Tips to approach turbulent property market

Posted under Advice by Michael

How should the property market players approach the market at this point of time? Here are some tips:

1. They should as far as possible desist from getting caught in long chains. As the age-old word of wisdom goes sellers should try to avoid forming long ‘property chains’. The smaller (the chain) the better, advise experts. They reason that a shorter chain would help in minimising the risk of getting stuck with a buyer who might struggle to receive mortgage finance under tough market conditions.

2. Break the chain if you can and rent. For increasing flexibility and breaking the chain, sellers could try out a short-term rental that would coincide with their sale decision. It puts you back in a position of a first-time buyer and helps break the chain.

3. Choose the reputed and establish agency, which will ensure you the shortest ‘lock-in’ period possible. A lengthy lock-in clause would stop you from marketing your property freely.

4. Do market research. Get quotes from various sources. This will help you get the best deal.

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