Homeowners are obviously keen to know the timescales involved in selling a property. It is understandably a major source of anxiety for those relying on a sale. Will you be waiting forever or caught out by surprise?
Here at The Property Hive Estate & Letting Agents in Doncaster we are assisting homeowners to move every day and want to share our unique insight and experiences to help answer this question. Our record of selling properties across Doncaster has been built up over many years and so we can offer a unique insight.
The following elements will influence the time it takes to secure a sale of any property in Doncaster. Each of these elements can bring about a positive or negative effect on timescales, and it is the combination of circumstances which dictates the outcome.
The current economic climate is a key driver of property demand. When the wider economy is performing well, then consumer confidence tends to be high and people feel confident in making large financial decisions, like buying a home or investing in property. In these circumstances properties typically sell at a quicker pace. Local economic forces also come in to effect with some areas bucking the national trend. The reverse is also true, when the economy is performing poorly, consumer confidence can be impacted and demand will cool, leading to longer selling outlooks.
The availability of other properties for sale in the same locality will dictate if the demand can be met. Where the demand outstrips the supply then homeowners selling will find they attract interest and so are more likely to achieve a sale in a shorter timeframe. Supply is rarely equal across the housing stock and some property types will be fewer in number and so in short supply. A skilled and experienced Estate Agent will know what is hot and what is not.
3. Location, Location, Location
This old cliché has a great deal of truth to it. Some localities are simply more appealing to buyers than others. The popularity of a location can be influenced by amenities like good schools, parks and playing areas, bars, restaurants, etc. Properties in popular localities will typically have shorter selling timescales and a good local estate agent will know which areas are currently most popular and the up and coming ones to look out for.
4. Condition & Age
Buyers are as diverse as properties they seek. Some buyers will be prepared to take on a property in need of modernisation or maintenance, but others neither have the time, skills or finance to do so. For some, the prospect of living through a renovation is daunting, whilst others may relish the challenge and rewards of increasing the value whilst also putting their own stamp on it. The age of a property is also a deciding factor for some who may perceive risks in purchasing an older home. The fact is well maintained properties with recently modernised kitchens and bathrooms which are presented with stylish décor, will appeal to a wider audience and so often achieve a quicker sale. Before making any investments in renovating a property prior to selling, speak to the professionals as we can advise what will and won’t make a difference.
The price of a property relative to the average comparable market value in the area is a significant consideration for a purchaser. As a general rule, the more a price exceeds the average value, the greater the time it may take to achieve a sale and visa-versa. Pitching the price right is critical, get it wrong and you risk losing both time and money. There are significant risks in overpricing, so you should definitely seek some advice of a local estate agent who understands what is going on the ground locally.
6. Estate Agent
Clearly, not all Estate Agents are the same; neither do they perform the same. A good proactive local estate agent will employ a wide range of techniques to secure a successful sale and will be working with and have access to a colony of buyers looking to find their next home. The experience and expertise of a local estate agent will not only influence the time it takes to sell a home, but also the price achieved, likelihood to complete the sale by navigating problems and the overall moving experience. Completing a sale, but losing your sanity is not a desired outcome!
In short, when all of the above elements are aligned in your favour, a positive outcome is likely to be achieved in a shorter timeframe. The average time across all property types, areas and estate agents in the borough is believed to be around 6-8 months. Here at The Property Hive Estate Agents we have found ways to achieve successful sales in much shorter times and frequently exceed our customers’ expectations.
Take advantage of our expertise and years of experience to find out how long it will take for your property to sell, give us a buzz on 01302 247754.