Sun 02 Jul 2017 View all news articles
If you are a Wirral property owner, the chances are you will have been in your current property for a number of years.
Our research actually indicates that 72% of sellers have lived in their homes for longer than five years before coming to market, with over a third staying in their property for over 20 years! It is therefore likely that the Wirral property market has changed since your last move, so here are a few things we think you should know about current market conditions:
Reduced Stock Levels Inflate Prices
Demand for Wirral property in 2017 has been extraordinary. As a result we have seen the number of available properties in the market reduce significantly in recent months, causing prices to rise as buyers compete to secure their preferred properties. Particularly for owners of larger, detached properties, now is a great time to sell. The Wirral market is traditionally dominated by ‘downsizers’; and while this is still true, we have seen significant growth in the number of sellers looking to move to larger properties this year. This has resulted in an increase in the proportion of detached properties sold in 2017 compared to 2016, accompanied by a price increase of 6%.
Quicker Sale Times
It comes as no surprise that as fewer properties come to market and more buyers become active that properties have been selling quicker this year. This makes the role of your estate agent even more important. Where there are multiple buyers competing for the same property, your agent should be working even harder to source you the right buyer. Given that 50% of sale fall-offs occur within the first four weeks after an offer is accepted, this makes it all the more importantto find a buyer who is in a strong position to proceed to exchange.
A decrease in the average number of viewings per sale has also contributed to speedier sales this year; buyers have been out in force and not afraid to make an offer when the right property becomes available. The graphic below shows some of the typical selling times around our offices so far this year.
Sell This Summer
The summer months are a busy time for the Wirral property market; chains are well progressed at this stage of the year and families look to secure their moves before the school term starts in September. Due to the lack of stock currently available, there has never been a better time to sell. With fewer properties on the market, you will face less competition when trying to sell while attracting strong interest from the many buyers out there at the moment.
Of course, it still helps to present your property in the most appealing way possible to maximise interest and the price you will achieve. Despite the questionable British weather, the summer does provide the best opportunity to show off your property inside and out. Clear skies make for great photographs, while longer hours of daylight extend the viewing times into the evening. If you haven’t had a valuation in a while, you might be surprised what your property is worth!
As leading Wirral estate agents and lettings agents we have plenty to talk about and like to give our opinions on a few things too! Read about what we have to say, our latest news and industry news.