Now we are in August, the property market has slowed down into its Winter cycle. During the hibernation period people are battening down the hatches, closing the blinds and staying indoors. They also tend to be closed to the opportunities of putting their property to the market because it as it goes into winter properties are not necessarily looking their best, or so we are told.
Having spoken to many vendors and purchasers, my perception of this time of the year is that the market is busy taking stock from the last 12 months. “How did we do and what’s next for us?” For most people, once they are comfortable with what was, they can then look at what will be!
Anybody considering selling tends to use this time to prepare the property for sale, like the sowing of seeds which are then nurtured until the property is placed on the market in spring.
For sellers, obtaining appraisals from Real Estate Agents is wise at this stage to confirm that your plans are worthwhile and warranted. Purchasers typically prepare themselves in this cycle, getting clear on their borrowing capacity and a list of must haves, location and any other guidelines for their upcoming purchase.
This cycle will tend to run through to August, depending on whether you are a buyer or seller. So whilst we have called this winter and used the term hibernation to describe the market, I would strongly suggest that successful investors will utilise this time to prepare themselves for a prosperous Spring.
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Kind Regards,
Harry Charalambous
