For one recent closing date alone we received a whopping 43 offers; not for the exclusive, one of a kind property you may be imagining but for a two bedroom flat on a popular and busy road in Edinburgh. We have never seen anything quite like it and from the reaction of the other agents who also put offers on the property, neither had they.
It makes for a very volatile market; while this is great for some sellers, it's not so great for those buyers who miss out on a property they love or those who are left feeling worried that 43 counter offers for a property is standard. With so much interest in the market, it's not easy for Solicitors to advise clients on what to offer at a closing date; it really is a gamble for everyone involved! When surveyors put a valuation on a property, they look at the condition of the property and at what the market is doing, but they also look at comparisons of similar properties sold. Does that mean they would look at the final price paid on our sale with 43 offers and value the next similar property at that price? No. Ultimately, they would need more than one such remarkable offer to be sure that this trend is likely to continue, and while there are many more properties now achieving prices well in excess of their valuation, this is by no means the case across the board.
So, what can we learn from this explosion? If you are a seller, get your property on the market! Morton Fraser can offer you a free valuation. If you are a buyer, it is crucial that you get the right professional guidance; the property market is changing daily so you want to ensure you get the most up-to-date advice in order to make an informed decision when it comes to putting an offer in for your new pad.
All in all, it makes for a very exciting time to be in the property market.