Why your property should be priced right first time
According to a recent report by This Is Money, putting your property up for sale for the right price first time doubles your chances of selling.
Research by Rightmove suggests that only one third of properties sold during May and September 2020 if the Vendor had to reduce the asking price.
This is in contrast to two thirds of property which sold when they didn’t need to reduce their asking price.
This research suggests that those who are looking to push their asking price in the current market boom may need to think again.
So how long does a property take to sell on average? At the moment this is around 21 days, although this increases to 47 days if the Vendor has to reduce the asking price, causing unnecessary delays.
The other issue to note is stamp duty. Those who are looking to push their asking price may not complete their sale before stamp duty is reinstated. Vendors may get slightly more money for their property but will then have extra tax to pay instead.
Current House Prices
At Benwell Daykin Estate Agents we are seeing house prices continue to rise since the Coronavirus lockdown. Prices have risen by 5.2% annually and we are seeing that buyer demand is outweighing supply.
The average house price in Nottingham is currently £202,625. Ruddington prices stand at £301,788 on average.
In terms of rental prices, the average Nottingham rental stands at £902 pcm.
There is currently a shortage of 3 and 4 bedroom houses to rent in the area when you compare this to the availability of 2 and 1 bedroom properties.