Alright folks, let’s talk about the property market in Ystradgynlais and SA9
It’s an interesting time right now as things finally seem to be picking up after a very slow start to the year.
It seems the property market has been suffering a hangover from last autumn’s budget announcement. Property industry experts and the media are providing mixed messages daily – some saying house prices will rise, some saying they will drop. Will they or won’t they? No one really knows.
And of course, another issue that’s been weighing on people’s minds is the ongoing cost of living crisis. Combined with the possibility of future interest rate hikes, many house buyers are concerned about taking on too much debt. It’s understandable that people might be hesitant to make big financial decisions like buying a property in this kind of economic climate.
Is the property market slow?
Yes the property market is slow, but it is relative. After the unprecedented mania in the market of the last few years since the first Covid19 lockdown, it’s important to remember that what we’re seeing now is a housing market that is much more like it was back in 2019 before the pandemic hit. However, now there is also an added sense of economic uncertainty.
So far through the first months of 2023, things have been slow in terms of active property viewers and new properties hitting the market. It’s a bit of a challenge, but that doesn’t mean the market has come to a complete standstill. The right houses at the right prices have still sold quickly.
Some of the slowdown may also have been due to the weather. This year we had the wettest March in 30 years, and were getting heavy rain in March when we should have been basking in some glorious spring sunshine. With spring being a classically busy time for the property market, it’s clear that buyers don’t want to go house hunting in the pouring rain, and many sellers held off until the weather cleared up in order to work on their gardens and exteriors to present their properties in the best way possible before finally coming to the market.
Towards the end of April, with some sunshine starting to appear as we head into May, we’ve seen a notable increase in both active buyers, and new sellers, so it looks like things are finally starting to pick up.
What can sellers do in this market?
Price realistically
The major thing sellers can do to secure a sale right now is to price realistically based on the current market.
When comparing the value of your home to other properties in the SA9 area, it’s important to remember that actual property prices won’t filter through until several months down the line when sales complete and the Land Registry updates. Prices of properties currently on the market aren’t necessarily the prices they will actually sell for. If you’re subscribed to property alerts with Zoopla, OnTheMarket or Rightmove, you will have noticed a lot more price reductions compared to the last couple of years.
It’s better to come to the market at a price that will attract buyers from the outset, rather than pricing above an agent’s recommendation, and gradually reducing the price over the coming months. What’s to stop buyers who see one price reduction waiting for another one?
Often, properties can be so out of an affordable price range for current buyers that by the time the property is reduced to an attractive price months down the line, the property listing has completely lost its momentum on the property portals in amongst the newer properties that have come to the market, so timing is key.
Repair and Upgrade
We are not seeing the multiple offers of asking price that we did over the last few years. Active buyers are thinner on the ground and because there isn’t such a rush for property, they can afford to be more selective about their choice of property. With this in mind, as a seller, you need to do everything you can to present your property at it’s best.
With the cost of materials rising, buyers are facing more and more uncertainty when it comes to doing work on a property. As a seller, the more you can do to minimise the work needed on your property, the more attractive it will be to potential buyers. A fresh coat of paint will always spruce up a property, but issues such as blown double-glazing panels, damaged kitchen units, damp patches, and wobbly paving slabs will sow doubt in buyers’ minds.
With all of us leading busier lives, convenience is king. So the more you can do to give buyers a property that they can move into straight away without having to fix too many things the better. Your home may be ideal for a young family, but moving into a house that requires work may just not be feasible with children around.
If your property does require a lot of work to bring it up to buyers’ standards, and you’re not able to get it done, you may have to consider a much lower asking price in order to attract those who are willing to invest the time and money to renovate.
Spend some time on presentation
If you’re not in a position to work on repairs and upgrades, even spending a little time working on the presentation of your property can help before bringing it to the market.
When buyers view a property, they like to see it as homely, but also something they could put their own stamp on, so have a think about how you can make your home ready for the market. Decluttering inside and out can really help show buyers your property’s potential — clean, open spaces always look better in photos.
To Conclude
So, there you have it – the property market in Ystradgynlais might be a bit quieter right now, but there are still ways to make it work for you. Be realistic, be patient, and be open to opportunities, and you could still achieve your property goals. And who knows, maybe the sun will come out soon, and we’ll all be out there house hunting again in no time!
