A Strategic Guide for Buyers and Sellers

Are you a Gravesend homeowner thinking of moving in the next six to twelve months? Whether you're aiming to buy your dream home or sell a beloved property, understanding the current market dynamics is crucial. Perhaps you're a buy-to-let landlord considering selling or adding to your portfolio, or a first-time buyer wondering if now is the right time to purchase. Whatever your situation, knowing whether the Gravesend property market favors buyers or sellers is key to making informed decisions.

By examining the local market, we can gauge current trends, prices, and opportunities, allowing all parties—buyers, sellers, investors, and first-time homeowners—to strategically plan their next moves.

What Sort of Gravesend Property Market Are We In?

Those who regularly follow my Gravesend Property Market blogs know that the measurement of whether it's a buyers', balanced, or sellers' market is based on the proportion of properties marked as "Sold STC" and "Under Offer" compared to the total number of properties on the market. For example, if there are 46 properties sold STC out of 100 properties available, then 46%, as a percentage, is 46%. This isn't just a numbers game; it's a gauge of market sentiment:

Extreme Buyers' Market (0%-20%)
Buyers' Market (21%-29%)
Balanced Market (30%-40%)
Sellers' Market (41%-49%)
Hot Sellers' Market (50%-59%)
Extreme Sellers' Market (60%+)
These brackets directly impact everything from listing prices to negotiation leverage.

Current Gravesend Property Market Snapshot

To calculate the Gravesend property market's status, let's incorporate our most recent findings for July 2024. The statistics are taken from 'The Advisory,' which has been tracking the market state for years. Here are the findings from the summer of 2018 to July 2024:

The Gravesend postcode districts of DA11/12 combined showed an extreme sellers' market at 72% in the summer of 2021, which eased off throughout 2022.
Throughout 2023, the Gravesend property market was in the high 40%/low 50% range (a sellers'/hot sellers' market).

Since January 2024, it has been increasing slightly and now stands at 53%.

The Consequences and Thoughts for Gravesend's Property Market

This new data prompts reflection.

For Gravesend sellers: We are now in a market where sellers must be more strategic, flexible, and patient. You should prepare for your home to be on the market longer, with an extended marketing period. Realistic pricing is more vital than ever. Setting the right price is crucial for attracting suitable buyers.

Why? Because your chances of selling your Gravesend home have dropped in recent years. Between July 2022 and June 2023, 57.55% of Gravesend homes sold and completed (the rest withdrew, unsold). Since January 2024, that figure has dropped to 49.18%.

For comparison, 58.67% of UK homes on the market sold and completed between July 2022 and June 2023. Since January 2024, that figure for UK homes has also dropped to 51.13%.

Therefore, your marketing strategy is crucial. Employing tools such as video or virtual tours, targeted social media campaigns, or interactive property listings could be particularly beneficial in this more 'normal' market of 2024.

For Gravesend buyers: Expect intense competition if you're interested in highly sought-after properties. Securing mortgage pre-approval can give you an edge. Consider expanding your search area to find potential deals others may overlook. Conversely, in less competitive markets, buyers have more leverage to negotiate on price and inclusions like carpets, fixtures, and fittings. You will also have the luxury of choice and time with other homes.

Remember, four out of five sellers are also buyers, so what you may lose on the sale might be compensated for on the purchase. External influences like global economic trends, inflation, and interest rates could impact the Gravesend property market.

Final Thoughts

As we move into the eighth month of 2024, the Gravesend property market presents challenges and opportunities for buyers and sellers. Understanding these market subtleties is crucial for anyone considering a move, whether existing homeowners, seasoned buy-to-let investors, first-time buyers, or those looking to relocate to Gravesend.

Stay flexible, stay informed, and remember that your home-moving experience is as much about the journey as the destination.