What’s Happening to Property Prices in Chiswick?

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Horton and Garton analyses the current state of affairs (Ad)

What’s Happening to Property Prices in Chiswick?

There is no one statement currently true of Chiswick property market as a whole; it is not a clear-cut buyers’ market, nor do sellers have the upper hand. Certain parts of the market are under supplied and well-priced new listings experience heightened interest and competitive bidding, other parts of the market and those homes that are overpriced endure extended periods of marketing and price reductions before eventually selling or simply being withdrawn from the market.

Local Market Conditions

A few weeks ago, we shared our latest West London Property News and highlighted the latest local market data and shared insight – property pricing continues to be the key challenge facing sellers across the area.

It was reported that 36.3% of properties listed on Rightmove had experienced a price reduction in September and that setting a realistic price not only bought more interested parties through the door, but it also shortened the time it took to find a buyer, and quite significantly. The latest data shows that properties that are correctly priced from the beginning typically secure a buyer in approximately 27 days. This duration is less than half of the 66 days it usually takes for homes requiring a reduction in asking price after they have been listed on the market.

So, what is the best strategy for selling in the current market? These are our tips for achieving the greatest result in the timeliest fashion.

Pricing Strategy

In this market competitive pricing is proving to be victorious. This doesn’t necessarily mean setting a very low listing price and certainly shouldn’t result in underselling but more a pointing to setting realistic price. Those homes that are released to the market at a realistic price point are receiving heightened interest, and sometimes multiple offers.

In a changing market, it’s sensible for sellers to be prepared to reduce the price if there is no interest or offers after a certain period.

Prepare Your Home For Sale

This may seem an obvious step, but we cannot emphasise enough the importance of presenting your property in its best possible light. This can mean placing belongings into storage for a period in order to declutter and depersonalise your home to sell it or taking out a paint brush to brighten spaces. The homes that are selling quickest and for the best prices are those that are in excellent condition and are immaculately presented. That doesn’t mean you need to present a show home level of perfection but striving for it can have an impact on interest and mean as much as tens of thousands of pounds on the agreed sale price.

Negotiations

Whilst it is natural for a seller to want to achieve the highest price for their property sale, sellers are wise to remember that, especially in today’s market where interest rates can change, and price data isn’t always positive; an agreed price can be renegotiated during conveyancing. Each offer put forward should be considered not just for the figure but on the merit of the buyer and their commitment to the transaction.

Successfully Selling

An estate agent’s role is far from over at the point when a sale is agreed and in fact with most property sales it is the work that begins after the viewings, offers and negotiations that can require the most experience and skill to ensure a transaction is successful. Buyers, sensitive to the changing financial environment and price data, are currently more likely to renegotiate midway through a transaction. When this scenario arises sellers often feel disheartened, but by maintaining a level head and working together with your selling agent issues can be resolved in a way mutually agreeable to all involved.

To discuss your plans to move, please do get in touch.

September 29, 2023