Increasing numbers of buyers are surprised at just how challenging finding, and then indeed securing, a home in Cambridge is. Whilst the London property market has stolen most of the national property headlines so far this year, Cambridge has just been named as the fastest moving property market in the UK, according to website Rightmove.
Cambridge is a unique city with global appeal, underpinned by a highly skilled workforce and vibrant economy. With world-renowned education facilities, excellent transport connections and low unemployment, it comes as no surprise that those living in London and other parts of the UK are being attracted to Cambridge.
Navigating the market
Many buyers enter the Cambridge market spurred on by fulfilling their vision to build a new life in the city, but all too often are shocked by the pace of the Cambridge market and the huge imbalance between the supply of new stock and the demand from other buyers in the market.
This harsh reality can lead to a somewhat `emotional rollercoaster ride’ of frenzied viewings, hurried offers and near misses.
In the face of such market conditions, increasing numbers of buyers are looking at how to improve their odds to secure their next home, without just having to pay more money for a property.
Engaging the services of Property Finder can help buyers save time, money and stress – particularly in a market as fast paced and complex as Cambridge.
Gaining a competitive edge
In a city surrounded by innovation it comes as no surprise that lateral thinking property purchasers understand the value of being represented and how being supported by a trusted advisor can gain them a competitive edge over other buyers in the market.
A higher number of properties are being sold in Cambridge either by ‘best and final offers’ or ‘off market’ – both require early and comprehensive information to help increase a buyers chances of securing a property.
An experienced property finding company will have an established track record in the market, is well known to local selling agents and have an extensive network of professional contacts who regularly share market information.
These credentials help them to get their clients one step ahead of the competition, by being first to know of new opportunities or learning of discreet off market sales which are not available on website portals or in newspaper adverts.
For most people, buying a home represents their single largest asset and therefore getting the purchase price right is essential.
Paying over the odds is not the answer to securing a home. The key to a successful purchase is understanding historical benchmark values against what you are being asked to pay, as many vendors are being advised to increase their prices. At this stage, recognising who is providing the advice on prices is also essential.
Whilst there are many helpful and professional sales agents in the market, many purchasers lose sight of the fact that Estate Agents are ultimately paid by the seller and are trained in the art of persuasion to inspire you to purchase a property through them at the highest possible price.
Achieving the lowest purchase price and saving a client money is always part of a property finder’s role. However, whilst financial savings cannot always be guaranteed, good property finders will have the depth of knowledge required to evaluate a property’s asking price relative to market conditions and comparable evidence and handle all price negotiations on a buyer’s behalf, to ensure a client is making a well-informed purchasing decision.
The new norm?
In a busy market it’s quite natural to stop and consider as to whether you are buying at the top of that market and therefore taking your time and renting instead may be a better option. In many parts of the UK this may be an entirely legitimate strategy, but Cambridge has many frustrated tenants who took ‘short term’ accommodation only to find themselves still renting two years on and still looking for the right home. This can be an expensive strategy too, with rents higher than the UK average and buying power being eroded as prices continue to rise.
Current predications in the city suggest that competition amongst home purchasers is only likely to increase, driven by inward investment and corporate relocations like AstraZeneca’s arrival into Cambridge by the end of 2016.
With the distinct possibility that the current market conditions may become the new norm, now is the time for purchasers to reconsider their options and seek expert advice to secure their next home.