Selling Property | Topics | Elizabeth Davenport Blog

Should we use a local Estate Agent or a Corporate?

When it comes to selling a property, especially in the middle to higher end market in Coventry and its surrounding areas, the decision to employ a local estate agent can significantly impact the outcome of your sale. The expertise and services offered by a high-quality local estate agent go beyond the simple act of listing a property. They encompass premium marketing strategies, in-depth local market knowledge, and a level of personalised service that can be pivotal in achieving a successful sale. Here, we delve into the reasons why opting for a local estate agent, despite a potentially higher commission, is a worthwhile investment for sellers of premium properties.

Premium Quality Marketing

In the competitive real estate market, the way a property is presented can make a substantial difference in attracting the right buyers. Local estate agents specializing in the upper-tier market possess the tools and expertise to create high-quality, compelling marketing materials. From professional photography and virtual tours to bespoke brochures and targeted online advertising, these agents ensure that your property stands out in the crowded marketplace. This level of marketing sophistication is crucial for premium properties, where the target buyer’s expectations are significantly higher.

In-depth Local Market Knowledge

Local Coventry estate agents bring invaluable insight into the area’s property market dynamics. Their understanding of local trends, pricing strategies, and buyer demographics is accumulated through years of experience and continuous market analysis. This knowledge enables them to accurately value your property, ensuring it is priced competitively yet attractively to potential buyers. Additionally, their awareness of upcoming developments and local amenities can be leveraged to highlight the unique selling points of your property, further enhancing its appeal.

Personalised Service

Selling a premium property requires a tailored approach. Local estate agents provide a level of personalisation and dedication that is often missing in broader, more generic services. They take the time to understand your specific needs and preferences, offering guidance and support throughout the entire selling process. This includes selecting the right marketing strategies, conducting viewings with potential buyers, and negotiating offers to ensure you achieve the best possible outcome. Their commitment to your sale is a testament to the value they place on client satisfaction and success.

Quicker Sale and Higher Sale Price

Ultimately, the combination of premium marketing, local expertise, and personalised service increases the likelihood of a quicker sale and a higher sale price. While the initial cost of hiring a local estate agent may be higher due to their commission, the return on this investment can be substantial. A well-marketed property, priced accurately and promoted by an agent with a deep understanding of the local market, is more likely to attract serious buyers willing to pay a premium. Furthermore, the agent’s negotiation skills can ensure that the final sale price reflects the true value of your property.

Conclusion

In the competitive and nuanced market of Coventry and its surroundings, selling a middle to higher-end property demands a strategic approach. Partnering with a local estate agent who offers premium marketing, possesses local market knowledge, and delivers personalised service can make a significant difference in the success of your sale. Although the cost of their commission may seem like a considerable outlay initially, the value they bring in terms of achieving a quicker sale and securing a higher sale price cannot be understated. Investing in quality estate agent services is not merely an expense but a strategic decision that is likely to be more than repaid in the sale’s outcome.

Should we reduce our house price to get a sale?

Should we reduce our house price?

The property market landscape in the UK is experiencing a unique confluence of factors leading to reduced activity and a correction in property prices. A once buoyant market, characterised by competitive bidding wars and soaring house prices, is now treading water in the wake of higher interest rates and fewer potential buyers. In this article, we’ll unpack the current state of affairs, the response of sellers, and the choices facing those keen to make a sale.

The Current Scenario: Higher Interest Rates & Fewer Buyers

Historically, low interest rates have stimulated property demand by making mortgages more affordable. But in recent times, England and Wales have been hit with rising interest rates. As a consequence, securing a mortgage or refinancing has become more expensive. This financial reality, coupled with economic uncertainties, has led to a decline in potential buyers entering the market.

Some Properties Still Find Buyers: The Art of Price Reduction

Despite the broader sluggishness, it’s worth noting that not all properties are languishing on the market. As reported by our Stratford, Kenilworth & Coventry Estate Agents, some sellers, recognizing the changed landscape, have acted proactively by reducing their asking prices. This strategy has often borne fruit, leading to increased interest and faster sales.

However, a price reduction isn’t just about slashing figures arbitrarily. It’s about finding that sweet spot — a price that’s fair, attractive, and reflective of current market conditions.

