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.