downturn, could save thousands.
Motivated Sellers
During uncertain times, sellers may be more motivated to sell their properties. This could be due to a variety of factors such as interest rates, job loss, financial struggles, or the need to move quickly. As a buyer, this can be advantageous as motivated sellers may be willing to negotiate more on price and incentives. This can make it easier for buyers to get a better deal on a property. Remember though to check in with a mortgage broker that you’re ready to transact. If other buyers aren’t active, there might be a reason for this due to lack of affordability with interest rates or deposit requirements.
Less Competition
Periods of uncertainty can lead to fewer buyers in the market and less competition for properties. This can be an advantage for you as a buyer as you’ll have pick of the bunch and more time to make a decision. Don’t wait too long though as too many properties can make the decision process overwhelming. Viewing 10-20 is usually plenty and once you short-list to 3 properties that tick 3 out of your 5 boxes, then go for it!
Potential for Appreciation
While buying a property during a period of uncertainty might be daunting, you need to think long term. If you consider property prices over the last 100 years, they have roughly doubled every 10 years. So rather than getting caught up in headlines today, imagine where the market will be a year or two from now.
If you want some expert advice from indistry pros on your property search, you can email us at hello@chameleon-group.co.uk or check out our new homes for sale here..