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07May

The pressure for a decisive Brexit result has clearly provided the country with a sigh of relief and a bit of breathing space – finally. Most people now realise that life goes on and whatever the eventual result, if there ever is one, it is probably more likely to affect their political sensitivities more than their actual pocket.

This has been borne out by the increase in activity we have experienced over the past few weeks as we find ourselves in a surprisingly “traditional” spring market.

Nevertheless, sellers should remain vigilant. The market is by no means overly buoyant and the Bank of England this month kept its base rate at 0.75% in recognition of their forecast that house prices could fall slightly (1.25%) in the year to Q4. It had previously expected growth of 0.25% per quarter. This projected fall is primarily due to a slight increase of supply in relation to demand and may have already started - the Land Registry reports that prices are already 0.8% down on last month, with the average house price now standing at £226,234.

It is therefore more important than ever that sellers ensure a property for sale is presented beautifully and priced keenly if it is to compete favourably. Buyers are taking their time and looking for perceived bargains, although ultimately they will pay top dollar when they see good value.

The key is to ensure your property sells fast as buyers are quick to sense an “old chestnut”.

Interestingly, mortgage approvals did however rise in March, according to UK Finance, with approvals up 9.1% on last year. This suggests that the increase in stock earlier in the year rose to meet buyer demand and it is this increase in transaction volumes that has been the missing component in the market for years. Ha! – the market only ever seems to be in perfect balance for about 20 minutes! 

So whilst spring is still in the air, why not consider a move? Your timing could turn out to be perfect. Please feel free to contact us on 01248 751000 for a fast, informal idea of the value of your property today.

©Copyright Williams & Goodwin the Property People

 

03May

Possibly prompted by a lack of supply, increasing numbers of home movers are renting as an interim measure prior to buying their next property.

In such a market it can be tempting to stay put until the right house comes onto the market. However, many people who have done this, and who find the right onward property, then find themselves in a position of not having sold their own property fast enough to secure the next place. Chicken and egg?

It’s not for everyone, but the opportunity to rent between properties fills this gap, and can make financial sense as well as providing flexibility for those who are prepared to consider a short-term extra move. Here are the two problem scenarios interim renting solves:

1. You put your own property on the market, and look around for a new one. Inevitably your dream home just happens to be on the market and you’d like to buy it. But without first having sold your own you are not in a position to do so. But you make an offer anyway, in the hope that you’ll find a buyer soon. However as you are not in a strong position, the seller may not accept your offer, unless you offer the asking price, or even more. You then find yourself having to accept a low offer on your own sale in order to sell fast enough to secure your onward purchase. You end up buying high and selling low, thereby losing out financially at both ends.

2. You put your own property on the market, and quickly find a buyer, but have not yet found a suitable onward purchase. As you can’t effectively deliver until you have found somewhere, you potentially stand to lose your buyer, who can’t wait. Your property then remains on the market and risks “going stale” thereby losing value as time goes on.

Interim renting solves both these problems. By finding a buyer first, you can hold out for a higher price as there is no pressure on you to purchase, and no upward chain. Then from a position of strength in a rented property you’ll be one of the hottest buyers on the market and more likely to be able to secure the pick of the new properties to market, possibly at a lower price too, as you’ll be regarded as a strong buyer with no downward chain. Your “premium buyer” status may also mean that estate agents will offer you properties that are not on the open market, thereby expanding your choice of new home.

Interim renting is a win-win solution – so why not call us on 01248724040 to find out how it can work for you too.

© Copyright 2019 Williams & Goodwin The Property People Ltd

01May

For homeowners wishing to sell their property and buy another, it’s the classic dilemma; which do you do first - buy or sell?

Typically, people initially investigate the market to find out what they can buy for their money. Inevitably, during this research they fall in love with the “ideal” property. As they have yet to sell, as purchasers, they find themselves in a weak position and are unlikely to have anything below an asking price offer accepted. After all, why should a vendor limit the sale of their property to the saleability of someone else’s?

Even if terms are agreed, then what? You end up being forced to sell quickly, possibly at a low figure, so that you don’t lose your new property. Annoyingly, once a property goes under offer, everyone seems to want it!

The difference between your expensive purchase and cheap sale could cost you as much as 20% more than the cost of a move in more controlled circumstances.

So be cool. Sell from a position of strength, and buy using the power of cash. A proceedable purchaser is a joy to the ears of an estate agent and you might even be offered “off market” properties of which other buyers are unaware.

As for that dream home – isn’t it rather a coincidence that the perfect property just happens to be on the market at the precise moment you are looking? There is always another one around the corner, and it may even be better! And if you don’t find a suitable property in time, then you are hardly likely to be homeless, as nobody is going to force you to sell until you are ready – it is entirely your decision.

We aim to reduce the pressure of moving for our clients in many ways, but our answer to the chicken and egg scenario is emphatic …the chicken!

Please feel free to contact us on 01248 751000. You’ll get straight-talking good advice and we should be able to give you an idea on the spot of how long it should take to get you moving.

23Apr

Estate agents’ market valuations are usually free, and because of this, it is very tempting for prospective sellers to invite a number of agents to comment and then select the agent that suggests the highest likely sale price for the property.

However, we advise caution on this issue. Some agency “valuers” are paid bonus on the number of new instructions they secure, irrespective of the saleability of the property offered for sale at their suggested value. The easiest way for an estate agent to win your business is simply to suggest a flatteringly high figure, but many people who fall into this trap live to regret it.

One of the problems is that most people have only a cursory idea of what estate agents actually do and, just as importantly, the values they cherish and what service they offer. Ironically, it tends to be the cheaper, untrained or inexperienced agents who quote the highest values, yet it is the well-trained, experienced agents who have the skills to secure the best prices for their clients in the most convenient timescale.

So when selecting your estate agent, by all means invite several to comment on value, but then choose the agent who demonstrates mastery, and who actually has a marketing plan in place, along with superb post-offer follow-up facilities.

Additionally, find an agent that you like! One who has the integrity to offer straight-talking advice and who uses superb communication skills to keep you informed every step of the way, before, during and after the sale, thereby minimising the stress of moving.

In estate agency, a high valuation does not necessarily mean you’ll get more for your property, nor does it indicate a high-value service! The agent you rate most highly will probably also be the one who suggests the correct asking price.

24Mar

Williams & Goodwin The Property People Ltd inc. All Wales Auction who have two agencies with The Principality Building Society received visit this week from Wales’ largest building society CEO - Steve Hughes who was appointed the role in February this year.

To view more information click here.

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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