The property market in Edinburgh is known for its higher valuations and competitive environment, often meaning properties being sold over valuation– but that is not always the case.
We have featured Edinburgh as an example but much of what is included in this article can be reflected across all areas.
We have looked at Rightmove to research the current market between the listing prices of £160,000 and £249,999 where there is scope to secure property where you could get a good deal.
We have found that 76 properties fall into the categories (or more than one category) listed below where no closing date has been set.
- On the market over 1 month
- Fixed price (sometimes fixed at lower that HR)
- Prices reduced
*** Retirement, new build & investment property listings not included ***
The longer a property is on the market the better the conditions for buying property and to potentially get a good deal. Also the longer the property has been on the market the less likely of a Closing Date scenario which is where the selling estate agent has enough interest they set a time and date for buyers to submit their best offer – more often than not it is the highest offer that secures the property which can sometimes mean property being sold well over value.
Should you buy a property that falls into these categories?
Each property situation is of course different and there can be significant reasons why a certain property has been on the market for a while that could put you off being interested such as property condition, however for many properties out there you may find the reasons can be less of an issue for a potential buyer such as –
- Previous sale fallen through
- Seller looking for a quick sale (fixed price)
- Poor estate agency service
- Not walk in condition and requires upgrading
- Similar property in similar area on the market at the same time – if one property is in better condition than the other that will typically generate most of the interest and sell quicker, sometimes leaving the other one behind
Many buyers start searching with the most recent properties in their area which is where the most interest is, if you look at older listings you may be surprised about what you can find.
Information accurate according to Rightmove as of 8th February 2024.