We’re not going to write about politics, but recent election results in the U.S.A. and referendum results in the U.K. prove that things around the world are changing! Add to that the ferocity of Mother Nature over the past few days in our own little corner of paradise, and I think we can all agree we live in extraordinary times…
Over the last few years we’ve seen enormous changes in the property market here in Marlborough… A shortage of housing, combined with high demand from regular buyers and investors encouraged by low interest rates have resulted in median house prices across the area reaching record highs. This in turn has ensured boom times for sellers!
The hot property market means we’ve adapted the way we market properties, with auctions becoming a more popular way to sell, to ensure that the best possible price is achieved for your property. (If you’d like to read more about auctions, you might find this article from the archives interesting).
When properties are marketed through other non-auction sales process, it’s often the norm to see multiple offers.
It stands to reason, that because the way properties are marketed and sold have changed, so too must the way properties are being purchased! The biggest change in this regard is probably consideration of the property’s Rateable Value (RV), which these days has very little relevance to the property’s sale price, and therefore shouldn’t have as much influence on your offer price, as it may have done in the past.
When you make an offer on a property here are a few things to consider:
- Do your research to find out how much other properties in the area have sold for.
- Work out how much above the RV these properties were sold for… (These days it will almost always be above RV!)
- Find out when the actual property you’re looking at was last sold. If it was a recent sale, (within 2-3 years), the RV might be more in line with the property value. If the property hasn’t been sold for a long time, it could be well out of date, and you could be looking at a bigger differential.
If you’d like to sell, or buy, in Marlborough, remember our Bayleys Marlborough agents have a wealth of knowledge about the local area and market trends, so contact us today.