Week 41 - Solihull Property Market

Whilst viewing numbers are down, quality is up! In statistics that Rightmove released this week, the property market isn't quite as filled with doom and gloom as the media would want you to believe. If you compare the two weeks prior to the mini budget to the 2 weeks after, property listings are actually up by 4%, whilst the average price of new listings is up by 1%. Buyer demand was actually up by 27% compared to that of September 2019, so people still want to move! Our issue at DM & Co Premium is the lack of stock to sell relative to our database of buyers. Demand for property around the £1m - £1.5m mark in Solihull Prime B91 is very strong, especially with people looking to relocate to the area. That lack of prime stock is what is going to help sustain prices, clearly not at the dizzy heights we have enjoyed earlier this year, but at least keep them at a reasonable level. If you are curious about what your home is worth and whether we have buyers looking for your kind of property please do give us a call. Doesn't have to be anything formal, just a chat over a cup of tea and maybe a biscuit! - Kathy Griffiths, Head of Premium

I have discussed how important having a strategy is when selling your property, and part of that is the necessity for outstanding marketing. It has always been essential, and in the current market with buyers no doubt being super critical, it has never been more so. Buyers will be viewing everything in their price range and will compare your property to others even before they have picked up the phone to arrange a viewing. A webinar held by Rightmove this week, reported that buyers are taking longer to arrange a viewing, and are spending more time viewing property details online, including floor-plans, EPCs and videos. How we market properties at DM & Co has always been a priority and is one of the reasons we have our own marketing department. This enables us to offer bespoke marketing tailored to your home, which in turn attracts the best buyers, and achieves the highest price possible. Whilst browsing Rightmove this week I have been shocked at how poorly some agents still market properties. Many still do not use professional photography, and include photos of not just poor quality, but also photos which should have been left out – I wonder whether the homeowner has seen or approved them! There are floor plans with no measurements, which for the buyer at home wanting to compare square footage and room measurements is impossible. Videos are often not used which we know provides an early insight for the buyer, and generic lacklustre details with no oomph! If you are currently on the market, are not having many viewings, you should review your marketing – is it the best it can be? What is your agent doing to make your home stand out? If you want a second opinion, I am happy to have a chat, and if you are about to sell your home, and want an agent who will do the best for you and your property, you MUST get in touch with us! - Lisa Smith, Sales Director

I love it when a team comes together! This week I have witnessed team work at its best. An investor purchasing a property from our Dorridge sales team decided that they would want to instruct us after the fantastic service they received from our sales & progression teams & of course a perfect amount of input from Kate. A smooth transition throughout the business and as a result the new landlord will have new tenants moving in before the end of the month. Winning business isn't an easy job but it sure does help when you have a fantastic group of individuals dedicated at giving superb customer service. This isn't the first and I am certain won't be the last landlord that enjoys this experience. As a lettings team we are also supporting investors at the start of their journey. What property should we buy & where? I am confident that any member of my team could answer that for you & go that step further to help you start that process. If you are looking to expand or start your portfolio, join The Landlord Club today... - Gabrielle Argue, Head of Lettings

Well this last week certainly seemed to go by in a flash and a flurry of activity. Whether it be registering new buyers, chatting to existing ones, conducting viewings, negotiating offers, agreeing sales and completing on existing ones, not to mention conducting multiple market appraisals on a daily basis, it all goes to show that the doom and gloom that the media portray on a daily basis may not be half as bad as is suggested. Clearly the recent hikes in the base rate and the knock on effect from lenders to those applying for mortgages will have an affect on some buyers abilities to obtain finance and therefore purchase, or perhaps it will alter their budget for their purchase, but as i have said before there are a plethora of reasons why people need to move, and these reasons will still be present. A number of questions are still being posed to me, including " are house prices likely to fall , or indeed rise , over the next couple of years. It's certainly a fair and reasonable question to ask, but then again, unless you are only planning to retain that particular property for one or two years, one could argue how much relevance does it have, and of course if you are moving home, ie selling and buying , then whatever does happen to the market would likely equally affect each property , and so it is all relative. We, at DM & Co. as a company , will continue to give honest, transparent advice to all of our existing and potential clients, undoubtedly one of the reasons why we continue to receive such positive client feedback and why we remain so active and busy in this current marketplace. We, as individuals and collectively as an office and Company, analyse and study the property market on a daily basis, and will continue to do so in order that we provide our clients and customers the very best up to date and relevant advice, so if you are out there and considering selling , or buying, or simply need some advice, then get in touch with one of the team today. - Peter Faithfull, Solihull Branch Manager

Thank you for taking the time to read this weeks market update - if you would like to know about anything property related, we would love to hear from, and help you. If you’d like to book a valuation, that is really easily done - click here!

Let’s be honest - selling your home is never going to be easy, there will always be something that doesn’t quite go to plan - what is incredibly important is how your agent reacts to these instances.

If you would like to learn more about how we operate, please get in touch with the Solihull or Dorridge office on 0121 775 0101 or 01564 777 314 respectively.

We look forward to hearing from you.

Kind regards,

Dominic Murphy

Managing Director – DM & Co. Homes

WhatsApp me on 07595 903 811