Great(er) Expectations: Why Ashford Home Sellers are Reducing Asking Prices by an Average of £22,400

Why Ashford Home Sellers are Reducing Asking Prices by an Average of £22,400

 

As we leave this memorably hot summer behind us, some interesting statistics have come to light on the Ashford Property Market which will be thought provoking for both homeowners and buy to let landlords alike.

Over the last 12 months 1,542 Ashford households have changed hands compared with the 10-year average of 1,736 households per year

Yet, for this week’s article I want to discuss the current crop of Ashford’s property sellers, the prices they are asking for their homes and the prices they are actually achieving (or not, as the case may be). It is so important for all property owners to know the real story, so they can judge for themselves where they may stand in the current Ashford housing market, thus enabling them to make suitable and informed decisions… and that is why, in my blog about the Ashford Property Market, I pride myself in telling the people of Ashford the real answers, and not just the ones they may want to hear.

The national average percentage of homes selling at or above asking price currently stands at around 10%, implying around 90% go for below asking price – but by how much? Well according to Rightmove, in the Ashford area, the average difference between the ‘FINAL asking price’ and the price agreed is 3.1% … note the highlighted word ‘FINAL’ in the last statement.

You see some Estate Agents deliberately inflate their valuations to potential vendors, because it gives them a greater chance to secure the property listing on their books, over that of a competitor. This practice is called overvaluing. Now of course, every homeowner wants to get the best possible price for their property – it is quite often their single biggest asset – and some agents, knowing this, prey on those house sellers. You might ask well, what is the issue with that?

Well, you only get one chance at the market as an exciting, newly-listed property…

Everyone has access to the internet, Rightmove and Zoopla etc, and any serious buyers will know the local market like the back of their hand. If you have a 3 bed semi that is listed on the market for the price of a 3 bed detached those buyers will ignore your home. Your Ashford property soon sticks on the market and soon becomes stale, potential buyers will keep seeing your Ashford property listed on Rightmove week after week, then doubtless start to think there is perhaps something wrong with it and dismiss it even further, until you, as the vendor are forced to reduce the asking price, possibly below it’s true value (to make it appear inexpensive) to get it away.

According to our own research, the average house buyer only views 4 or 5 houses before buying – so don’t assume viewers will come to view your over-optimistically priced (overvalued) property, thinking they will knock you down – no quite the opposite!

So how widespread is overvaluing in Ashford? The results will almost certainly surprise you:

33.5% of properties in Ashford, currently on the market, have reduced their asking price by an average of 5.1% (equating to £22,400 each)

So, be realistic and you will quickly sell at a decent price to a decent, motivated buyer. First time (most of the time) enabling you to then move on to the next chapter of your life.