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07Oct

Our last article considered some of the dangers associated with pricing your home in relation to other properties available for sale (ie those remaining unsold). This time we’ll consider pricing in relation to properties which have actually sold.   

When considering what asking price to quote, common sense dictates that the price of other homes which have sold locally could be a good indicator of the price you should be quoting. However, your research could well prompt you to price your property at a level which could under- or over-estimate your optimum sale price.

Irrespective of national trends, the property market is very sensitive to imbalances in supply and demand even on a street by street basis. When there are many qualified buyers all seeking a rarely-available house in a popular street the price goes up. If fate dictates that the following week five such houses become available in the same street, the price will inevitably fall.  

Likewise there can be situations where a property is sold at a record price to an individual who particularly wanted a specific property for personal reasons. Conversely a situation could arise where a desperate seller, who might otherwise suffer repossession, agrees a sale at a very low figure for a quick sale.

Only the estate agent involved in any of these transactions knows how the individual circumstances of sale can affect value. So a word of caution – leave the science of valuation to an experienced local estate agent who is highly active in the market and has a good track record of achieving swift sales at or close to his/her suggested asking price. Time for a chat? We’re here to help.

© Copyright 2019 Williams & Goodwin The Property People Ltd

 

01Oct

When considering the value of a property prior to putting it on the market, many sellers understandably look at the asking price of other properties currently on the market locally, and draw pricing conclusions based on this research.

Whilst this is not an unreasonable way of determining value, there are some traps for which to look out.

Firstly, an important observation is that if a property is on the market, it is by definition “unsold”. An unsold property may invariably be one that is overpriced today. One could argue that if was priced correctly today, then it would have sold, but in the event the market has rejected it and it will probably only sell if the price is reduced. So if you have a similar property and you price it at about the same level as the unsold property, then the chances are that yours will remain unsold as well.

We know that purchasers buy by comparison. So your property has to compare favourably when seen alongside others on the market. If your property is similar to another on the market nearby, then yours only becomes readily saleable when it is priced favourably and offers better value for money.

Additionally, if you feel that your property is slightly better than a neighbouring property for sale (as you are bound to, as you chose the décor and it has your own possessions in it) then surely it makes sense to quote a similar price, rather than attempting to offset the extra features with a higher price. 

Ultimately, correct pricing is all about seeing the world through the eyes of the buyer and making responsible and effective pricing decisions which always point to offering better value than that offered by competing properties available locally.

We’re experts in this field. If you’d like to know how your own property compares to others currently available then please feel free to contact us on 01248 355 333 for a free and intelligent consultation without obligation – our aim is to get you best price!   

© Copyright 2019 Williams & Goodwin The Property People Ltd

23Sep

This year, September reveals a mixed bag on the property scene. On the one hand, nationally, the number of new property listings in the UK fell by a whopping 13.2 per cent last month*. On the other hand, the latest figures by UK Finance suggest a strong growth in first-time-buyers - up 5.8% year on year.

Certainly the number of new-to-market properties traditionally declines over the summer months, but this usually ramps up again in September. It will be interesting to note if this turns out to be the case this year in view of the political uncertainties of Brexit and a possible election on the cards.

Having said that, the overall low volume of transactions is supporting house prices nicely, as demand continues to outstrip supply. London prices are rebounding (possibly fuelled by foreign investment taking advantage of a weaker pound) and this sends positive ripples throughout the rest of the country.

Most people who are currently buying or selling are doing so because of a real reason that affects their life and lifestyle preferences. While the little-understood implications of Brexit (which may or may not happen) directly affect some people, the vast majority of homeowners are more interested in pursuing their own plans irrespective of the eventual outcome.

This practical and spirited attitude is indicative of a British public who continue to believe passionately in bricks and mortar. Property ownership is a fundamental element of our national character and here at Williams & Goodwin we have been pleasantly surprised at the activity levels during late summer. There is an urgency in the market from buyers and we are pleased that we continue to attract more than our fair share of stock – bucking the national trend for sure!

Why not join other happy sellers, especially if you’d like to move by Christmas and we’ll do our utmost to make it happen for you? Please feel free to call us today for a free no-obligation marketing proposal on 01248 751000 and you too could be taking advantage of these interesting times!

*Source HouseSimple

 

Copyright 2019 Williams & Goodwin The Property People Ltd

16Sep

As a buyer you are in a powerful position, both in terms of the effect your buying decision will have on your own life, and on that of the person from whom you buy.  

If a property were some form of commodity like petrol or milk, then you would simply buy the cheapest stock available. However, buying a home is much less mercenary, and emotions run high.     

Over the years, homebuyers have become used to the idea of making a “starting offer” below the asking price, but it might be worth considering a few aspects of the implications of making a low offer. 

Firstly what does a low offer say about you to the vendor? That you don’t have the money and that any subsequent increase might stretch you beyond your ability to complete the purchase? Does it suggest you don’t really like their home, risking offence? A low offer can often start off the relationship with the vendor on the wrong foot.

And what if your low offer is accepted? Will the vendors experience regret it and continue to market the property, hoping to find a higher price with someone else? The chances of such a buyer being found are high as people usually want a property that someone else wants. We receive more interest about properties which are “under offer” than we do about those for sale!   

It’s about commitment; an offer at, or close to, a realistic asking price tells the vendor you are committed to the property. In return the vendor is likely to demonstrate a level of commitment to you that will result in a successful purchase.

Ultimately, you are buying a home; is it worth losing your dream property for the sake of getting (and possibly losing) some sort of “deal”. Most properties sell for about the “right” price – all you have to be is the “right” buyer! 

 

©Copyright 2019 Williams & Goodwin The Property People Ltd

10Sep

There are many styles of estate agency operating in the Anglesey & Gwynedd area. Picking the right one to sell your property can be daunting.   

Different agencies provide a variety of services, yet some people are unaware of the indirect benefit that apparently unrelated services can offer. Whilst you may be thinking of selling rather than letting your property, have you considered the benefit of instructing an agent who also provides letting & auction services, as we do, as it could be the make or break of your sale, for a number of reasons:

Firstly, as we handle both sales and lettings, we have long-term buy-to-let property investors permanently on our books who buy through us regularly. They know us, they make quick decisions and reliable offers. They prefer to buy through an agency that also does lettings because it is easy for them to then let out their new investment. Indeed, we are often able to find, reference and process a tenant who can move in quickly - even on the day of completion in some instances, thereby helping to maximising the investor’s return on investment!

Secondly, many of our tenants, wishing to get their foot on the property ladder, subsequently go on to buy a property. As we build good relationships with our tenants we are in prime position to be able to help them buy one of our own clients’ properties - smoothing to move from rented to purchased accommodation.

Thirdly, there are times when a vendor decides not to sell, but to rent, or even pursue both options simultaneously, in which case we are of course well positioned to handle both. Likewise, it is sometimes the case that a prospective tenant decides to buy instead of renting, again adding to our stock of pre-qualified buyers.

On a number of occasions we have also changed the method of sale from private treaty to auction and vise versa resulting in a quicker exchange of contracts for our customers.

So when the time comes to sell, pick an estate agent who also offers letting & auction services. It will improve your chances of a successful sale on the best possible terms!  

© Copyright 2019 Williams & Goodwin The Property People Ltd.

 

Who We Are

Williams & Goodwin The Property People are members of the Guild of Property Professionals, National Association of Estate Agents, Association of Residential Lettings Agents, National Association of Valuers and Auctioneers and are Chartered Valuation Surveyors we are members of a National Network of approximately 800 independently owned and operated Estate Agents.

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