The year 2023 was marked by significant challenges for the property market, but the start of 2024 is showing encouraging signs. Against this complex backdrop, sellers are faced with a dilemma: wait for the market to recover in the coming months or take advantage of the current stability to sell. For those considering selling despite a fall in prices, determining the right time to put their property up for sale is crucial to maximising their chances of finding a buyer.
The property market is showing signs of recovery in 2024, which is good news for buyers, sellers and professionals in the sector who want to maximise their chances of success. Agencies that monitor the market, such as Junot, note that property rates have fallen sharply since January and banks are once again making it easier for French people to borrow. This promising backdrop is a positive sign for the market this year.
There has also been a slight fall in property prices in many regions, particularly in the major cities. This trend is giving buyers more room to negotiate, with discounts of between 10% and 15%. In response, 40% of sellers are prepared to lower their price to sell more quickly. So, this is a good time to negotiate, with a market that is conducive to transactions.
According to the Crédit Logement-CSA Observatory, the purchasing power of French people has increased recently, thanks to a 0.25% fall in interest rates over two months, dropping below 4% in February and reaching 3.99% for all terms combined.
This fall in interest rates has boosted the purchasing power of buyers in a number of major cities. In Paris, for example, there has been an increase of 8.3% compared with the last quarter of 2023. This increase in purchasing power and the return of first-time buyers to the market represent a real opportunity for sellers.
This balance between supply and demand should help to reduce selling times in the months ahead, provided that the price is in line with the current market.
The outlook for the property market in 2024 is much brighter, with encouraging prospects for sellers. After a year of uncertainty in 2023, the first few months of 2024 have brought welcome stability, thanks in particular to falling interest rates and a recovery in access to property loans. This situation has improved buyers' purchasing power, making the market more dynamic.
Sellers are faced with a strategic choice: wait for a potential upturn in the market, or seize the current opportunity to sell. With a slight fall in prices in many regions, and a willingness on the part of buyers to negotiate, the current climate is conducive to quick and advantageous transactions. In particular, the return of first-time buyers and the increase in purchasing power in cities such as Paris represent significant opportunities. It is therefore very attractive to sell as quickly as possible.
To maximise your chances of selling quickly and at a good price, you need to set a selling price in line with current market trends. Sellers who adopt this strategy can benefit from shorter sales times and greater efficiency.
