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04Jun

As a seller, it is tempting to accept the highest estate agent’s valuation you receive. However, there are three sound reasons why you should avoid overpricing your home initially, as overpriced property often ends up selling for less than it otherwise might have.   

Firstly, buyers buy by comparison. Why should they buy your house if it is more expensive than a similar alternative? This simply does not make sense, and your property is unlikely to sell until such time as any competing homes have sold. By that time your house may have suffered overexposure and be “going stale” on the market.

Secondly, buyer activity is highest when the property is new on the market. If your price prevents buyers from seeing the house, you will have missed this opportunity and may have to wait some time before a suitable buyer is found. Competition between buyers drives up your price, whereas time on the market drives it down.

Thirdly – a clear response to sellers who say “but we can always take an offer!” The problem here is that if fewer buyers see your house, the chance of an offer being received is significantly reduced. The wrong price also attracts the wrong buyers, who have high expectations and are therefore unlikely to offer in any event. People tend to purchase a property at the top of their price range; so your likely buyer pool is people looking in a lower price range than your property, not a higher one. So don’t scare away the right buyers!

Intense buyer activity in the early days of marketing is the key to achieving the highest price for your property, and our job is to help you stimulate such activity.

So be realistic; be competitive; quote the right price and stick to it, and you should readily secure the highest price the market will pay for your home. Accurate pricing combined with an optimistic approach has been one of the keys to our being able to help so many people fulfil their home-moving dreams – to budget and on time!

©Copyright 2019 Williams & Goodwin The Property People

30May

There can be nothing better suited to the internet than property, and hits to property websites far outnumber those of any other industry. The ability to be able to search in the comfort of your own home, usually without having to provide any personal details, is certainly attractive and has transformed the way the public begins to look for their new home.

So will the internet replace traditional estate agency? It would certainly seem not. Ultimately property search portals are regarded by buyers as a supercharged local property newspaper, with a fairly comprehensive selection of homes on offer.

As many sellers have discovered, the benefits of using an estate agent far outweigh the simple ability to source a buyer. In some ways, finding the buyer is the easy bit! The internet certainly helps the agent to do this, which in turn frees up time to be more proactive in helping those buyers identified as being particularly motivated. At the same time, buyers who are “just browsing” need not feel neglected as the internet will keep them happy for hours on end, and might even prompt them to take a more positive step towards moving.

The internet cannot advise on detailed property matters in context, cannot interpret the market, cannot provide strategic marketing advice, cannot negotiate, cannot hold a chain of related sales together, cannot chase solicitors, cannot understand a survey, cannot accompany buyers round property, cannot encourage buyers to view unexpected properties, cannot prompt a buying decision, and cannot provide reassurance when things go wrong. Apart from these, we find it really useful!

Needless to say, if you’d like to speak to a real live local expert in these things, you know who to call! Williams & Goodwin - The Property People

© Copyright 2018 Williams & Goodwin The Property People Ltd

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.

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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