Local Insight When Selling and Buying a Home
The national housing market paints a different picture of what is truly happening at your doorstep. Local insight, whether you’re selling or buying a property, is hugely important. But where do you get this insight? We look at the role of local estate agents and buying agents in providing these valuable insights, detailing how their knowledge, network and experience can guide you to making knowledgeable decisions to help your moving decisions.
Local housing market insights
Many moving parts contribute to the overall performance of a local housing market.
This is why whether you’re buying or selling a property doing your research and understanding the following is really important.
Economic conditions
Employment rates, income levels, and the presence of major employers can greatly influence house prices. Areas with strong job markets and higher incomes tend to have higher demand for housing, pushing prices up.
Supply and demand
The balance between available housing (supply) and the number of people wanting to buy homes (demand) in a particular area will also impact prices.
Crime rates
We all want to live in a safe area. That’s why it’s not that surprising that areas with higher crime rates often see lower house prices due to perceived risks.
Schools
Schools have long been a key influencer of areas popular with families. The quality of local schools is a crucial factor for families when choosing where to live. Areas with well-rated schools typically see higher demand for homes, which drives up prices.
Local amenities and services
The availability and quality of local amenities and services, like parks, shops, restaurants, and healthcare services, all make an area more attractive and will contribute to higher house prices.
Local transport insights
Proximity to good public transport links, roads, and major employment centres will also add to an area’s desirability. Good transport connections make commuting easier, which can push up demand to live in an area and turn house prices.
Local environment
Natural features and environmental conditions, such as waterfronts, views, air quality, and susceptibility to natural disasters, will also impact house prices.
Development and infrastructure
Any planned or ongoing infrastructure and development projects, such as new or improved transport networks, commercial developments, or regeneration initiatives, can positively affect house prices in anticipation of improved living conditions and economic opportunities.
Historical prestige
Some areas have a lasting prestige or have always been a sought-after location over time, they will typically maintain higher house prices due to their long-standing reputation and desirability.
Market sentiment
The overall sentiment or perception about an area also impacts house prices. Positive news and trends can lead to increased demand, while the opposite will negatively impact prices.
What local data does not tell you
While data insight is useful it’s important to remember that in most cases there’s a time delay in it becoming available to us. There’s also a lot that data can’t tell you.
Think about the vibe of an area, upcoming building projects that haven’t started yet, or how good the schools and local services are according to what’s being talked about. These are local insights that only someone working in the local housing market day to day will learn and engage with.
If your local estate agent, buying agent, solicitor or surveyor works in property day-to-day then they are the ones with their finger on the pulse of a local housing market.
It’s not that these agents have betting insight than data it is just different insight. It’s that front-line inside scoop that property people naturally have at their fingertips from the local networks they operate in.
Local insights from estate agents
Your estate agent is your navigator when it comes to the process of selling your home. Their day-to-day involvement in the market means they are well-versed in what’s needed to sell your house or flat in your area.
One of the most critical roles of an estate agent is to help you price your home accurately. Overpricing can lead to stagnation, while under-pricing means leaving money on the table. Estate agents combine comparable house price data with local market intuition to find the sweet spot.
Knowing the local buyer demographic means your agents can and should, tailor marketing strategies to attract the widest pool of buyers. Whether it’s highlighting the proximity to schools for families or showcasing the local nightlife for younger buyers, they use these local insights, knowledge and expertise to appeal to the right audience.
Local insights from buying agents
Buyers, particularly those moving to a new area, can benefit immensely from the services of a local buying agent. Unlike an estate agent who works for someone selling a property, a buying agent works to represent homebuyers.
They take your brief, translate your needs and preferences, and based on your budget will conduct a targeted search for your dream home, drawing on their local contacts with sales agents and comprehensive understanding of the local market.
A buying agent’s local connections can give you a head start in finding your dream home before it’s widely advertised.
Armed with local market trends and transaction data, buying agents are adept negotiators. They can help you form and make a competitive offer that reflects both the market conditions and the unique aspects of the property you’re interested in.
Why local insights are key
Local property agents offer a blend of market data, personal experience, and community knowledge and are tapped into a tight local network of property experts. By engaging with their insights, you can navigate the property market with confidence, making decisions that are informed.
Whether you’re selling your family home or searching for your next investment, remember: the right local insight can be your greatest asset.
Last Updated: September 22nd, 2024
