Making Sense of Our Property Market
By Denise McKenzie
We are all operating and working in a very different world right now, with new rules and regulations in these uncertain times. However, it is comforting that even in this unsettled period, people will still buy and sell houses, albeit fewer of them. This blog explores current changes that are impacting buyers and sellers and how to approach them.
Remote Viewings for Buyers
The most significant difference in buying a property just now is that no physical viewings are currently taking place unless the property is vacant. Virtual videos are the way forward, and you will find that most properties now offer this alternative. However, although these videos are extremely useful and certainly showcase properties more fully than photos or a brochure can, remote viewings cannot fully replicate the experience of a physical house viewing.
For this reason, some people are making offers subject to an in-person viewing. This simply means that the buyer is saying they won’t tie themselves into a legally binding contract until they have had a physical viewing and confirmed they are happy to proceed.
On the other hand, some people are happy to buy based just on a virtual viewing and do not make the offer subject to a physical viewing. What this means is that they are happy to tie themselves into a legally binding contract. It is important that people are clear about this. Clarity is key, and if in doubt, make your offer subject to a physical viewing!
It is anticipated that physical viewings will be permitted again in occupied properties from 29th June, subject to complying with official guidelines on how these are to be conducted. These guidelines are imminent, and we will update once we have seen them.
Making an Offer in the Current Property Market
What should buyers offer in this market? Many people have opinions at present about what the market is going to do. Evidence shows there is increased traffic to ESPC, and many agents are reporting high levels of interest and requests for home reports and viewings. Closing dates are still taking place and for some properties the competition to buy remains high.
Before making an offer for a property, a buyer should have a mortgage agreed in principal with a lender. If this was obtained before lockdown, then it would be wise to check with the lender, as you may find some have changed their lending criteria.
Trusted Advice from Our Estate Agents
It is absolutely essential that you get the right advice. We have a bespoke purchasing team who are ready to offer the best advice, quickly and clearly, to ensure you buy your next home at the right price. Email us at email@example.com or call us at 0131 603 7333 for more information and expert advice.