With sales and completions still well below the boom years there has never been a more challenging time for buyers and sellers alike. In our experience making the sale requires a realistic and flexible seller, and a committed buyer.
So should you buy or hold on? Well i think you have to look at why you are buying. Property is a long term investment and what we can be sure of is in the long term, especially with rising inflation, is that property will go up in value. Perhaps what is more useful is to stop focussing on value and look at income. In recent years property incomes have far outstripped savings, and this is likely to continue even with inflation looming. The holiday letting business remains buoyant and is less hassle than most people think, especially if they are willing to hand the management over to some of the local specialists. So my advice, if you see a house you like, now IS the right time to buy.
So is it the right time to sell? Some might say the market is at the bottom, others that a double dip is still not out of the question. I think sellers should evaluate their reasons for selling and if the opportunity value of releasing capital will provide more income, then sell. If one is selling and buying then it really is always the right time to sell as you will be buying in the same market conditions and therefore values are relative. If on the other hand you have a clear value in mind, and will not consider the current market adjustments then the best thing to do is not even to market your property, as one thing that will always demotivate buyers is a glut of overpriced properties with no real intention of negotiating to a realistic price.
My advice is listen to an experienced estate agent or surveyor; we did a few months ago and we sold to the first people who viewed with Jackie and are now happily settled in to our new home.