Find a road in your neighbourhood which has approximately 10 properties 'for sale'
Write down how many boards have actually sold. If more than four properties have been sold, this suggests you have a rising market. If only one or two properties have been sold, your market is likely to be falling.
Find a property in an area similar to yours that is for sale and once it's sold, find out how close this was to the marketing price. If the property sold close to the asking price, your market is likely to be buoyant, if it sold for 6% or less than the asking price, your market is likely to be falling.
How long does it take for properties to sell in your area? For example:
Properties that sell within two to four weeks suggest a fast moving market
Properties which sell within six to eight weeks, suggests a stable market
Properties which take eight weeks or more to sell suggests a slow/falling market.
Your market is falling if:
Only two out of 10 properties are selling
Properties are taking longer than eight weeks to sell
Offers are less than 94% of the asking price.
Your market is rising if:
More than four out of 10 properties are selling
Properties are taking less than four weeks to sell
