Local Life - Wigan - November 2018

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silly offers to try and secure the sale.
There are some bargains to be had, especially for
you buy to let landlords. If you look hard enough,
you could spot the same trends I have seen in Wigan
and find the individual property micro markets
where there is a glut of properties available.
So, if you want the inside track on the Wigan
property market, whether you’re a landlord or a
private buyer, I am more than happy to guide you in
the right direction if you drop me an email.
Email me on alan@alanbatt.co.uk or call on 01942
233999.
Great
Expectations
Some Estate Agents will deliberately over-value a
property to secure the instruction for sale, over their
competitors. You might ask, what is harm in that?
Well, you only get one chance of hitting the market
as a new property. Nowadays, everyone has access
to the internet, Rightmove and Zoopla etc, and your
potential buyers will probably be very aware of the
state of the market. Therefore if you have a 3 bed
semi-detached that is on the market for the price of
a 3 bed detached house price, the likelihood is that
prospective buyers will ignore your property.
The property appears again and again on Right
Move, and potential buyers get bored of seeing it,
and start to think there is something wrong with it.
You now have to grab back the attention of buyers
by reducing the asking price so much, to make it
appear a bargain.
According to our own research, the average house
buyer only physically goes out and views between
4 and 5 properties before buying a house, so all the
while your house is overpriced, those buyers are
looking at other houses.
Which Magazine (January 2018) reported that it
is estimated that Estate Agents who over value
properties to gain instructions are costing UK sellers
approximately £4.3 billion in lost revenue.
But how widespread is overvaluing in Wigan?
There are always between 1300 and 1600 properties
in the Wigan Property Market that have been on the
market longer than 12 weeks and remain unsold.
Approximately between 50 and 100 Wigan sellers
reduce their price every week. 43.4% of properties in
Wigan, currently on the market, have reduced their
asking price by an average reduction of 5.6% (which
equates to £7,800 each).
All in all, taking a realistic view of the value of your
house, rather than being flattered by inexperienced
Estate Agents, is the best way to achieve a better
price and a quicker sale, enabling you to move on to
the next chapter of your life.
Email me on alan@alanbatt.co.uk or call on 01942
233999.
For more of Alan’s tips, guidance and analysis
on the Wigan property market, check out
www.wiganpropertynews.blogspot.co.uk