Despite the end of the first phase of the stamp duty holiday at the end of June, you can read all over the press about how it is still a seller’s market, with demand for homes still far outstripping supply. Many new buyers entered the market in the first half of 2021 following reassessment of where they wanted to live and what they were looking for in a home during the national lockdowns but have been unable to secure the perfect home ahead of the June 30th deadline, due to the intensely competitive market.
West Devon is certainly not immune from this trend, with cash buyers knocking on the door daily looking for that perfect property in our beautiful rural areas or bustling market towns but finding a shortage of homes on the market. Unfortunately, this shortage has created a vicious circle, with sellers not willing to list their home for sale because they perceive that they do not have anywhere to move to themselves.
One piece of good news however is that many buyers for our local market have already taken the decision to rent or go into temporary accommodation and therefore can allow up to or sometimes even over six months leeway to sellers if you are selling their perfect property. Also of note is that even if you haven’t found your dream home when you initially go to market, you, the seller, are in control of pace through the whole process, so are under no obligation to sell your home until you get to the point of Exchange.
Your estate agent can help guide you through the best way to market your property and manage the sale process tailored to your individual situation, and at the same time be using their local market insights to help you secure a property to purchase at the other end of the transaction.
“What we need is a wave of people coming to market across the price spectrum” says John Simmons, Director of Miller Town & Country estate agents in Okehampton and Tavistock, “this would then create the needed supply to give others the confidence to come to market in turn. With home prices predicted to remain strong given the pent-up demand, and the pressure on solicitors, surveyors and removal companies easing up post June 30th it’s a great time to come to the market”.
For a free, no-obligation valuation of your home, or to discuss the way that the current market can benefit your specific needs, call MILLER TOWN & COUNTRY ESTATE AGENTS, experts in the West Devon property market.
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Tavistock: 01822 617243 | Okehampton: 01837 54080