Should you be concerned about the state of the property market.
It seems the media are forever reporting about the housing market with a changing message each time. If you follow the news reports, the market seems to go up, then down, and then up again. But is there really anything to report? Does the market really change that quickly?
It seems the media are forever reporting about the housing market with a changing message each time. If you follow the news reports, the market seems to go up, then down, and then up again.
Such information affects so many of us, whether positively or negatively, that it's almost guaranteed to get a high audience for the press. But is there really anything to report? Does the market really change that quickly?
The answer is no, not really.
Yes, the housing market fluctuates, and the value of property goes up and down, but these changes are not particularly quick. Trends take time to have an impact, whichever way the market moves.
So do you need to be keeping a constant eye on the market? Should you be overly concerned about the value of your property? Or is the media simply scaremongering to sell more newspapers?
If you're thinking about selling your property in the next few months, then yes, you may well be interested in the value of your home in today's market. But there is no need to worry about changes in the market unless you are going to move. Property prices are constantly changing, but it means nothing to you if you are simply living in your home and going about your day-to-day business. It is only important to know the value of your property when you are actually thinking about selling it, but even then, it is all relative, so there is no need to worry.
What does this mean? As long as you're selling and buying simultaneously, the value of your property will be affected by the market in the same way as the property you hope to buy. The sellers of the property that you want to buy are impacted by the same market conditions at the same time as you are.
Although no one can predict the market conditions and how this will ultimately impact property values, you will not go far wrong if you sell and buy within the same market.
Of course, it can be easy to feel disheartened and be left feeling that you have lost out somehow if you know that the value of your property increased and then subsequently decreased. But, the value of your property is not an issue to you unless you are planning to sell.
It is nice to know your property's value, and it is even nicer to see that it is worth more than you paid for it, but unless you want to move, that number is just that, a number. It is not real money. It is not liquid cash. It is tied up in the property that you're living in, and as a result, the only way to realise that capital is to sell the asset.
But you need to live somewhere, right? So you will most likely buy another property to live in, which will also have seen an increase or decrease in value, similar to the property you've just sold.
Unless you actually have to, or indeed want to, move house, the property market conditions are largely irrelevant to you. Don't panic about a news report that warns of the impending doom of a property market crash - it doesn't matter to you at all. It is simply scaremongering to sell more newspapers.
Some press coverage predicts a correction in the housing market, which is a more palatable way of saying that property prices will drop in 2023. But, as previously mentioned, a property market change takes time. The property market has likely resettled slightly after the post-lockdown frenzy, but we are still seeing higher property prices than those pre-covid.
So, if you're considering selling up and moving to a new home in 2023, there is no time like the present. Of course, this could be slightly lower than the value of your home at the peak, but you are not going to be purchasing a property valued at its peak price either, so, as we say in the business, it is all relative.
To find out exactly how much your home is worth, contact our property experts for an accurate, up-to-date valuation to see what you could sell your home for and what your money could buy!