Rightmove, the largest property marketing portal has released their latest figures which make for some quite interesting reading and with the considerable data they have at their fingertips, the report certainly carries some weight.
The main points are:
- Prices of recent properties coming on to the market are at a standstill
- There are 8.6% more properties on the market compared to a year ago but with no increase in buyer numbers.
This all means that the current stock of property is at its highest since September 2015 meaning that sellers will need to compete more on price, presentation and promotion of their homes in order to attract quality buyers whom now have much more choice.
The amount of properties already on the market and that are being reduced is also at its highest level since 2011, which indicates that there is an initial over optimism on price often by the both the vendor and the agent.
It is now more important than ever to have an accurately priced home which is where we at Bennett Lorusso come in. We shall use all our experience, expertise and years of data to make sure we maximise the price for our vendors yet attract quality buyers at the same time. Evidence shows that accurate pricing has the maximum impact inside the first 3 weeks of marketing, so adding to the ‘acceptable’ price can have a negative affect and it can end up taking much longer to sell whilst trying to catch up with the market.
To get up to speed with the current market and trends, give us a call with a brief description of your property and we shall be happy to arrange a time to visit and discuss in more detail, call 01480 211777.