Rugeley Property Market...

What Kind of Market Are We in? If you’ve been following my Rugeley Property Market updates, you’ll know we measure the market’s temperature by looking at the percentage of properties that are "Sold STC" or "Under Offer" compared to the total number of properties available. Here’s a quick breakdown:

• 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 numbers give us a sense of market sentiment, which can impact everything from how homes are priced to the bargaining power buyers and sellers hold.

Rugeley Property Market Snapshot As of July 2024, here’s where we stand, according to data from ‘The Advisory’ (which has tracked market trends for years):

• In summer 2021, Rugeley (postcode WS15) hit a high with an extreme sellers’ market at 76%.
• Throughout 2023, the market settled around 40%, still favoring sellers.
• As of January 2024, it dipped to 40% but has since risen to 46%.

What Does This Mean for You?

For Sellers:
The market is still leaning towards sellers, but it’s more balanced than in previous years. This means you might need to be more patient, as homes could stay on the market a little longer. Setting a realistic price is crucial—buyers are more cautious now, and overpricing could slow things down.
Remember, your marketing strategy matters! Tools like virtual tours, social media campaigns, and interactive listings could make a big difference in standing out.

For Buyers:
If you’re after a popular property type, expect competition. Having mortgage pre-approval in hand can give you an edge over others. You might also consider widening your search area to uncover hidden gems. In less competitive areas, you’ll have more room to negotiate on price or extras like fixtures and fittings.

It’s important to remember that many sellers are also buyers, so any flexibility you show in selling might be balanced out by deals you find when purchasing.

Final Thoughts As we move into August 2024, the Rugeley property market is full of both challenges and opportunities. Whether you’re an experienced landlord, a first-time buyer, or simply someone considering a move, staying informed and flexible will be key to navigating this evolving landscape.

What do you think about how the market is changing under the new government? Have you noticed any new trends in the Rugeley property market? I’d love to hear your local insights and experiences—please feel free to share!