New online tool PropCast reveals if your London postcode is best for house buyers or sellers
Instead of focusing on wider areas like boroughs, counties and regions, PropCast pinpoints micro markets across England and Wales to give potential sellers a better sense of where they stand before they list their house.
Launched by professional property trader Gavin Brazg of home selling advice site The Advisory, the smart site instantly shows you whether your home is in a ‘hot’ sellers’ market or a ‘cold’ buyers’ market – all you have to do is type in your postcode.
PropCast ‘takes the temperature’ of a district by totting up the number of homes currently on the market in that postcode and calculating what percentage are under offer or sold subject to contract.
It then uses artistic license to turn that percentage into a degree, e.g. 30 per cent is 30 degrees.
There are four brackets – very cold (under 25 degrees), cold (25 to 34 degrees), hot (35 to 49 degrees) and very hot (over 50 degrees).
IN THE BLUE OR THE RED?
In a cold market, there are more homes for buyers to choose from, giving them greater bargaining power.
Sellers must compete for their attention using price, presentation and promotion tactics so as not to risk underselling, failing to sell or taking a long time to sell.
In a hot market, sellers have the upper hand. There are more buyers than homes for sale, meaning it is the buyers that must compete.
This can lead to properties generating multiple competing offers, so long as a wise strategy is chosen and executed by the owner and their estate agent.
PropCast’s simple methodology is the same as that used by property professionals, but Brazg, who founded seller advice site The Advisory 13 years ago, believes the information should be easily accessible for everyone.
The tool does have its flaws, notably that results for postcodes with only a few homes for sale will be unreliable.
You can, however, make your forecast more accurate by requesting a free analysis of your local market, noting your property's type (flat, terrace, detached etc) and number of bedrooms.
To read the rest of this article, please visit: https://www.homesandproperty.co.uk/property-news/new-online-tool-propcast-reveals-if-your-london-postcode-is-best-for-house-buyers-or-sellers-a122276.html
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