Date Published 24 September 2018
As we leave the memorably hot summer behind us, some interesting statistics have come to light regarding the Worthing property market, which will be thought provoking for both homeowners and buy to let landlords alike.
Over the last 12 months 1,687 homes have changed hands in Worthing, interesting when compared with the 10-year average of 2,099 households per year.
Yet, for the purpose of this week's article, I want to discuss the pricing of the current crop of vendors the prices they are asking for their homes and the prices they are achieving (or not as at 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 stand in the current Worthing housing market, enabling them to make suitable and informed decisions. That is why, when I write about the Worthing property market, I pride myself in telling the people of Worthing the truth, not just what they want to hear.
The national average of homes selling at or above the asking price currently stands at around 10%, so approximately 90% go below the asking price – but by how much? Well according to Rightmove, in the Worthing area, the average difference between the ‘FINAL asking price' to the price agreed is 3.1%. But, note I highlighted the word FINAL in the last statement.
You see some Estate Agents will deliberately over inflate the suggested initial asking price to the house seller, because it gives them a greater chance to secure the property their books, as opposed to a competitor. This practice is called overvaluing. Now of course, each homeowner wants to get the most for their property, it is quite often their biggest asset, and some agents prey on those house sellers. You might ask, what's the issue with that?
Well, you only get one chance of hitting the market as a new property. Everyone has access to the internet, Rightmove and Zoopla etc, and your potential buyers will know the market like the back of their hand. If you have a 3 bed semi that is on the market for a 3 bed detached house price then buyers will ignore you. Your property sticks on the market, potential buyers will keep seeing your property on Rightmove each week, then start to think there is something wrong with it and dismiss it even further, until you have to reduce the price so much that it appears cheap, at which point it will eventually sell. According to our own research, the average house buyer only views between 4 and 5 houses before buying. So, don't assume viewers will come round your optimistically priced (i.e. overvalued) property and knock you down on price – They just won't view it.
So how widespread is overvaluing in Worthing? The results might surprise you…
38.5% OF PROPERTIES IN WORTHING, CURRENTLY ON THE MARKET, HAVE REDUCED THEIR ASKING PRICE BY AN AVERAGE REDUCTION OF 5.3% (WHICH EQUATES TO £17,700 EACH)
All I ask is this - be realistic and you will sell at a decent price to a decent buyer, first time – every time – enabling you to move on to the next chapter of your life.
All the best