This week the research team have been looking into how quickly homes are taking to sell and why some properties take longer than others.
It came about following an announcement by Zoopla that over 20% of homes are selling within days of hitting the market and that almost 80% of newly listed homes are selling within the first 4 weeks. This is at its fastest ever rate ever recorded. The question is why? And why are some other homes struggling….
When a property is new to the market, buyers are at their keenest. Everybody wants to know what is new and activity is high with people desperate wanting to be the first to see it.
Take a home at Aldcliffe we have just sold for over its £480,000 asking price. Within days of hitting the market, there were 15 viewing requests. Or how about a 3-bed semi-detached home in Bowerham that has received over 30 viewing requests. Or a bungalow in Bolton-Le-Sands that has 23 people wanting to view it. These homes have all attracted offers on day 1. People know they have to act quickly when there is so much competition.
The actual average time a property is taking to sell across the UK is 45 days (this takes into account the slow movers), however this is still 16 days quicker than it has been in previous years.
So why do some homes take longer? It is a good question. Often it can be poor marketing, other times the asking prices have been too ambitious. This year alone there have already been 358 properties reduce their asking prices, one by as much as £200,000 and several by £30,000 and more!
This month alone we have had a number of homes sell in under 1 week. Lichfield Avenue, Torrisholme Road, Vernon Park, Manor Avenue and Bishopdale were just some of the homes to sell in days.
The housing market is still exceptionally busy. We have already registered 316 new buyers this month, looking to buy in Lancaster and Morecambe.
If you are thinking of moving, please think JDG. We are here to help!
Thanks for reading