In 2021 we saw the market favored vendors, it was a sellers market with low stock levels a driving force behind this. We have seen the market start to shift, but rather than becoming a buyers market I would say we have seen a correction in the market which has seen a return of a more balanced market. We are still seeing some strong results but we are also seeing some properties sit on the market longer than it would have done last year.
It will be vital for vendors to be realistic in the current climate and as stock levels increase adjust their price expectations accordingly, not looking to comparable sale prices of 2021.
Another trend we have continued to see is with the rising costs of building materials many buyers are not wanting to take on the unknown costs of a renovation and or the potential delays with supply chain issues. This is meaning often ready to move in family homes are much more appealing in the current market and out performing original condition homes.
Lastly the unknown in regards to interest rate rises has some people hesitant to over commit themselves. I think much of this will have a short term impact rather than a long term as we have not seen rate increases in almost a decade much of this is a mindset and as people adjust they will become used to the new climate.