Conditions are perfect for trading up
Monday, September 29th, 2008
on behalf of Warners Solicitors and Estate Agents
Homeowners are being to urged to consider trading up to secure their dream home, according to one of Scotland’s leading estate agents.
Scott Brown, estate agency partner with Warners, says that potential sellers may be unwilling to put their home on the market, should look to trade up in order ro secure a better property and make a long-term profit.
Although property markets are remaining steady and house prices are continuing to rise in some areas across Scotland, the effects of the credit crunch and a lack of confidence has seen buyer activity drop significantly.
But Scott says that this has created favourable buying conditions which homeonwers should be looking to exploit – as, although they may have to sell their current home for less than they would want, they will be able to trade up for a dream home and make a long-term profit.
Scott adds: “For the past few months, we’ve seen a lot of people deciding not to sell their home or look for another. Although house prices are remaining steady, there’s been a lack of confidence in the market as sellers think that they won’t be able to secure as much for their home as they would like.
“However, they should really be viewing the current conditions as the best time to move up the property ladder. Although they may have to compromise and sell their current home for less than they would like, when it comes to buying a new property they will be able to take advantage of the same conditions.
“There are fewer people buying property now, which means that sellers are more likely to consider accepting an offer below the official fixed price. So, even if you’ve had to accept a lower offer for your current home, you’ll be able to similarly negotiate the price for the next property you buy.
“The added incentive is that, once the credit crunch loosens its grip and the market conditions improve, you’ll be left with a home that will increase in value. It’s a great investment opportunity which will see a good yield in the long run.
“And, of course, in the meantime you’ll be enjoying the benefits of living in a better property or location than you previously were. It really should be a good incentive to take advantage of these conditions, as this is an ideal time to move up the property chain.”
Warners, who have four property shops in Edinburgh and Lothians, has been the leading property solicitor in terms of property listings, property sales and total sales value in the ESPC for the past nine years.