MOV8’s November Update
As winter well and truly hits MOV8 HQ and snow covers the Pentland Hills, we are certainly not putting our feet up and neither is the property market! Property sales are continuing strongly, continuing what has been a very strong year for the property market in Edinburgh and the Lothians.
In October 2015, the number of homes coming onto the market with MOV8 Real Estate rose by 36% annually, while the number of properties selling was a staggering 44% higher than in October 2014. At MOV8, we’ve seen a consistent pattern of demand outstripping supply in recent months, which has put sellers in a very strong position. This is something that, based on our experience, will continue as we head towards the end of the year, with buyers searching among a dwindling supply of properties on the market.
Typically, as we head into the final quarter of the year, the number of homes available for sale dips, largely due to a perception that the market is not as strong in the winter months, but we can definitely say that this is not something we have experienced at MOV8 in recent years. Quite the opposite in fact.
In Spring 2015, February to June, MOV8 sold 579 properties. The number of properties that MOV8 brought to the market during the same period was 647. This means that the number of sales versus the number of listings for Spring 2015, traditionally seen as ‘peak’ time was a very impressive 89%. Comparing that with Winter of 2014-15, September to January, MOV8 sold 355 properties, while bringing 379 to the market in the same period. For this period the number of sales versus listings was a staggering 94%. For a time of the year that is traditionally seen as not as strong for property sales, we think that the figures speak for themselves.
Considering that most property buyers tend to don’t to move home on a whim, there are many reasons that could prompt this: relocation for work or an expanding family, for example. As a result, the reasons that they need to move at the end of September don’t stop until the following Spring!
Properties are continuing to sell quickly and sellers are achieving fantastic results. Between January and October this year, the average selling time for properties coming onto the market with MOV8 Real Estate is standing at 28 days.
During the same period, 77% of homes sold through MOV8 achieved a selling price at least equal to the asking price, with 58% exceeding their asking price. With buyers still out in force during the winter months, we expect that we will see sellers whose homes are on the market taking advantage of the relative lack of competition to achieve some fantastic results.
If you are thinking about taking advantage of the reduced competition during the Winter months and selling your property, please do get in touch to organise a free property valuation or to have a preliminary chat with us about the selling process in Scotland. Our valuers will help you with suggestions for maximising the appeal of your property to buyers as well as discuss current market conditions with you. Why not check out our blog discussing why Winter is a good time to sell, along with some tips on how to maximise your chances of selling your property during these months.
To arrange your free property valuation or selling quote today, just call 0345 646 0208 or email [email protected] and we will organise an appointment at your convenience. And to keep up to date with all the latest market news and information you can sign up to our monthly newsletter today.
Until 31 January 2016, MOV8 Real Estate is offering Half Price Home Reports for property sellers too, along with a whole load of other special offers to help property sellers save money! Click here to find out more about our fantastic offer and to find out just how much you could save by selling your property with MOV8 this winter!