In many of my articles about the Bingham property
market, I talk about values, i.e. what
property in Bingham actually sells for, but I haven’t spoken about asking
prices for while. Now asking prices are important as they are one of the four key matters
a potential buyer will judge your property on (the others being location,
bedrooms and type). Price yourself too high and you will put off buyers. So
let’s take a look at the Bingham numbers.
Over the last 12 months asking prices (i.e. the price advertised in the
paper and on Rightmove) in Bingham have remained steady, leaving the average
asking price in Bingham at around £219,200.
Interestingly though, when we look at, say semi-detached properties and flats,
a slightly different picture appears. Twelve months ago, the average asking
price for a semi-detached house in Bingham was £198,000 and today its £212,000
(a rise of 7%); whilst over the same 12-month period, the average asking price
of a flat was £96,800 a year ago, and today its £103,400 (a rise of 7%).
However, my research shows that the supply of property for sale in Bingham
is beginning to increase. In December 2015, there were 43 on the market in Bingham
today there are 55 properties on the market (up 28%). This will mean homeowners
looking to sell will need to be conscious of how their property compares
against others on the Bingham property market. The Bingham property market
still has substantial momentum and sufficient demand remains.
This noteworthy increase in supply since Christmas is currently providing more
choice for buyers.
… And here is the second point to make. Asking prices are one thing, but
what a property sells for (i.e. value) is a completely different matter. These
are the average prices achieved (i.e. what they sold for or the average
value) for property in Bingham over the last 12 months...
·
Overall Average £213,200
·
Semi-detached £188,900
·
Flat £113,400
You can quite clearly see, there is a difference between what people are
asking for property and what it is selling for. The underlying fundamentals of
low interest mortgages and tight supply remain prevalent in the Bingham
property market however, the number one lesson has to be this ... if you want
to sell, be realistic with your pricing.
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