How long is an average Portsmouth property on the market for?
If you are either selling or buying a property in Portsmouth, there are a few reasons why it may be taking some time to sell your Portsmouth 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 Portsmouth 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 Portsmouth property market?
If you are looking to sell your Portsmouth 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 Portsmouth 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 in Portsmouth and so more than most individuals can afford, you will have to wait longer to get it sold.
Your Portsmouth home might be taking longer to sell because your asking price is simply too high. Even if you are prepared to take a realistic offer, if you have an unrealistic asking price your overpriced Portsmouth property will undoubtedly turn off potential buyers from even being inclined to book a viewing.
Looking at the market in Portsmouth compared to a year ago makes very interesting reading…
When it comes to the average length of time on the market, all the property types in Portsmouth appear to be taking longer to sell.
The overall average length of time a Portsmouth property remains on the market has risen by 32.0%, from 66 days a year to 88 days today
The question that remains is, if you are having no luck selling should you leave your Portsmouth 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 Portsmouth 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 Portsmouth now, compared to 12 months ago.
As you can see, there are some differences between the property types in Portsmouth.
|12 months ago||Now||Percentage Change|
|Portsmouth Terraced/Town House||727||647||-11.0%|
As for buying a Portsmouth 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 Portsmouth home.
Don’t forget that upwards of 10% of homes do not make it to the 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.
When it comes to buying a Portsmouth 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.