What Can You Expect From Selling Your Home In Wales In 2023

The recent months have been concerning if you are considering selling your home in Wales. From the increase in mortgage rates to increases in energy bills. Not to mention the arrival of Christmas which also adds additional strain to some. The media have added concern and fear amongst would-be sellers and buyers through negative reviews of the property market as we entered October/November 2022.

Figures provided by the UK government show that the monthly property transactions in Wales for September and October are very similar for the years 2021 and 2022. In October 2021 there were 5310 residential property transactions compared to a slight decrease in October 2022 of 5150 (provisional figures). Similar figures were noted for September 2021 and 2022.

However, the difference across the entire UK was very different. In September 2021 there were 164,980 residential property transactions compared to a much lower figure in September 2022 of 106,040. These figures were heavily communicated by the media although other months told a different story. October 2021 sales transactions were lower than that of October 2022 which adds some positivity.

The property market has always changed and although it is helpful to monitor market trends, it is sometimes difficult to predict what the future holds. However, we urge you not to despair if you are selling your home in Wales in 2023.

Potential Stand Off

Some experts believe that there will be some form of a standoff between sellers and buyers in the new year. Whereby buyers will be expecting sellers to reduce their prices and sellers will not want to lose too much value from their homes. If you are selling your home in Wales then you will want to achieve the best price and this is where Leanne Kent Property can help.

It is not hard to expect that some buyers will want to offer lower than the asking price and one of the main reasons for this is that their monthly mortgage repayment may be higher due to the increase in mortgage rates recently. Also, with recent media posts about the oncoming house prices falling, buyers will further expect reductions.

Is The Market Settling In 2023?

We have all witnessed house prices constantly rising over the years and especially in the last couple of years. It was inevitable that this couldn’t continue and that we would see prices levelling out. What is also relevant is that some houses have been overpriced in the last twelve months which will now mean that in addition to the house prices levelling out, we may also see additional reductions as overpriced properties are brought down to realistic prices. We have seen an increase in house reductions recently and this is proof that many homes have been overpriced by estate agents. We believe that the bubble has clearly burst and properties will hopefully now be realistically priced by estate agents. At Leanne Kent Property, we understand the need to ensure that all our properties are priced correctly from the outset.

This means that you should be realistic about the value of your home when selling your home in Wales in 2023. Property Mark highlighted that in November 2022, 72% of sales agreed were below the asking price. We understand that everyone wants to get the best price for their home and as your estate agent, we will help you achieve the best price. However, caution should be maintained on the valuation of your home to help your home to sell and to help it sell at the best price.

Creating A Positive Property Market

We believe that once Christmas is over then there should be no reason why you should delay putting your home on the market. Yes, there will be buyers that will want to hold out for further price reductions and also monitor the effects of the financial state of the country. Yes, the rise in mortgage rates will still have an effect on many buyers. Yes, some buyers will believe that house prices will reduce significantly. Yes, it may now be a buyer’s market as opposed to being a seller’s market for so long. However, if you truly do want to place your house on the market and are realistic in your approach, then there is ample opportunity to find the right buyer at the right price.

The housing market must continue to move forward and this is why it is vital to have the right estate agent by your side. Having an estate agent that will value your home correctly is vital. Any buyer will have some form of an idea of what a property is worth and more importantly, what they are willing to pay for that property. By being realistic from the outset then you will increase your chances of selling at the figure you want. At the same time, there will be sales negotiations to be made and a great estate agent will be worth their weight in gold. Expert and relevant advice will be needed and this is why we urge you to think carefully before choosing your estate agent.

One final thought is that we understand that every single pound is important and this is why we offer competitive fixed fees. We don’t believe you should pay more than you need to sell your home in 2023.