Property Market Update - Is Now a Good Time to Buy and Sell your home?
Thinking of buying or selling your home? Knowing what’s happening in property right now helps you make the right decision.
The asking price of an average three bedroom property in Pontefract has risen somewhere in the region of 4 - 6%. Where in March 2015 the average asking price of a semi would be around £128,000, it’s now more like £133,500. This statistic is reflected across the board of property types, with the exception of terraced houses, which have seen a dip in average asking prices. The smallest increase is in the detached home sector, showing an increase of just 1%.
These statistics are backed up by Enfield’s personal experience. Asking prices are indeed rising, but buyers should beware of inflated asking price quotes during the valuation phase of selling, since the actual achieved price remains much the same as this time last year.
The Property Market
Fewer properties are coming onto the market, which beefs up the competition between estate agents vying for business. In Pontefract, for instance, figures released for March 2016 show a 27% fall in the number of semi-detached properties advertised for sale in the area.
Because asking prices don’t guarantee the final figure achieved, savvy buyers can beat the market at its own game. With achieved prices remaining fairly constant at the moment, solid marketing skills and a slightly lower asking price than those currently advertised can result in faster sales, while still achieving the same final price as those with higher initial asking prices.
Enfield’s find there’s no need to artificially inflate valuations to try to secure instructions to sell. As the top instruction takers in the region, our reputation as honest, professional, and reputable estate agents speaks for itself. One area of concern is the number of down valuations we’re seeing. Reasonable asking prices coupled with a sound understanding of the local property market means we’re able to guide sellers through to completion on a fair and competitive final value.
Property is moving, being bought and sold providing a vital link between sellers and buyers, reputable estate agents like Enfield’s are busier than ever.