It is fair to say the nature of the housing market has changed quite a bit in recent times. The lockdown period affected the market as you expect, and virtual viewings became an integral part of the house buying and selling process.
It seems as though, even as we move forward, this is likely to remain the case in the housing market. Prospective buyers can learn a lot about a property from a virtual viewing, and this is impacting how many physical viewings take place.
We know the local housing market in Petersfield
This is something we have experienced at Williams of Petersfield, and it is something that is coming to the fore in national studies.
A study by U-See Homes highlighted many issues in the housing market when it comes to buyers looking for a home.
Some of the most startling findings from the study include:
- 39% of prospective buyers bought their house after just one viewing
- 43% of prospective buyers required two viewings before deciding this was the house for them
- 12% of prospective buyers needed three viewings before making an offer
- 6% of prospective buyers needed at least four viewings before making an offer
Also, it seems as though viewings take less time:
- 51% of viewings took 30 minutes or less
- 41% of viewings took between 30 minutes and one hour
We can help you in the housing market
Other interesting findings from the study include:
- 40% of prospective buyers said they viewed at least five properties before they found the one that was right for their needs
- 23% of prospective buyers said they could have avoided these unnecessary viewings if there had been a virtual guide of the property on offer
- 28% of respondents said if they had the option to via a home via a guided tour, they wouldn’t have needed an initial viewing
Simon Dempsey, U-See Homes, says: “We know that homes are going under offer incredibly quickly in current market conditions and we’re now starting to see a shortage of stock entering the market to satisfy the overwhelming buyer demand spurred by the stamp duty holiday. Homebuyers themselves are also acting at pace, with the vast majority taking just one or two viewings before making an offer and rarely spending more than an hour or two in the process. However, the majority are also viewing a number of properties before they discover their perfect home and while viewing times are brief, they can certainly start to add up when travelling from one house to the next.”
Simon Dempsey concluded by saying; “It’s clear that the wider availability of guided virtual tours could certainly help in this respect, reducing the need to view homes unnecessarily and saving a considerable amount of time for both homebuyer and agent alike.”
At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.