Watch out for hidden gems in property market

AS a seasoned estate agent, my interactions with landlords and homeowners eager to navigate the Newbury property market have revealed a common query – the impact of property type and the number of bedrooms on its saleability.

Saleability can be measured in several ways. One method is to calculate what percentage of homes of that type sell compared to how many do not. Another is to calculate how long it takes to agree on a sale.

A few weeks ago, I looked at how the price range affects how long it takes to agree on a sale.

This time, I wish to look at how quickly a property sells when looking at the type of property or the number of bedrooms.

Detached, semi-detached, terraced or

flat – which sells the quickest?

Looking at the home sales that have taken place in the last three months, this is how long it has taken to find a buyer for the different property types:

Detached homes in Newbury – 54 days to find a buyer; semi-detached – 43 days; terraced/ town houses – 42 days; flats/apartments – 89 days.

1 beds, 2 beds, 3 beds, 4 beds or 5+ beds –

which sells the quickest?

This is how long it has taken to find a buyer for the different bedroom types:

One bed – 76 days to find a buyer; two bed – 61 days; three bed – 49 days; four bed – 57 days; five bed – 118 days.

It becomes apparent that terraced/town houses are the quickest to sell when it comes to type of property and properties with three bedrooms sell the quickest.

The present-day property scene presents a mixed bag.

An increase in listings compared to 12 months prior suggests a vibrant market, yet it must be remembered that there has been an increase in selling times, which hints at a shift towards a buyer's market (in 2022, it took an average of 46 days to secure a home sale, while in 2023 it was 68 days).

This change underscores the importance of strategic selling and investment approaches in today’s climate.

Understanding and adapting to these shifts is critical for those selling their homes.

The proper presentation and pricing strategy can significantly enhance your property’s appeal, aligning it with current buyer preferences and market trends.

On the investment side, properties that have lingered on the market might represent hidden gems.

These situations often allow for more negotiation leeway, potentially leading to advantageous deals.

Buyers and buy-to-let investors can find value in exploring properties that have been on the market longer than average, where negotiation can yield significant benefits.

In navigating the property market, several strategies can prove invaluable.

For sellers: Emphasise your property’s unique selling points, be its location, size or specific features. Ensure your property is well-presented. Setting a realistic price will expedite the selling process.

For buyers and investors: Conduct thorough research to identify areas with high growth potential or market-undervalued properties. With its ever-shifting dynamics, the property market presents many opportunities and challenges.

Navigating this landscape requires market knowledge, adaptability and strategic action.

Whether you’re looking to sell your home or make a savvy investment, understanding the pulse of the market is your key to success.

If you have any questions about the market, please do not hesitate to contact us by telephone, email, direct message or text.