Be Wary Of Overpricing Your Home

17th November 2021 posted in SELLERS LANDLORDS

While the demand for homes this year has seen buyers pay high prices for homes, some industry experts believe this sort of activity is coming to an end. Therefore, anyone looking to sell their home needs to consider the market, and ensure they price their house effectively.

At Country Properties, we aim to provide the best standard of service to all clients. If you are looking to sell your Letchworth Garden City home, we are more than happy to assist you, so please get in touch.

Do you know how the Letchworth Garden City market is faring?

According to Rightmove, as of November 2021, house prices in Letchworth Garden City are as follows:

Properties in Letchworth Garden City had an overall average price of £405,593 over the last year.

The majority of sales in Letchworth Garden City during the last year were terraced properties, selling for an average price of £330,788. Semi-detached properties sold for an average of £488,386, with detached properties fetching £622,254.

Overall, sold prices in Letchworth Garden City over the last year were 5% up on the previous year and 5% up on the 2017 peak of £386,410.”

A study undertaken by MoveStreets highlights the following points:

·       The average asking price on major property portals stands at £296,950

·       The average sales price stands at £258,464

·       This means there is a gap of 13% or £38,486 when it comes to asking prices versus sales prices

Regional variations exist when it comes to overpricing

·       In London, the gap stands at 41%, or £339,321

·       In the South West, there is a difference of 24% between asking price and sales price

·       The South East features a difference of 23% between asking and sales price

·       In the East Midlands, there is a gap of 21% between the asking and sales price

·       For the North East, the gap between asking and sales price is 21%

·       In the West Midlands and the North West, there is a gap of 20% between the asking and sales price

Adam Kamani, CEO and Co-Founder of MoveStreets, commented: “We’ve seen an incredibly hot market of late and despite the end of the stamp duty holiday, high levels of buyer demand and low levels of available stock continue to see properties fly off the shelf at pace and for a very good price. However, it’s clear that even in current conditions, many sellers are listing their homes at an over-optimistic price point, no doubt in an attempt to take advantage of the market boom.”

Adam Kamani concluded by saying; “This can be detrimental to your sale regardless of how the market is performing and can result in months of little to no interest in your home. It’s the responsibility of the listing agent to guide sellers and set these expectations. While some will value a home at a higher price point to win business, a difference of ten to hundreds of thousand pounds above market value is perhaps a little too far.”

 

Currently, in line with Government guidelines, our Letchworth Garden City branch is open and our and lettings personnel are here to assist you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 481100 or email ian.ellmers@country-properties.co.uk