The Waiting Game: Sellers Holding Out

On the other end of the spectrum, many sellers are playing the waiting game. Their reluctance to adjust their asking price stems from various reasons: an emotional attachment to the property, a belief in its inherent value, or a simple denial of the evolving market dynamics.

But here’s the reality check: while these sellers wait in hope, the market isn’t standing still. Prices, in many areas, are falling. A property that seems fairly priced today might seem overpriced in just a few months. For those holding out, there’s a real risk of “missing the boat.” By the time they come around to reducing their price, the market might have fallen further, making their property even less attractive to potential buyers.

To Sell or Not to Sell? Making a Proactive Decision

The property market is like any other — driven by supply and demand. For motivated sellers, the message is clear: waiting on the sidelines could mean missing out on potential sales. While the thought of reducing an asking price can be unpalatable, it’s a strategic move in a market that’s leaning in favour of buyers.

To conclude, in the current subdued property market, proactive decisions are more crucial than ever. Sellers must be prepared to adapt, reassess, and, if necessary, reduce their asking prices. By doing so promptly, they stand a better chance of navigating these challenging waters and achieving a successful sale.

Should We Have A ‘For Sale’ Board?

Some homeowners we speak to are hesitant about having a ‘For Sale’ board when they place their property on sale. But what are the main reasons given for not having a board?

“We don’t want to upset the neighbours.”

“We don’t want people knocking on the door.”

“We think it might be a security risk.”

“We don’t want anyone to know that we are on sale!”

This last one beggars belief! They are seriously saying that they want the house on sale but don’t want anyone to know that it is for sale!!

However, as practicing Kenilworth Estate Agents the most common objection we hear from sellers is this:

“All the serious buyers will be looking online anyway so why would we need a for sale board?”

This is true, most of the serious buyers will search actively online. But many people work long hours or have relatives to care for, etc and simply don’t have much time to keep trawling through websites looking for property.

And whilst the property portals are terrific platforms to find property on, they certainly aren’t perfect. One of the big fall downs of property portals is that the filter systems buyers can apply are simply too good. For example, applying a ‘maximum price’ filter, along with a ‘number of bedrooms’ filter, added to a ‘property type’ filter coupled with a ‘Must Have’ filter can instantly have the undesired affect of filtering out your ideal property.

Ans so your dream home on sale at the end of the road goes unnoticed. You drive past it every day but are oblivious to the fact that it’s on sale because the owners chose not to have a for sale board. It’s advertised at £5,000 over your ‘maximum price’ filter and doesn’t show up in your search results on Zoopla and Rightmove.

By contrast a for sale board has no filters. Everyone on foot, in a car, on a bus, on a bike or walking the dog will see it as they go past. It will be seen by active buyers and it will also be seen by passive buyers. And remember, every potential buyer counts.

Imagine if the sellers of your dream home had decided to have a for sale board it could have been so different: After searching online and finding nothing that fits the bill, you head to work one morning and notice the for sale board. “That’s funny, i didn’t notice that house on Rightmove?” So you reach the office and sneakily take a peak online. Having reset your search filters, there it is… It looks sensational and ticks all of your boxes. Surely you can stretch that extra £5,000?? Let’s call the agent!!

Even in a no through road, a board can alert potential buyers to a property. For example, friends or relatives visiting neighbours or dog walkers passing by. Some buyers even go on Sunday afternoon drive arounds searching for ‘For Sale’ boards in their preferred locations.

Ultimately, buyers expect a house that is for sale to have a For Sale board outside it. The board sends a very positive message to potential buyers, confirming that the sellers are committed.
A board also helps buyers to locate and identify a property when they go to view, making their experience an immediately positive one.

So if you’re going on sale this year then the message is simple. Get an attractive ‘For Sale’ board mounted outside the front of the property and dramatically increase your exposure to potential buyers. You’ll be moving in no time. by George Hartshorn

Can’t sell? Try renting your property out!

Warwickshire Property Market: Rental Demand Skyrockets as Sales Slow

In picturesque towns such as Kenilworth, Coventry, and Stratford-upon-Avon, an unusual trend is taking root in the property market. It appears that homes listed for sale are being overlooked, often left on the market for extended periods without prospective buyers showing interest. However, an intriguing counterpoint emerges when we take a look at the local rental market. Rentals are being snapped up at an unprecedented rate, often within hours of being listed.

So, what’s driving this seemingly paradoxical scenario in the property market?

