2017 has started with some positive interest in the Rotherham property market. Taking a snap shot of the property market during the first quarter of 2017, the picture suggests some interesting trends when it comes to the number of properties available to buy, their asking prices and what prices properties are actually selling for.
Let us first consider the number of properties for sale, compared to 12 months ago:
So when we add in building plots and other types of properties that don’t fit into the four main categories, that means there are 768 properties for sale today compared with 853 a year ago, a drop of 10%.
Rotherham asking prices are 6% lower compared to a year ago
With that in mind, I wanted to look at what property was actually selling for in Rotherham.
Taking my information from the Land Registry, the last available six months property transactions for S60 show an interesting picture (note the Land Registry data is always a few months behind due to the nature of the house buying process and so November 2016 is latest set of data). The price shown is the average price paid and the number in brackets is the number of properties actually sold.
So what does all this mean for the property owning folk of Rotherham?
Well, with less property on the market than a year ago and asking prices 6% lower, those trying to sell their property need to be mindful that buyers have much more price information about the Rotherham property market at their fingertips than ever before.
Those in the area who are looking to sell their property in 2017, need to be aware of the risks of over pricing their property when initially placing it on the market.
Over the last 12 months, I have noticed the approach of a few Rotherham estate agents is to suggest an inflated asking price to encourage the homeowner and secure the property to sell on their books.
The down side to this is that when offered to the market for the first time, buyers will realise it is overpriced and wont waste their time asking for a brochure. They won’t even view the property, let alone make an offer.
When the price is reduced a few months later, the property has become market stale and continues to be ignored.
Whilst the property market here in Rotherham has an unassailable demand for property there is one saying that always rings true…
…as long as the property is being marketed at the right price it will sell.
If you want to know if your Rotherham property is being marketed at the right price, send me a link and I will give you my honest opinion.