2017 has started with some positive interest in the Pershore property market. Taking a snapshot of the local property market for the first quarter of 2017, we’ve seen some interesting trends when it comes to the number of properties available to buy, their asking prices and the actual prices achieved.
Let us first consider the number of properties for sale, compared to 12 months ago:
When we add in building plots and other types of properties that don’t fit into the four main categories, that means there are 48 properties for sale today compared with 50 a year ago, a drop of 4%.
But…the average Pershore asking price is 20% lower than a year ago
With that in mind, I wanted to look at what property was actually selling for in Pershore. Taking my information from the Land Registry, the last available six months’ property transactions show an interesting picture (note the Land Registry data is always a few months behind, due to the nature of the house buying process and so November 2016 gives the latest set of data). The price shown is the average price paid and the number in brackets is the number of properties sold.
So, what does this mean for the property-owning folk of Pershore?
Well, with slightly less property on the market than a year ago and asking prices 20% lower, those trying to sell their property need to be mindful that buyers, be they first timers, buy to let landlords or people moving up the Pershore property ladder, have much more price information about the local property market at their fingertips than ever before.
Those Pershore people who are looking to sell their property in 2017, need to be aware of the risks of over pricing their property when initially placing it on the market. I regularly notice that the approach of some estate agents is to suggest an inflated asking price to encourage the homeowner and secure the property to sell on their books. The down side to this is that when offered to the market for the first time, buyers will realise it is overpriced and won’t waste their time enquiring. They won’t even view the property, let alone make an offer. So, when the price is reduced a few months later, the property has become market stale and continues to be ignored.
Whilst the Pershore property-market has an unassailable demand for property – there is one saying that always rings true – any property being marketed at the right price will sell.
If you want to know whether your Pershore property is being marketed at the right price, send me a web link and I will give you my honest opinion.