Surging Interest Rates and Dwindling Lettings Stock

At the heart of the matter lies the 15-year high interest rates that are currently acting as a deterrent for potential home buyers. This surge in borrowing costs is forcing many to reconsider buying property and instead opt for rental accommodations. In particular, first-time buyers who may lack substantial savings are feeling the pinch.

On the other hand, the lack of available rental stock is fueling a frenzied rush for the limited properties that come up for lease. Recent data suggests that the demand for rental properties far outstrips the supply, leading to a situation where rental listings are often removed within minutes of being advertised.

In a striking example, a property was listed for rent in West Coventry and had to be taken down just 15 minutes later. The response was overwhelming, with phones ringing off the hook and viewings oversubscribed. Some Kenilworth Letting Agents have also described similar scenarios. It is indeed a sellers’ market when it comes to rentals, and property owners are finding that their listings are hotter than hotcakes.

The Silver Lining: Challenges Turn into Opportunities

While the situation does present challenges, particularly for those attempting to sell their homes, it also offers unique opportunities. Property owners who are struggling to find buyers might consider switching gears to take advantage of the buoyant rental market. This tactic could potentially offer a steady income stream, offsetting the costs of high-interest rates, and providing a profitable stop-gap solution until the sales market picks up again.

Additionally, in such a tight market, landlords have the luxury to be more selective about their tenants, possibly leading to longer tenancy agreements and less turnover, thus saving on the costs associated with vacant periods and new tenant acquisition.

The unprecedented circumstances have also created an environment ripe for property investment. Those with the capital to invest could find lucrative opportunities in purchasing properties to lease, capitalising on the high rental demand and attractive rental yields.

Looking Forward

Given the current economic climate and housing market conditions, it is likely that this trend may persist for some time. However, every challenge in the market also provides a chance for innovative solutions.

The property market has always been cyclical, and while high interest rates and low rental stock have created an unusual dynamic in towns like Kenilworth, Coventry (where there are unique opportunities within the Coventry Student Rental Market), and Stratford-upon-Avon, they have also opened up new opportunities. As the market continues to adapt and evolve, it will be interesting to see how landlords, investors, and potential home buyers navigate these changing tides.

Interpreting Viewing Feedback

Once your home is on the market and buyers have been to view, your Estate Agent will start to send through feedback from each applicant explaining exactly what they thought of your property. There are opportunities here to try and make sense of the comments that come back and possibly act upon them if no offers are forthcoming. Sometimes feedback can be very revealing and point to a specific problem that needs to be addressed or overcome.

If a buyer has one particular objection about a property then this is often a positive sign. So if they are worried about the busy road but like the property generally then it’s the job of your Estate Agent to sell them the positives and try to persuade them to make a compromise on this particular point, perhaps by mentioning that similar properties on a quieter road would cost that much more. Or maybe if the garden isn’t quite as big as they hoped, the generous living space will make up for this and again, the buyer may be prepared to compromise.

Of course if the buyer reels off a whole list of reasons why they’re not interested or says that they simply “didn’t get the right feel” then it’s unlikely that they’ll be making an offer. Similarly if the house itself is too small for their needs or the location just isn’t right, it’s unlikely things will progress.

On average you’ll probably need around 8-10 viewings to receive an offer. If you’ve had umpteen viewings with no offers and lots of negative feedback then this is the market’s way of telling you that the price is probably too high. Similarly, no viewings at all after several weeks usually either means the price is too high or that the property isn’t being marketed in the right way. Take a look at the photos your agent has produced. Are they crisp, well composed and brightly lit? If the photos are poor then buyers will assume the house is poor so don’t put up with poor quality marketing from your agent. Do you need a For Sale Board? If you haven’t had one up to this point, then it’s worth considering as it may attract fresh buyers.

Finally be prepared to act upon feedback and liaise closely with your Estate Agent throughout the process. If buyers keep pointing to that damp patch on the ceiling or that peeling paintwork on the front door, then you really need to get it sorted. Communication is key and if you listen to what the market is telling you then you’ll be well on the way to finding that right buyer and achieving a sale.

The Fear of Moving Home

Current market conditions for property sales are giving mixed signals. High demand from buyers but little to choose from is still providing upward pressure on prices. At the same time there is a reluctance amongst some sellers to ‘take the plunge’ and list their property for sale.

