Housing market uncertainty?

Farrell Heyworth reports there is increased buyer activity in the market and house prices have stabilised, but there is still uncertainty in the market.

If you are thinking of selling then it is important to price your property correctly. If you want help selling your home, or advice on the housing market, ask for a free market appraisal from Farrell Heyworth.

Followers of the Property News page on Farrell Heyworth’s site will know a recovery in the housing market have been reported in many of the newspapers. Looking at Farrell Heyworth’s own market data we found the number of offers placed on houses has substantially gone up in the last quarter, showing the buyers are there and they are active.

We then explored the gap between the offer price and the original asking price, and compared this to the offer price and the final sale price. We found that the properties that spent the least time on the market were the properties that had been correctly priced from the start.

We also found that properties listed with other estate agents where the property had been over-valued, ended up with the property being on the market for longer and eventually achieving a lower sales price. The data showed no link between a higher asking price and achieving a higher sales price on like-for-like properties.

Jeremy Collins, Farrell Heyworth Group Director, said “If you are thinking of selling, then there is a awful lot of buyer interest. You need to make the most of this renewed interest by pricing your property correctly. Our evidence shows that over-priced property is usually on the market for longer and results in the seller getting less money for the property than they would have achieved by pricing the property right first time”.

“If you are thinking of selling, now is the time to put your house on the market,” Jeremy continued.

If you want help selling your home, or advice on the housing market, ask for a free market appraisal from Farrell Heyworth.