Buying property: how times have changed
Like any industry, how we buy things has changed – especially in the last decade – and that includes homes. Steve Neocleous, Branch Director in our Hove office has been in the property sector for over thirty years. Here he explains the changes, and what it means for us as agents and you as buyers and sellers.
“I started out as a Junior Negotiator back in 1988, and the way we do business has changed dramatically since then, mostly due to the birth and rapid growth of the internet. People used to call in to estate agents, or pick up the phone, to discuss which properties they were interested in, and then we as agents would pick suitable options and post them out to them.
Nowadays, with the rise of online websites like Rightmove and OnTheMarket, people are more likely to start their house hunting search online. Typically, most buyers will input the price they can actually afford, which in turn affects how sellers price and sell their homes. For example, quite often we will agree to try a higher price than we are likely to achieve, in order to allow for some “wriggle room” and then we are often able to meet in the middle. With internet searches, this is less likely to be the case.
At Mishon Mackay, we pride ourselves in being able to read what is happening with the market and reacting accordingly – which we have done very successfully in 2018. According to independent statistics, we lead the way on sales across the whole market in the BN3 area, and lead by an even wider margin at sales from £750,000 and above.
Pie chart from Rightmove Intel showing sales of properties over £750,000 from 01/01/18 – 11/11/2018.
It’s important that sellers are not distracted by the highest valuation, but rather they use an agent who can demonstrate success, has experience of the market, and can employ imaginative marketing to secure the seller the best possible price.”