Property prices have hit a new all-time high - do you know how much yours has risen by?
The average price tag on a home in Britain has reached a record-breaking one-third of a million pounds (£333,564), according to Rightmove. The latest figures show property prices have jumped by £5,767, 1.8%, since the previous all-time high, recorded in April 2021.
Soaring levels of buyer demand are outstripping the number of homes for sale by the biggest margin at any time over the past decade, and property is selling at the fastest pace ever recorded. One in three properties sells over and above the original asking price with 32% of properties sold for more than the original asking price and twice as many properties than in March when 16% of homes sold for over the initial asking price.
Best and Final offers
The Meller Braggins team has been exceptionally busy with their last 9 property sales all going to best and final offers.
For areas of Cheshire, property is in high demand and viewing requests then become high too. All viewings are completed safely as per current government guidelines but this is also creating many offers being received on properties.
We have now found that our vendors will struggle to decide which offer to go with particularly if there are a number of buyers wanting the property and it can become a bidding war.
Best and final offers is not legally binding but is normally used as an option when there are a number of buyers wanting to make an offer on a property, it is a fair opportunity to give the buyers a chance of having their best offer considered by the vendor.
The North West region is very competitive and properties are on the market for the shortest period before being sold. Knowing what to offer can be a challenge for many as buyers will have an indication of what a property is worth. Placing a bid blind in the hope that you are successful can be stressful but as a buyer you will also not want to be buying a property for more than what it is worth. You need to think before placing your bid ‘what would your maximum offer be that you would be prepared to pay for the property?’.
Best and final offers are made in writing or email to the estate agent for the vendor. A buyer needs to present their best figure as well as quoting if their current property is sold or are they are a first time buyer or cash buyer. All of the information given will make the offer more attractive to the vendor.
Unfortunately not everyone is successful in having their offer accepted and it can be disappointing to receive a call from the estate agent to say that an offer has not been accepted.
This is officially the best sellers’ market of the decade – and arguably one of the best periods to sell. With demand at an all-time high and property prices rocketing, your home could be worth more than ever. So if you’re thinking of making a move, you need to act now.
Take the first step of selling your home and book a FREE, no-obligation valuation now. Call our team on 01565 656544 or book your valuation appointment online today