During these difficult and bizarre times, many will wonder if the property sales market is in jeopardy and if this may be the time to panic…
The simple answer to this is, NO.
As a Property Sales Manager my phone has been ringing off the hook over the last week or so, with all clients’ questions varying based on their individual circumstances and the options available to them, currently. It is understandable for clients to worry with the negativity that the media can create and as the situation filters all the way from Downing Street to our High Streets, this extraordinary experience is keeping us all on our toes.
It is important to acknowledge that for the duration of this outbreak, there are positives to extract too. Below, I have provided answers to client questions that have frequently come in due to Covid-19, which will provide some well needed reassurance as we tackle this pandemic together.
Question – If I am already on the market, will Covid-19 affect me in anyway?
Answer – The answer is probably yes. We are seeing a healthy volume of calls on a daily basis from people booking viewings and showing general interest. Less so from customers with new stock. This would indicate a stronger buyers’ market, with a drop in interest rates from the banks, it’s actually a good time to buy!
Question – Should I postpone buying a property until further notice?
Answer – I will answer this one with a question;
Will your purchase outlive the current market challenges and Coronavirus? The answer is yes. Coronavirus is a temporary pandemic and the country (as a whole) is expected to recover. If you choose not to purchase for this reason alone it may not be an easy pill to swallow once we are free of the ‘panic’ stage. My suggestion is that you take your time and do not allow fear to make a choice for you.
Question – Can people still view my property?
Answer – Yes, at the moment we are not on a full lockdown. We advise all parties to exercise caution and follow government health advice. Health and safety must come first, however, if we find a scenario where people cannot view because of health reasons we can use digital means to show them around at least temporarily. Once the ‘path is clear’ we can invite them back again.
Question – Is it possible to have my house valued now and put up for sale now?
Answer – Following the latest government advice and updates on Coronavirus, we are adapting the way we work in order to protect the health and wellbeing of our staff and clients. If visiting your home is not possible, we offer digital solutions to remedy this and we the same levels of advice.
Question – Should I hold off selling?
Answer – This comes down to your urgency and your position. If there is no real reason to hurry then I would urge you to take your time and get your ducks in a row before proceeding to the market. This is not a ‘one glove fits all’ scenario and I would advise to call us. My team and I will happily look through you options with you and help you make the right call.
Question – My property is not selling, should I withdraw.
Answer – Again, this is not a ‘one size fits all’ scenario. Let’s have a chat about your options and most likely we will be able to formulate a new plan that will be helpful. If your position allows, you may also consider renting the property out until the true value is achievable. This is a popular method of bridging and economic uncertainty. My advice would be to call me and discuss. We will look at your mortgage options and also timescales and figures. Most likely we can help with this.
We will visit you at your home if possible, we are open for business. We may ask you some health questions to satisfy our safety requirements. As an alternative to home visits, we are now offering virtual property valuations using photos, videos and information supplied by the seller. This means our clients can count on the same accuracy, expertise and personal service but from a responsible distance.
These are questions that I expect to receive in the forthcoming weeks and possibly months ahead as this situation progresses. Nobody knows what to expect or necessarily how to deal with it but one thing is certain, in that Gilson Gray will continue to support all current and potential clients during this hardship. Hopefully sharing these regularly asked questions encourages people to recognise that they are not alone in their concerns and that they have the support of our services. Panic is never the answer.
Our residential property team specialise in property sales, property management and conveyancing
Whilst we do not have any reported incidents of the virus, we do not wish to expose our staff and clients unnecessarily and please bear with us if we need to ask you some questions relating to health.
I would like to make myself available to customers and clients to call me and discuss their situation regarding housing, either renting, buying or selling.
You can reach me on 07730928879 and I am happy to provide help and support, whether you are a current client or not.
If we can work together, we will get through this phase.
Many landlords may also be feeling the strain from the effects of Covid-19 and in a state of limbo regarding their rental properties. Our responsive, pro-active Lettings Team have put procedures in place to deal with on market rental properties as well as anticipating the effects of tenants’ change in circumstances whilst communicating all of this to landlord and tenants alike.
Our transparent approach to business and constant communication with landlords allow us to keep up with any challenges the outbreak may throw at us.
If any potential clients are interested to find out more about the current market and what it means for their rental property, they can contact our Lettings team at firstname.lastname@example.org or call 0131 516 5354 to speak to one of our professionals.
The information and opinions contained in this blog are for information only. They are not intended to constitute advice and should not be relied upon or considered as a replacement for advice. Before acting on any of the information contained in this blog, please seek specific advice from Gilson Gray.