Looking for a Bargain

You will understand that we are often asked if there are any bargains to be found when looking to buy a property in Harrogate.

The answer of course is, ‘yes and no’ and please let me explain why, but to quickly say that the best way to find one is to talk things over with your preferred Estate Agent (I recommend Myrings).

However, there are some things you can do for yourself  in your search for a bargain ahead of a sit down with your Agent.

To look for a bargain yourself you need to understand the local marketplace.

The problem is that there is not a single property market in and around our town. Our market is rather like a fly’s eye. It looks like one whole eye but in fact is split into lots of small fragments or should we say locations. Two roads in quite close proximity to each other can see properties selling like hot cakes and top dollar whilst the next road can be slower with lower prices. This can be down to something as simple as the width of the road, shops or traffic lights, a school catchment boundary, even a different postcode or ‘perception’ for example ‘is the house on the Duchy?’ ‘is the house on the Saints?’.

You definitely need to fully understand the mantra ‘location, location, location’.

The old adage ‘buy the worst house on the best road’ is hackneyed but doesnt mean its not true. Its also self evident that certain areas ‘are on the up’ and a good place to buy smart, whilst the reverse  sometimes applies. ‘Cold Bath Road and also Kings Road’, for example, have been on the up for sometime, with all sorts of coffee shops, pubs & restaurants , boutiques & stores and a sense of a defined community.

There is also the overall national economic climate to take into account. Properties in different price ranges sell at different rates. Houses at the top end of the market, above £1m in Harrogate and in the surrounding villages, are proving a more difficult to sell than a few years ago. This cannot be solely blamed on Brexit. I take the view that punitive stamp duty rates have unnecessarily squeezed this market without generating any more tax revenue for the Exchequer.

OK – so how do you set about finding a bargain in Harrogate?

Well, to start with you need to compare and contrast properties which fit your wish list/budget so go to your preferred Agents website and the main property web-portals such Rightmove or Zoopla (Myrings are on these plus OnTheMarket & Prime Location) to see what’s listed for sale. The art here is to click on the ‘include Sold STC’ (Sold Subject to Contract) in the filters and then arrange them in price order. Then you will begin to get a feel for what properties are broadly selling for. You can also look at recent sales – so in Rightmove click on ‘House Prices’ on the main menu, on the proceeding drop down menu click on ‘Find Sold House prices’ and now you can type in a specific street, or even a street plus 0.25 miles / 0.50 miles. click on ‘List View’ and they are in date order. There is a similar function in Zoopla.

Once you have found what you think looks a bargain  – you can do a ‘drive by’ or arrange to view the property. You can certainly ask the Agent why the Vendors are moving.  By doing your research on the Property, seeing how long it has been on the market and if the asking price has been reduced, you will get a better idea if it’s now available at a realistic price or if there could be scope to make a lower offer. Any offer below asking is more likely to be well received if your a Cash buyer, Mortgage ready, FTB (first-time buyer), don’t have a property to sell, chain free etc…

Properties reqiring significant improvement/modernisation can look inviting, but the numbers will only add up if you have very carefully costed out the materials/works required and the added values achieved.

Our local market is strong and robust. Property prices dont fluctuate very much and have consistently increased in recent years. Local savvy Landlords, Home Buyers & Developers are active every day of the week looking to buy so there is plenty of competition in your search. Like anything in life, buying a property bargain comes down to putting in the hard-work, doing your homework and seizing hold of a great opportunity.

If you wish to discuss the above or are interested in the Property market in Harrogate then please come along and see us and enjoy a free no obligation chat about the property services we provide.

Charles

Charles

About Charles

This blog follows the residential Sales and Lettings market in Harrogate, Knaresborough and surrounding villages.You will find information, analysis and guidance here along with news about Harrogate. I’m Charles Myring working in the Myrings Estate Agents Ltd business alongside my son Simon , daughter Gemma and dedicated sales teams. If you're thinking of Selling / Buying / Letting / Renting property locally Myrings would be happy to assist.