With heightened demand for homes because of the stamp duty, it is perfectly natural for homeowners to consider selling their property. It is good to know there is greater demand for homes, and homes are selling quickly.
At Belvoir Sutton, we are pleased to say we have helped bring many buyers and vendors together. There are many steps involved with the sales process, but with our assistance, we can help you sell your home in good time in accordance with the stamp duty holiday.
How quickly do you want to sell your home?
Information from recently released data from Rightmove indicates:
· Vendors are finding a buyer within one week of placing their home on the market faster than at any point in the past decade
· One in seven properties sold by an agent sold within one week of being listed on the portal, an increase from one in ten in 2019
· 30% of homes sold within two weeks of marketing, an increase on the 21% of properties in 2019
· 19% of three-bedroom homes took less than one week to sell, which is an increase on the 13% recorded in 2019
· The percentage of four-bedroom homes which sold in a week increased from 7% in 2019 to 14% in 2020
Miles Shipside, Rightmove’s property expert, comments on the findings: “Not only are more properties selling in the current market than at any time over the past ten years, but many sellers are finding that demand for homes following lockdown and the rush to beat the stamp duty deadline means they’re achieving a quicker sale, but only if they’ve been priced correctly. Not every home sells, but those that are well presented by agents, are on at the right price, or are just lucky enough to be in demand are among a record number of homes selling within the first week of coming to market since we started tracking this data ten years ago.”
Miles Shipside also said; “There’s no point rushing a home to market without carefully thinking through the best way to market it and making sure it looks its best, which is something an expert local agent can help with. However, sellers do need to move more quickly than before because although we’re in unchartered territory with record activity it’s still likely that demand will start to soften as it always does towards the end of the year.”
Not all homes have the same demand
While there is significant demand for homes across the market, the urgency in demand for some homes is more prominent than others. The figures from Rightmove suggest three-bedroom semi-detached properties are selling faster than other homes.
When you think buyer demand is focused on more space and gardens, it shouldn’t be a surprise to learn these are the homes that receiving offers in such a short space of time.
Miles Shipside explained; “Sellers of three-bed semi-detached homes are in the sweet spot of the market, as they benefit from being the most in-demand and the most likely to sell within a week. The bigger, top of the ladder homes are also proving more popular, though some of this may be a result of home-movers in wealthier areas who would usually have been on holiday bringing their plans forward.”
If you are starting the sales process, or wondering what your next move will be, you can arrange for an instant valuation to take place. Our instant valuation tool is free, quick to use and very easy to arrange, so contact Belvoir Sutton today if you would like to arrange a valuation during the lockdown period.