Margate Property Showdown: 2-Bed vs. 3-Bed Homes - Which Sells Faster in 2024?
Understanding the nuances of property sales is essential for both homeowners and investors in the dynamic Thanet property market.
A few weeks ago, I stated that of the Margate properties that have sold subject to contract (stc) in the three months of Dec, Jan & Feb, it took an average of 103 days to sell.
Now time has moved on, looking at the Jan, Feb and March Margate house sales, this has slightly improved, so now …
The average Margate home in Q1 2024 was on the market for an average of 101 days before agreeing on a sale.
This change, though minimal, is noteworthy against the backdrop of the UK's economic environment.
As a seasoned estate agent in Margate, my interactions with landlords and homeowners eager to navigate the Margate property market have revealed a common query: the impact of property type and the number of bedrooms on its saleability.
Saleability can be measured in several ways. One method is to calculate what percentage of homes of that type, etc, sell compared to how many do not. Another is to calculate how long it takes to agree on a sale. A few weeks ago, I looked at how the price range affects how long it takes to agree on a sale. Therefore, for this article, I wish to look at how quickly a property sells when looking at the type of property or the number of bedrooms.
Margate Detached, Semi-Detached, Terraced or Flat – Which sells the quickest?
Looking at the home sales that have taken place in the last three months, this is how long it has taken to find a buyer for the different property types:
- Detached homes in Margate - 147 days to find a buyer.
- Semi-Detached homes in Margate - 88 days to find a buyer.
- Terraced/Town houses in Margate - 105 days to find a buyer.
- Flats/Apartments in Margate - 138 days to find a buyer.
Margate 1 beds, 2 beds, 3 beds, 4 beds or even 5+ beds – Which sells the quickest?
Looking at the home sales that have taken place in the last 3 months, this is how long it has taken to find a buyer for the different bedroom types:
- One bed homes in Margate - 82 days to find a buyer.
- Two bed homes in Margate - 91 days to find a buyer.
- Three bed homes in Margate - 100 days to find a buyer.
- Four bed homes in Margate - 157 days to find a buyer.
- Five bed (or more) homes in Margate - 139 days to find a buyer.
Drilling down into the numbers, it becomes apparent that Margate semi-detached homes are the quickest to sell when it comes to type of property and Margate properties with one bedroom sell the quickest.
The Current Margate Property Market Landscape
The present-day Margate property scene presents a mixed bag. An increase in listings compared to 12 months prior suggests a vibrant market, yet it must be remembered that there has been an increase in selling times, which hints at a shift towards a buyer's market (in 2022, it took an average of 46 days to secure a home sale, whilst, in 2023 it was 68 days). This nuanced change underscores the importance of strategic selling and investment approaches in today's climate.
Understanding and adapting to these shifts is critical for those selling their homes. The proper presentation and pricing strategy can significantly enhance your Margate property's appeal, aligning it with current buyer preferences and market trends.
On the investment side, properties that have lingered on the market might represent hidden gems. These situations often allow for more negotiation leeway, potentially leading to advantageous deals.
As we enter Q2 of 2024, the Margate property market is ripe with opportunities. Sellers must be attuned to what resonates with today's buyers, leveraging insights on preferred property types and sizes to their advantage. Meanwhile, Margate buyers and buy-to-let investors can find value in exploring properties that have been on the market longer than average, where negotiation can yield significant benefits.
Expert Advice for Navigating the Margate Property Market
In navigating the Margate property market, several strategies can prove invaluable.
For Sellers: Emphasise your property's unique selling points, be its location, size or specific features. Ensure your Margate property is well-presented. Setting a realistic price based on current market trends and comparable sales will expedite the selling process.
For Buyers and Investors: Conduct thorough research to identify areas with high growth potential or market-undervalued properties. Consider properties others may have overlooked, as these can often be negotiated to a more favourable price.
For Everyone: Stay informed. My Margate property blogs and national property news can keep you abreast of local market trends and provide a strategic edge, whether you're selling buying or investing.
With its ever-shifting dynamics, the Margate property market presents many opportunities and challenges. For sellers, aligning with market preferences and presenting your property in the best light is crucial. Buyers and investors, on the other hand, should look for potential in less obvious places where patience and negotiation can unlock significant value. Navigating this landscape requires market knowledge, adaptability, and strategic action.
Whether you're looking to sell your cherished home or make a savvy investment, understanding the pulse of the Margate and Thanet property market is your key to success. If you have any questions about what I've said in this or any of my articles on the Thanet property market, please do not hesitate to contact us by telephone, email, direct message or text.
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About Cooke & Co
Cooke & Co, a liked and respected estate agency trading since 1992, is conveniently situated in the picturesque seaside district of Thanet. We proudly operate from our local offices in the region's primary towns, namely Margate, Broadstairs, and Ramsgate. Additionally, our extensive reach encompasses the charming areas of Westbrook, Westgate, Birchington, Monkton, Manston, and Minster. Our presence in these diverse locales enables us to offer an enriched understanding and comprehensive service to the property market in these prime coastal towns and villages.
Contact our offices at the following numbers:
- Margate Office/Area: (01843) 231833
- Ramsgate Office/Area: (01843) 851322
- Broadstairs Office/Area: (01843) 600911
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