Fri 16 Nov 2018
I recently wrote an article about the length of time it took to sell a property in Rutland and the saleability of the different price bands (i.e. whether the lower/middle or upper local property markets were moving slower or quicker than the others). For reference, a few months ago it was taking on average 30 days from the property coming on the market for it to be sold subject to contract (and that was based on every estate agent in Oakham), and today it’s 104 days.
Following that article, a number of homeowners and landlords who are looking to sell in the coming months contacted me to enquire what difference the type of property (i.e. Detached/Semi/Terraced/Apartment) made to saleability and how the number of bedrooms might also affect a sale. As I have said before, whether you are an Oakham landlord looking to liquidate your buy-to-let investment or a homeowner looking to sell your home finding a buyer and selling your property can take an annoyingly long time - but anything you can do to mitigate that is helpful to everyone.
With this in mind, I did some research on the whole of the Oakham property market and discovered that it takes on average 115 days to sell a detached home, 108 days to sell a semi-detached property and 93 days for a terraced/town house. The star players are the terraced/town house variants, whilst detached properties seem to be sticking in Oakham.
Next I looked at what the number of bedrooms does to the saleability of Oakham property, and can reveal it takes on average 385 days for a 5 bedroom home to sell in Oakham, 75 days for a 4 bedroom home, 61 days for a 3 bedroom home, 153 days for a 2 bedroom property and 126 days for a one bedroom property to sell in Oakham. So, the 5 bed properties seem to be taking the longest time to sell and it’s 3 bed properties that sell the fastest in LE15!
There is no doubt that there is a profusion of properties on the market in Oakham compared to 18 months ago. It’s not because more houses are coming on to the market, it’s because they are also taking a little longer to sell. This makes it slightly more a buyers’ market than the sellers’ market we had back in 2014/5/6. In some sectors of the property market, it is much tougher to sell, especially if you want to sell your home fast. But to achieve sales success you’ll need to help your home stand out from its strong competition and suggest you look at home styling techniques, employing professional photography and using enticing and descriptive property details to help maximise on your home’s value, its space and aspirational appeal. Not to mention launching your home onto the sales market with a realistic asking price in the first place – at the risk of repeating myself from previous blogs and articles I've written lots about!