Recent research has shown that in the UK the average length of time that a property sits on the market before a sale is agreed has risen by 33 days in the past four years. In 2012 the average length of time to sell across the UK was 58 days, compared with 91 days in 2016.
In Plymouth the average length of time to sell is now 80 days, almost 8% longer than in 2015, yet house prices have still risen. Demand for properties has remained high in the face of notoriously low supply, so what is the reason for this?
National experts believe that vendors are more prepared to await the right buyers, spurred on by price expectations, rather than taking the first offers that come in. Where vendors are not in a position of needing to sell quickly this can be an prudent tactic – as long as prices remain static or buoyant – and as long as the initial price is realistic.
The unfortunate truth is that for many agents there is an inherent interest in over-valuing properties at market appraisals and valuations. It is human nature to want to take the offer of the agent promising you the most money, however little comparable data there might be to suggest that it is actually achievable. Once some agents have you tied the vendor into a contract, the applicants queuing at the door often fail to materialise and within a couple of weeks the calls regarding a price drop begin. At the end of the day most Plymouth vendors are pretty savvy people – if you can see from the property portals what your property is competing with then think twice before accepting the promises of milk and honey.
Here at Martin & Co Plymouth we pride ourselves on our integrity and being prepared to talk frankly with potential vendors about realistic pricing. We would rather lose the instruction than promise you the world and fail to deliver it. This is probably why Rightmove statistics ending on 15 Oct 16 show us as selling properties faster than any other high street agent in Plymouth with an average of just 49 days. If you want an honest valuation of your home or you are concerned about your property going stale on the market, do give us a call or pop in to our offices on Mutley Plain.