Latest property market update in Rhyl
With Halloween to look forward to last month, many people went all out with trick or treating, decorations, and costumes. It was a welcome relief after all the lockdowns to feel like we could socialise “normally” again.
And, despite a wet and jolly chilly month, the property market has still been continuing as hot as before.
Let’s look at the Rhyl market to begin with and then we can examine in a bit more detail some of the issues impacting the market locally.
Rhyl Property News
Properties in LL18 had an overall average price of £178,533 over the last year.
The majority of sales in LL18 during the last year were detached properties, selling for an average price of £204,719. Semi-detached properties sold for an average of £160,844, with terraced properties fetching £123,056.
Overall, sold prices in LL18 over the last year were 13% up on the previous year and 24% up on the 2018 peak of £143,697.
October in Rhyl Property
There was a total of 36 new instructions in October, compared to 47 the previous month. This shows the continuing stock level issue that is making the market difficult at the moment.
This is also a contributing factor to the continuing high house prices we are seeing locally and, indeed, across the UK.
Time on the Market for Property in Rhyl
The average time on the market for available properties overall in Rhyl is 137 days, however over 49% of the stock on the market has been on for over 12 weeks, otherwise known as “slow movers”. This has gone up 10% since last month. Does this suggest some agents are over-valuing properties to appeal to sellers’ pound signs to get them on the books, rather than prioritising the sellers’ best interests? Out of a total of 235 properties, 116 were still for sale after 12 weeks.
Let’s have a quick look at how this has changed over the last year for specific types of property.
The Dangers of Over Valuing
As house prices have been rising and news about that abounds, some estate agents and sellers may have been swept up in the excitement.
Valuing property is more of an art than a science but property experts can find comparable evidence. Not only that but strategies to test that value and respond accordingly are the mark of a true gold star agent.
Far too many estate agents will test a price point on a market appraisal, or valuation appointment, with a potential seller. When they note the flicker of disappointment on the potential clients’ faces, rather than be honest and deliver the correct strategy and advice, they cave and overvalue the property purely to win the instruction.
This proves very discouraging for the seller who is then trapped in a long-term contract, often lasting weeks and weeks and is constantly nagged for a price reduction. Over-promising and under-delivering never make the client feel good.
The facts are that the longer you remain on the market, the lower the achieved price will be. This is evidenced by 1000s upon 1000s of properties across the country every year.
Although the percentage drop can seem deceptively small, let’s look at some example figures.
As you can see, these are some not insignificant amounts. It is much better to price property sensibly to start with as you only get one chance to make a first impression. The longer you’re on the market, buyers perceive the property as stale, undesirable, and likely to be desperate so willing to take an offer.
If you would like any more information, don’t hesitate to get in touch and we can have an informal chat.
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