A usual mistake among Grantham home sellers (be the owner occupiers or Grantham landlords liquidating their assets) is to set an idealistic and unrealistic asking price for their Grantham property.
Although there are many websites that can value your home online, making the correct value requires specific Grantham area knowledge, awareness into the state of minds of Grantham buyers and above all, an understanding of the hyper-local Grantham housing market conditions (for example there are streets in Grantham where one side of the street can make up to a 3% price difference to the other – doesn’t sound a lot, yet on the average Grantham terraced/town house that would be a difference of £3,900).
Deciding the asking price of your Grantham homes can only be correctly achieved if all exterior influences are taken into account. Another vital aspect that impacts pricing that no website can know is the term of the lease on any apartment, as well as any restrictions within it. A knowledgeable, trustworthy estate agent with specific area knowledge of Grantham will be a valued asset when trying to find the correct asking price.
Why is it critical to price Grantham homes accurately?
Research has shown that if the asking price is initially set too high, it will be ignored by people surfing Rightmove and Zoopla (come on be honest – you have done that yourself haven’t you?) you will also be making other comparable Grantham homes appear much more attractive. When the property is eventually reduced, because it has the stigma of being on the property market too long, often when it does sell, it will sell for less than what it would have done if it were priced correctly from day one it. Of course, on the other hand, setting the asking price below its market value means potentially leaving money on the table needlessly – hence the need for a good agent.
So, what’s happening in Grantham?
The asking prices for Grantham homes have risen to near record levels as impetus builds in the Grantham property market. A decent rise in demand from new buyers, especially Grantham first time buyers and Grantham portfolio landlords since the general election has lifted property prices by 5.8 per cent, or £9,800 in the last 12 months.
The average asking price of a Grantham home has risen in
the last 12 months from £170,100 to £179,900
After 40+ months of Brexit uncertainty, many Grantham buyers now seem to have the idea that this is the year to gratify their pent-up Grantham housing needs. Rightmove have even said buyer activity on their website is outstripping the rise in the number of new properties, which they believed would push house prices even higher as soon as next month.
Looking at the data for each property type in Grantham, it can be seen there is some big differences between the property types
Yet, what we have to remember is that these are ASKING PRICES, not the prices that are actually being achieved.
As my Mum used to say to us ‘You can ask, but you might not get!’ and whilst there is renewed confidence about the outlook for the Grantham (and UK) property market, some property commentators have warned that even though there might be upward pressure on asking prices, especially if the number of properties coming onto the market remains stifled, the price (i.e. value) that are actually achieved on a sale (where seller accepts an offer from a ready and willing buyer) could remain subdued because affordability is overextended in many parts of the country.
One has to remember the vast majority of Grantham buyers don’t seem to on the same page as Grantham property sellers. They seem to be persistently reluctant and disinclined to increase their budgets for buying, so consequently, my advice remains that house sellers need to remain sensible and reasonable on their asking price. Even whilst others are footloose and fancy free with their asking prices.
Putting your Grantham home or BTL investment up for sale at the right price from the beginning really is the key to selling within the best time price and for the best time frame to a serious and motivated buyer. Thus, by working with a trustworthy and experienced estate agent, who will help to ensure that your Grantham property is placed on the market to get you the best price from day one which will make all the difference in achieving the objective of selling your Grantham home.
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