Selling a phase 2 new build

Hazel_wood

I am looking to sell my new build, it’s in the phase 2 development and about 5 years old. I’ve just learnt they’re now looking to start phase 3. Is it better to sell asap or wait? How will phase 3 affect my house price, is it likely to go up or down? 

silvercar

Hazel_wood said:

I am looking to sell my new build, it’s in the phase 2 development and about 5 years old. I’ve just learnt they’re now looking to start phase 3. Is it better to sell asap or wait? How will phase 3 affect my house price, is it likely to go up or down? 

Depends on the pricing of stage 3. I'd expect you will need to price lower than similar houses in phase 3.

Bigphil1474

Nobody can say - depends on lots of factors. In general, if supply increases and demand doesn't, it tends to knock selling price and/or speed. On the flip side, depends what the phase 3 houses are being sold for. If a lot higher than you want to market at, then that might improve your chances of selling. Lots of variables. Bear in mind, your property might not be worth what you've paid for it, yet. New houses usually attract a premium, which drops it's value as soon as it becomes second hand. Takes a few years to catch up again, depending on location.

RelievedSheff

A lot will depend on how the developers price the Phase 3 properties.

You could well find that if they increase the prices that it drags the price of yours up with them.