Romford Property Market Review - January 2024
Here’s our January property market review for Collier Row, Rise Park and the Mawneys areas.
New Properties Listed:
January saw a substantial increase in new property listings, with 57 properties hitting the market compared to 22 in December. This surge may be attributed to a post Christmas uptick in seller activity and increased confidence in the market.
Implication for Buyers: The higher number of listings offers buyers a broader range of choices. However, it's crucial to act swiftly in a more dynamic market.
Implication for Sellers: Increased competition among sellers necessitates careful pricing and effective marketing to stand out in a more crowded market.
Sales:
Properties sold within the first 4 weeks of marketing saw an increase from 7 in December to 12 in January. This acceleration may be influenced by a combination of factors, such as improved market sentiment and the increased pool of motivated buyers.
Implication for Buyers: Buyers should be prepared for a potentially faster-paced market, requiring prompt decision-making to secure desirable properties.
Implication for Sellers: Sellers may benefit from the heightened demand, but proper pricing and presentation remain crucial for successful quick sales.
I genuinely believe sellers secure the best price for their home in the first four weeks of marketing and our sales strategy is crafted to ensure that, whenever possible, we achieve a fantastic sale within those first four weeks.
Price Movements:
The number of properties with reduced prices increased from 9 in December to 28 in January. This shift may indicate a more price-sensitive market, where buyers are increasingly discerning and seeking value.
Implication for Buyers: Buyers could find opportunities for negotiation and potentially better deals with a higher number of reduced properties.
Implication for Sellers: Sellers must carefully assess market pricing trends and competitively price their properties to avoid extended listing periods.
Registered Buyers:
The number of new registered buyers surged from 65 in December to 146 in January. This remarkable increase is driven by various factors, including economic stability, favourable interest rates, and the post Christmas bounce.
Implication for Buyers: A larger pool of buyers may intensify competition, emphasizing the importance of preparedness and swift decision-making.
Implication for Sellers: Sellers may benefit from increased demand, but effective marketing and property presentation are crucial to attract and retain potential buyers.
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In summary, the Romford property market exhibited increased activity and competitiveness throughout January which is what we would expect. It's important for both buyers and sellers to stay tuned to market dynamics: buyers should make decisions promptly, while sellers should concentrate on strategic pricing and effective marketing to make the most of the heightened demand.
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