If you are either selling or buying a property in Newbury, there are a few reasons why it may be taking some time to sell your Newbury home or find that perfect place to call your new home. It may be taking longer than you thought to find a buyer because of the current state of the property market or finding that perfect Newbury home may be taking too long because of a lack of properties to buy.
So, taking everything into consideration, all of these factors invite an obvious question; how long is too long to persist in the Newbury property market?
If you are looking to sell your Newbury property, it may have become infuriating when your home has been on the market for longer than you anticipated. Perhaps the property market is purely in a position where it’s challenging to get a property sold quickly, or sold at the price you want to achieve for it. If you do live in a Newbury home that is towards the upper reaches of the price band, you have to be open to the idea that because it’s worth so much more than the average property in Newbury and so more than most individuals can afford, you will have to wait longer to get it sold.
Your Newbury home might be taking longer to sell because your asking price is simply too high. Even if you are prepared to take a realistic offer, if you have an unrealistic asking price your overpriced Newbury property will undoubtedly turn off potential buyers from even being inclined to book a viewing.
Looking at the market in Newbury compared to a year ago makes very interesting reading…
When it comes to the average length of time on the market, it’s the terraced homes and apartments in Newbury that appear to be taking longer to sell, yet the length of time Newbury detached and semi-detached homes seem to be on the market has dropped.
The overall average length of time a Newbury property remains on the market has risen very slightly by 0.7%, from 71 days a year to 72 days today
The question that remains is, if you are having no luck selling should you leave your Newbury property on the market or not? This is basically down to your personal circumstances – a big decider has to be if you are moving up market or downsizing.
Buyers will compare your Newbury property to all the other homes on the market using the portals such as Rightmove, On the Market and Zoopla and even if your asking price is realistic, if your marketing (brochures, pictures, even video walk through) isn’t top dollar, they will dismiss your property.
Remember, the average buyer only views 4.5 properties before they buy and on average, each buyer will only spend just over 25 minutes viewing each home …
The more properties that are on the market, the greater the choice for buyers (yet more competition for house sellers), so we wanted to look at how many homes were for sale in Newbury now, compared to 12 months ago.
As you can see, there are some fairly big differences between the property types in Newbury
As for buying a Newbury property, searching for that dream house can take time as you have to consider the needs of your spouse, children, schooling, etc., what you can realistically afford and whether your current location can accommodate you until you find that perfect Newbury home.
Don’t forget that upwards of 10% of homes do not make it to the portals (the portals are Rightmove, Zoopla and On the Market), so don’t just rely on the portals to let you know what is coming on the market. The number of times I speak to disappointed buyers who missed out because other buyers registered directly with the agent for property, whilst they relied on the portals.
When it comes to buying a Newbury home, and so you do not make any decisions you will regret later on, taking your time is always the more practical option. The amount of money that is involved in buying a home and all the costs connected with it means that you should not rush into buying or selling without due consideration.
If you are an existing landlord in Newbury or thinking of becoming one, then a good source of information is the Newbury property blog. Although I operate Downer & Co Letting Agents in Newbury I am also a landlord myself and have over 15 Years experience buying, selling, letting and managing property in the local area. I am always happy to chat to you openly and honestly about any aspect of the local property market.
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