Pricing a Harlow property correctly is vital!
Harlow has a property market that has been a leading light in the UK market. Not only does it shine brightly regionally, it shines brightly when looking at national figures.
However, as bright as it shines and performs against neighbouring areas etc. There is still vast room for improvement.
Figures just released by Rightmove (https://www.rightmove.co.uk/) shows that as of 24th August 2023 there are 466 properties for sale, plus 40 new builds for sale in Harlow.
That’s a whopping increase on August 2022 figures when there were just 234!
Back in August 2022, Liz Truss was not even a ‘twinkle’ in The Conservative Party’s eye! However, interest rates were on the rise, as was inflation, but everything was ok, and then BANG!
Why pricing a Harlow property correctly is vital!
This blog is not going to get into what has happened over the last 12 months. That’s for another day, another blog.
What is being looked at in this blog is why: Pricing a Harlow property is vital!
Pricing property has ALWAYS been vital. However, it’s importance has NEVER been has vital as it is now!
With well over 100% more property available and far less buyers than a year ago we have a swing!
The market is very much a buyers market compared with what was definitely a sellers market 12 months ago.
Therefore it goes without saying that with more choice, buyers are looking at property differently.
PRICING CORRECTLY IS ABSOLUTELY THE KEY TO SELLING FAST AND AT A GOOD PRICE!
The facts:
New builds are excluded from these figures, as they are having problems of their own, albeit different problems!
466 properties for sale in an area that is taking on average, 75 days to sell a property.
183 properties have undergone at least one price reduction. Many have undergone 2 and even 3!
216 properties have been on the market for longer than 75 days!
356 properties have sold in Harlow in the last 90 days!
What Jukes Estate Agents have to say:
“What we are seeing is what we have been preaching for a long time” says co owner Lee Venables.
“If you want to sell your property in a reasonably quick time and for a good price, agents HAVE to show homeowners what their property is ACTUALLY worth!”
For far too long, Estate Agents have over valued property. All agents know that, or at least should know that!
“Agents fill the owners heads with figures that 1. it will NEVER achieve, & 2. If it did, it would NOT value up come mortgage survey” added co owner Geoff Flewers.
Given the fact that almost half the property currently on the market has been reduced is living proof that this is the case.
What’s the answer?
Until Estate Agents stop this ridiculous over valuing, things will only get worse.
Rightmove has recently released figures that state:
Property that has undergone a price reduction is 10% less likely to EVER SELL
The remaining 90% take at least twice as long to sell, and on average achieve 3.8% less than the NEW asking price. Many achieve over 5% less than the NEW asking price!
Example:
Two identical houses that are really worth £350,000 have valuations by two agents.
One tells the owners ” We are confident we can get you £375,000″, while the other values the property at £350,000. The owners go with the agent who values it higher, while the other owners get exactly what the agent is saying and agrees to market the property at “offers in excess of £340,000.
What property gets the most viewers (bearing in mind that for the sake of this example both properties are identical)?
The second property gets lots of views, a few viewers love the house, best and final offers are submitted and the property sells for £352,500
The first property owners now realise something is wrong and they agree to reduce the price to £365,000, and then perhaps £350,000. Of course, this has taken several weeks to happen, and now the viewings pick up BUT the offers are all ‘low balled’ as the property has been on the market for a while and has been reduced twice! It sells for £345,000!
£7,500 difference for similar properties! LET THAT SINK IN! It is happening far too often!
YOUR PROPERTY IS ONLY WORTH WHAT SOMEONE IS PREPARED TO PAY FOR IT!
PRICE IT CORRECTLY AND IT WILL SELL
OVERPRICE IT AND NOT ONLY WILL IT NOT SELL, IT WILL NOT ACHIEVE THE REDUCED PRICE!