Understanding the nuances of property sales is essential for both homeowners and investors in the dynamic Romford property market.
A few weeks ago, I stated that of the Romford properties that have sold subject to contract (stc) in the three months of Dec, Jan & Feb, it took an average of 72 days to sell.
Now time has moved on, looking at the Jan, Feb and March Romford house sales, this has improved, so now …
The average Romford home in Q1 2024 was on the market for an average of 58 days before agreeing on a sale.
This change, though minimal, is noteworthy against the backdrop of the UK's economic environment.
As a seasoned estate agent in Romford, my interactions with landlords and homeowners eager to navigate the Romford property market have revealed a common query: the impact of property type and the number of bedrooms on its saleability.
Saleability can be measured in several ways. One method is to calculate what percentage of homes of that type, etc, sell compared to how many do not. Another is to calculate how long it takes to agree on a sale. A few weeks ago, I looked at how the price range affects how long it takes to agree on a sale. Therefore, for this article, I wish to look at how quickly a property sells when looking at the type of property or the number of bedrooms.
Romford Detached, Semi-Detached, Terraced or Flat – Which sells the quickest?
Looking at the home sales that have taken place in the last three months, this is how long it has taken to find a buyer for the different property types:
- Detached homes in Romford - 62 days to find a buyer.
- Semi-Detached homes in Romford - 56 days to find a buyer.
- Terraced/Town houses in Romford - 37 days to find a buyer.
- Flats/Apartments in Romford - 90 days to find a buyer.
Romford 1 beds, 2 beds, 3 beds, 4 beds or even 5+ beds – Which sells the quickest?
Looking at the home sales that have taken place in the last 3 months, this is how long it has taken to find a buyer for the different bedroom types:
- One bed homes in Romford - 100 days to find a buyer.
- Two bed homes in Romford - 71 days to find a buyer.
- Three bed homes in Romford - 51 days to find a buyer.
- Four bed homes in Romford - 40 days to find a buyer.
- Five bed (or more) homes in Romford - 46 days to find a buyer.
Drilling down into the numbers, it becomes apparent that Romford terraced/town houses are the quickest to sell when it comes to type of property and Romford properties with four bedrooms sell the quickest.
The Current Romford Property Market Landscape
The present-day Romford property scene presents a mixed bag. An increase in listings compared to 12 months prior suggests a vibrant market, yet it must be remembered that there has been an increase in selling times, which hints at a shift towards a buyer's market (in 2022, it took an average of 46 days to secure a home sale, whilst, in 2023 it was 68 days). This nuanced change underscores the importance of strategic selling and investment approaches in today's climate.
Understanding and adapting to these shifts is critical for those selling their homes. The proper presentation and pricing strategy can significantly enhance your Romford property's appeal, aligning it with current buyer preferences and market trends.
On the investment side, properties that have lingered on the market might represent hidden gems. These situations often allow for more negotiation leeway, potentially leading to advantageous deals.
As we enter Q2 of 2024, the Romford property market is ripe with opportunities. Sellers must be attuned to what resonates with today's buyers, leveraging insights on preferred property types and sizes to their advantage. Meanwhile, Romford buyers and buy-to-let investors can find value in exploring properties that have been on the market longer than average, where negotiation can yield significant benefits.
Expert Advice for Navigating the Romford Property Market
In navigating the Romford property market, several strategies can prove invaluable.
For Sellers: Emphasise your property's unique selling points, be its location, size or specific features. Ensure your Romford property is well-presented. Setting a realistic price based on current market trends and comparable sales will expedite the selling process.
For Buyers and Investors: Conduct thorough research to identify areas with high growth potential or market-undervalued properties. Consider properties others may have overlooked, as these can often be negotiated to a more favourable price.
For Everyone: Stay informed. My Romford property blogs and national property news can keep you abreast of local market trends and provide a strategic edge, whether you're selling buying or investing.
With its ever-shifting dynamics, the Romford property market presents many opportunities and challenges. For sellers, aligning with market preferences and presenting your property in the best light is crucial. Buyers and investors, on the other hand, should look for potential in less obvious places where patience and negotiation can unlock significant value. Navigating this landscape requires market knowledge, adaptability, and strategic action.
Whether you're looking to sell your cherished home or make a savvy investment, understanding the pulse of the Romford property market is your key to success. If you have any questions about what I've said in this or any of my articles on the Romford property market, please do not hesitate to contact us by telephone, email, direct message or text.