It is always helpful to consider the most recent House Price Index from Zoopla. If you are looking to sell your home in Bury St Edmunds, you need to know what is happening in the market, and how it will impact any move you wish to make.
Here are some key points to consider arising from the latest market information.
· Market Recovery: The housing market is showing steady recovery, with average UK house prices rising by 1.4% in the seven months to July 2024.
· Pricing Caution: Despite positive trends, sellers need to be careful about pricing. Overpricing can significantly impact your sale time.
· Local Impact: For instance, a homeowner in our area might see their property value increase, but pricing it too high could still lead to a prolonged sale process.
· Price Sensitivity: Buyers remain price-sensitive due to higher mortgage rates. 1 in 5 homes had their asking price reduced by 5% or more in August.
· Time on Market: Homes without price reductions sell in about 28 days, while those needing a 5%+ price cut take around 73 days to sell.
· Realistic Pricing: It's crucial to price your home realistically from the start. This could be the difference between a quick sale and a long, drawn-out process.
· Positive Outlook: Sales agreed are up 23% year-on-year, indicating active buyer interest.
As an estate agent with considerable experience in and around Bury St Edmunds, we make sure you make logical and reasoned decisions, based on evidence.
Supply Levels: The average estate agent now has 33 unsold homes listed - a 7-year high. This means more competition for sellers.
If you're selling a 3-bedroom semi-detached in our locality, you're likely competing with several similar properties. This means you need to stand out for the right reasons, and this is why it makes sense to call on a specialist local estate agent.
Local Context: In our area, a well-priced family home might sell quickly, while an overpriced property could linger on the market for months. There are many reasons why a house sells, and it is why you cannot take an overview of the market and decide that is your benchmark. We know the local area, so we not only what homes are selling for, we know why homes are selling.
If you are looking for assistance in pricing your property in the most effective manner, we are here for you.
Opportunity: For sellers in our area, this means there's a good chance of selling if your property is priced correctly and presented well.
Remember, every property is unique. Coakley & Theaker is here to provide tailored advice to ensure you navigate this market successfully and achieve the best possible outcome for your sale.
Richard Donnell is the executive director at Zoopla, and he has spoken about this topic, saying: “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”.
At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.
Bury St Edmunds, Suffolk 01284 769691 or 01359 256821 or 01449 737706 or 07803 138123
Email: [email protected] or [email protected]
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