Watford Property Market Update – Autumn 2017 – A Marshall Vizard Viewpoint…

 

Forget whatever else you may have heard, to win in the property market as a seller, David Vizard, Sales Partner, advises that you just need to remember the three P’s – Positivity, Pricing and Patience.

Positivity:  Recent uncertainty, as a result of Brexit and the General Election, have undoubtedly dented confidence, and as a result there are fewer buyers in the Watford area, than has been seen in recent years. However, results are still strong, particularly if you have a property which stands out from the crowd. For instance, if your property is located in a particularly desirable part of town, is next to a good school, is newly extended or modernised, or has an unusual feature, you can expect to see a lot of interest in  it. Properties in need of modernisation still continue to be very popular with buyers.

Pricing: A realistic asking price for your property is important, particularly if there are a lot of properties available, that are similar to your own. The price of your property needs to be competitive, in order to tempt potential buyers to look at it, in preference to the competition. This is more important in slower market conditions, such as we have at the moment.  Don’t forget, if you are buying AND selling, the price of the property you are buying, is also likely to be lower too.

Patience: Just 18 months ago, a property in Watford, new to the market, was likely to see a queue of potential buyers eager to view it during the first week of marketing, with the likelihood of multiple offers shortly after. There are still plenty of buyers around, but less than we have been used to, and as a result, we don’t see the same feeding frenzy when a new property comes onto the market. Instead, we are experiencing a smaller number of inquiries, spread over a number of weeks. But, don’t be disappointed if your property doesn’t sell straight away, you just need to adjust your expectations to match the current market conditions.

If you are ready to sell, you can go ahead and market your property, safe in the knowledge that it WILL sell.  Take advice on the price, and be prepared to sell at a lower figure than you expected, but also bear in mind you will probably pay less than expected on your next home too. Don’t stress if you don’t sell quickly, in the current climate this is more like a marathon than a sprint!

Many of the points covered above, also apply to the lettings market, but Neil Marshall, Lettings Partner, also adds “The lettings market in Watford remains very buoyant. We have seen a slight downward pressure on rental prices since the start of 2017, however for correctly priced properties there is still a strong demand, year on year. We are ahead in 2017 for the volume of tenancies agreed, which does underline that, despite a slight readjustment in achieved prices, the inherent market remains strong.

If you are considering selling or letting in the Watford area, we are one of the leading and most successful independent Estate Agents, dealing with the letting, management and selling of residential property in Watford and the surrounding areas. We are passionate about property and the local area and pride ourselves on going the extra mile for all of our clients. Marshall Vizard was opened by Neil Marshall and David Vizard in January 2003, both of whom have many years experience in Estate Agency.

Call us today on 01923 296747.

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