There’s no denying it’s a difficult market right now. Even though agents are reporting a surge in new buying applicants, the proof I’m afraid is in the pudding, and Land Registry have recorded lower sales volumes this year than last.
Buyers are More Choosey
Let’s think about this for a second. If a buyer has selected the area they want, and they know the type and size of the property they need to meet their needs, what factors will affect them making, 1). A decision to view the property, and 2). A decision to buy the property
Viewing A Property
Statistically you are 88% most likely to find the property on the internet and there’s a good chance the website is Rightmove.
The property is likely to meet the buyers requirement for size, location, asking price and then perhaps the way it looks (they might have a preference for a particular style – such as a period property, or they might be looking for something ‘move-in ready’ or conversely something that needs significant work so they can re-style a blank canvass).
This is the reason why your marketing needs to be spot on. No skewed pictures of a toilet basin please, or the wardrobe in the corner of the bedroom. It really won’t help you to get foot traffic.
Make Sure Your Asking Price is Correct
It’s another reason why pricing is so fundamental in a difficult market. There just aren’t as many quality buyers right now. Mortgages are more difficult to get and there’s still a general slump in public morale with a significant number of job losses anticipated throughout this year.
There’s a lot of unsold stock clogging up the market right now, and mainly because agents are still having a tendency to value property too speculatively. What makes your property stand out. Is it the condition? The price? The only of its kind for sale in a really desirable location? If not, then why do you think you’ll stand out against your competition (other sellers)?
You have to price correctly to sell within a reasonable time-frame now. Even award winning agency chain Roman’s has commented on this recently in the press.
Roman’s said says: “The change we have in this market is that a house is worth the most when it first goes on the market because prices are dropping. The problem we also have is that while a lot of stock is available, there is a lack of abundance of fresh stock coming onto the market and an issue of over-optimistic valuations, which is proving a costly exercise for vendors.
“Not only will they not sell the property, but by the time they realise that they’ve got to reduce the price, they have to do so to a figure below that that they would have first put it on for.”
Preparing Your Property – Help the buyer to make their decsion
Agents fees in London average 1.8% plus VAT. Based on an average sized 3 bedroom family home at £400,000, your fee would be £8640. Our lowest fee is just £795. That leaves you a fair bit to invest in your property to ensure you can find a buyer quickly.
Why not try a home-styling expert to help you prepare you property and make it really stand out from the crowd? Surely if you price you property correctly (we use a RICS surveyor to ensure this), and it looks great in the photo’s (and in real life too), then your chance of getting the best offer is exponentially higher.
Here’s a home styling expert: http://www.home-truths.co.uk/
Its worth considering the factors that really affect the saleability of your property. If you are happy to meet potential buyers, we can advertise your property brilliantly. We only use a professional to make sure its as good as you’ll get.
Preparing your property for sale might not cost as much as you think.