Sellers must connect with buyers in a realistic way
The housing market is showing signs of steady recovery, which is excellent news for our local area. However, it's crucial to understand the nuances of this recovery to make informed decisions about selling your home.
Important factors to bear in mind:
- UK house prices have risen by 1.4% in the seven months to July 2024
- Sales agreed are up 23% year-on-year
- 1 in 5 homes had their asking price reduced by 5% or more in August
For Wynyard homeowners, these statistics paint an interesting picture. Our area, known for its prestigious properties, isn't immune to these market trends. For instance, if you own a four-bedroom executive home in Wynyard, you might be tempted to price it ambitiously given the overall market recovery. However, Zoopla's data suggests that careful pricing is crucial.
The increase in sales agreed is encouraging and indicates active buyer interest. This could mean a quicker sale for your Wynyard property if priced correctly. However, the fact that 20% of homes have seen price reductions underscores the importance of setting the right asking price from the start.
House pricing strategy is essential
Zoopla's data reveals a stark difference in selling times based on pricing strategy. Homes priced correctly from the outset tend to sell within a month, while those requiring price cuts can linger on the market for over two months. In a prestigious area like Wynyard, where buyers are often discerning, this difference could be even more pronounced.
While some areas are experiencing small price falls, Wynyard's reputation as a desirable location could insulate it somewhat from these trends. However, it's important to note that buyers remain price-sensitive due to higher mortgage rates.
For those considering selling, this data emphasises the importance of realistic pricing. A well-priced home in Wynyard, whether it's a luxury apartment in The Wynd or a family home near Wynyard Church of England Primary School, could still command significant interest and a swift sale.
Buyers have choices
Moreover, the increased supply of homes on the market (an average of 33 unsold homes per agent) means more choice for buyers. This could attract new residents to Wynyard, potentially increasing demand in the long term.
There is no denying the market presents some challenges, but it also offers opportunities for savvy sellers. With the right pricing strategy and expert guidance, you can navigate these conditions successfully. The key is to price your home competitively from the start, leveraging Wynyard's desirable status while acknowledging the current market realities.
Richard Donnell is an executive director at Zoopla and he has spoken about the perils of overpricing a property. He said: “Momentum in the sales market continues to build as mortgage rates drift lower and more and more sellers gain the confidence to list their home for sale. Buyers have much greater choice which will support sales numbers, but this will keep prices rises in check. Buyers have less purchasing power than 2-3 years ago and remain price sensitive meaning sellers can’t afford to get ahead of themselves on where to set the right price for their home. If you need to cut the asking price by 5% or more, then your home will take twice as long to sell or may not sell at all”.
We are here to help you move in and around Wynyard
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01740 807107.
