March Market Report

The property market in March here in Newquay has continued to surprise even the agents, with seemingly endless demand and low supply. More often than not, we are getting viewing requests within minutes of putting a property on the market, resulting in early offers and competitive offer situations. 

The lack of supply may still be party down to reticence on the part of sellers in light of COVID 19, but with restrictions easing and “tried and tested” agent procedures in place to combat risk, I rather think this is more down to the fact that sellers are unsure that they will be able to find a replacement property to buy? It is all very well marketing and selling your home for a strong price, but in most cases the seller will then need to go on and find a new home in the same competitive “sellers market” that got them under offer in the first place. Renting is an option at this point, but we have never seen rental supply so low either, so the same principle applies to the short-term solution.

We have listed and sold some great properties this month, employing all the latest technology and tools to enrichen our listings and showcase the dramatic locations and views that are on offer here in and around Newquay. Our online walkthrough tours and property videos are proving particularly popular with buyers, offering a much more engaging and instant property viewing experience ahead of an actual viewing. We are also delighted to continue offering our Newquay Surfcam (free of adverts), so you can all check out Newquay Bay and the surf from the comfort of your home, wherever you are in the world. Some 6000 of you took a look this month!

Buyers are quick to register interest in properties and generally want immediate viewings, but life and logistics can sometimes understandably get in the way leading to disappointment when a property is then sold before they get a chance to look. Most sellers will adopt a bird in the hand approach to offers, so my advice would be to make all necessary sacrifices to get front and centre of new instructions and be amongst the first to physically view if possible. Agents and sellers alike are always going to be wary of offers from buyers that have not physically viewed, even with the online viewing tools we now employ, so a personal viewing is really important to give yourself the best chance to buy. If you do find yourself up against other bidders and in a “best and final offers” situation, you might find my “Guide to best and final offers” useful.

I often hear talk these days of “greedy sellers”, “out of town buyers snapping up our properties” and “agents over pricing properties to make more commission” but this is not a realistic view on the property market, which is simply an economy driven by the laws of supply and demand. Agents do not lead house prices up or down, they simply interpret a given market and price houses according to what they believe someone might be prepared to pay for it. Ultimately, if a house is priced too high, no-one will want to buy it and it will simply remain on the market. Similarly, no-one can blame a seller for wanting to get the best price for their biggest asset, can they?

As a local business employing local people, we look forward to a return to business normality where we can all safely return (jabbed!) to our offices and get our lovely team back up to full strength.  We also look forward to finding many more people their dream home over the next month. Remember, an agency is not all about listing on Rightmove, so make sure you get in touch and let us know exactly what you are looking for!

Happy Easter to all…..

Bradley Start FNAEA CertREA