If you are either selling or buying a property in Chorley, there are a few reasons why it may be taking some time to sell your home or find that perfect place to call your new home. It may be taking longer than you thought to find a buyer for your home because of the current state of the property market or finding that perfect 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 local property market?
If you are looking to sell your 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 local 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 and so more than most individuals can afford, you may have to wait a little longer to get it sold.
Your property might be taking longer to sell because your asking price is simply too high, be aware as we have noticed a couple of national estate agents overpricing homes just to win the listing. Even if you are prepared to take a realistic offer, if you have an unrealistic asking price your overpriced property will undoubtedly turn off potential buyers from even being inclined to book a viewing.
Looking at the market in Chorley compared to a year ago makes very interesting reading…
When it comes to the average length of time on the market, it’s the detached, semi-detached and apartments that appear to be taking longer to sell, yet the length of time terraced houses seem to be on the market has dropped.
The overall average length of time a Chorley property remains on the market has risen by 5.5%, from 68 days a year to 72 days today
The question that remains is, if you are having no luck selling should you leave your 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 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 Chorley now, compared to 12 months ago.
As you can see, there are some differences between the local property types.
| 12 months ago | Now | Percentage Change | |
|
Chorley Detached | 103 | 127 | 23.3% |
|
Chorley Semi | 131 | 99 | -24.4% |
| Chorley Terraced | 91 | 75 | -17.6% |
|
Chorley Apartment | 40 | 38 | -5.0% |
|
Overall Chorley Average | 365 | 339 | -7.1% |
As for buying your next 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 home.
Don’t forget that upwards of 10% of homes do not make it to the property 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. There is so much more to buying and selling a property than relying on the property portals.
When it comes to buying a local 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.
Best regards
Paul Forbes
If you would like to chat about the local property market, whether you are a buyer, seller, landlord or tenant, then feel free to DM me here, call me on 01257 273324 or email me info@forbesestates.com
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