Thinking about selling your home but worried about its condition? You might be surprised to learn that buyers are actively searching for properties just like yours.
Homeowners know their ability to sell depends on the demand for property, and what buyers are looking for. The more buyers there are, or the more diversity in what buyers are looking for, the greater the opportunity there is for homeowners to sell their home.
This is always good news, and at David Harris & Co, we are on hand to assist you connect with willing buyers, selling your home as effectively as possible.
Yopa analysis indicates more buyers want to purchase fixer-upper homes
Yopa have published analysis based on 333,000 property listings, focusing on three different property types:
Period properties
Fixer-upper homes
Modern homes
The analysis shows that fixer-upper homes are attracting the most buyers. 46% of fixer-upper properties listed for sale are sold subject to contract or are under offer. This is a greater figure than the 37% of period properties with a buyer lined up and the 27% of modern homes.
Whatever property type a buyer is looking at, there are reasons for and against this style of investment. For a fixer-upper home, it will require time, work and money to make the property liveable, or to live up to a buyer's dreams. However, there is a lower purchase price.
Rightmove estimates there is an average discount of 12% for these properties. By contrast, the average newly-built modern home has a 49% premium, which means new homes are far more expensive. While buyers of new homes can move in immediately and avoid renovation costs, they pay a significant premium upfront.
This is why it is vital for buyers to know their circumstances, their finances (both short and long-term) and what will make them happy. If a buyer knows they’ll be unhappy living in a building site or managing stress or improving a property, they shouldn’t make this type of purchase. However, for the buyers that are okay with this, it’s a great option, and sellers should be on the lookout for these buyers.
Of course, when you work with David Harris & Co, we bring the right buyers to you, giving you much less to worry about.
While there are clear reasons why a buyer would opt for a fixer-upper property, there isn’t a lot on the market. These homes make up 5% of the market, while modern homes account for 10% of the market, and period property accounts for 28% of the current stock.
In the past, you might have been told it was best to improve your home before it went to market. There was a spell when would-be sellers were undertaking significant home improvement projects before listing their home for sale. Right now, this is less of an issue. In fact, if you are keen to sell, you’ll find going to market as quickly as you can is likely to be of benefit.
At David Harris & Co, we have a strong track record in selling homes, and we’ll help you go to market in the most effective manner. If you’re looking to sell in 2025, now is the time to act. With a growing number of buyers seeking fixer-uppers, you could find a deal sooner than expected.
What Yopa says about their analysis
Steve Anderson is a National Franchise Director for Yopa, and he said: “The market is certainly heading in the right direction and there’s an overarching air of optimism that 2025 will bring a more settled landscape, certainly with respect to mortgage affordability.”
However, as with many things in the housing market, there are different viewpoints to consider, with Steve Anderson following up by saying: “As it stands, buyers continue to face far higher borrowing costs than they’ve become accustomed to in recent years and it’s clear that affordability remains a sizable obstacle when it comes to the pursuit of homeownership. So it’s no surprise that fixer-upper homes are in high demand at present, as they allow a lower initial cost when climbing the ladder, with the ability to spread the cost of improving them over a period to suit each individual buyer's timeframe and financial foundation.”
Ready to explore Finchley’s property market? Contact David Harris & Co for expert advice and a stress-free experience. Call us on 0208 346 9122 to get started. Let’s make Finchley your next home.