Q. But what is there to be afraid of?

Conversations with potential sellers show that there is a pattern here, generally the reluctance is due to fear of not being able to find a suitable onward property. The reason: there’s not much available at the moment!!

This catch 22 scenario is not uncommon in the housing market and is certainly not a new phenomenon, after all who wants to sell and then be left homeless or forced to go into rented.

In reality this ‘doomsday’ scenario’ is not a realistic pitfall. The advantage of the English & Welsh property market is the flexibility of the system. Until exchange of contracts there is no legal obligation to go through with the sale and no possibility of being forced to move. This ‘flexibility’ of course has plenty of downsides including gazumping (when another buying outbids the original buyer), gazundering (when a buyer reduces their offer at the last moment), withdrawal, fallthrough, etc.

In Scotland by contrast, once an offer is accepted, the buyer is contractually obliged to go through with the transaction, as is the seller. So one can understand a reluctance of Scottish sellers to go on sale if they haven’t found somewhere to go. But in England out system provides that flexibility and choice right to the finish line, meaning if a seller can’t find somewhere to move to then ultimately they don’t have to go through with the sale. So the reality is that there is no risk in going on sale.

Q. But isn’t it expensive to go on the market? We don’t want to waste money unnecessarily?

If you use a traditional estate agent there’s no cost either as fees are only charged upon completion of sale.

For further advice on selling or buying in this ever changing market speak to one of our property agents who will be delighted to help.

Does the Presentation really affect the Value?

In a boom market, where everything that goes on sale seems to sell instantly with multiple offers and buyers clamouring to purchase, we sometimes get asked the question: Does the presentation really matter that much? Surely the property will sell anyway is this market?

That may be the case, however a large percentage of potential buyers will still be turned off by clutter or a lack of cleanliness, or ancient wallpaper, or pet smells. And if a substantial portion of your market is frightened off then you are effectively reducing demand and therefore value.

The good news is that it doesn’t necessarily require a large budget to bring a property back to life and give it that extra curb appeal again. Simply cleaning, tidying and decluttering can make a world of difference.

Excess furniture and clutter should be packed away or put into storage, childrens’ toys cleared away, any peeling paintwork should be touched up. In bathrooms it’s essential to replace mouldy sealant and revive any dirty grouting. Kitchens need to be ultra-clean and free from grease and grime. Broken cupboard doors must be fixed and dirty carpets should be cleaned or replaced. Bad smells (from dogs or other pets) must be eradicated, they’re a real turn-off for buyers.

Lawns should be cut, hedges trimmed, borders weeded. A few nice potted plants and hanging baskets will really freshen things up. The driveway or front path should be freshly swept and a new front doormat saying “Welcome” will create an inviting first impression.

And if you simply don’t have time to do all of this then you should pay someone to do it for you. It will be well worth the investment. A clean and well presented property will always sell before a similar property that’s messy and untidy. Put quite simply, a better presented property is worth more money.

For further expert advice about selling or renting your property, call one of our experts today and we’ll be happy to chat.

A Sign Of The Times

Selling and Buying property is an ever changing game. The last few years have seen monumental changes to the way that people search for suitable properties to purchase.

With an increasing proportion of the initial searching being done online, buyers can search for their next home or investment from the comfort of their armchair or whilst sitting on a train or perhaps even while at work (heaven forbid!). Just a few years ago the property information would have come in the form of a long winded and tediously long description of the house or apartment in question, with paragraph after paragraph about fixtures and fittings, kitchen worktops and glazing descriptions.

Nowadays of course, these boring write-ups are all but forgotten and have been replaced with high quality photographs, detailed floor-plans and HD Video Tours, especially from the higher quality estate agents.

The one thing that remains the same is when the buyer actually goes to view the property in person. Modern gadgetry at this point is irrelevant and all that matters then is for the estate agent to show skill and understanding of the buyers’ requirements and help them in making the correct decision. And if the property they are viewing is not suitable, a skilled agent will be able to suggest a suitable alternative. That’s where we come in.

Our viewing representatives have years of experience and will help to get your property sold for the maximum possible value. They also work at weekends and in the evenings on selected days, meaning greater flexibility and more sales agreed for you, our customers.

Now that’s progress….

Stamp Duty Holiday Extended!

Good news for home buyers and sellers. The Chancellor Rishi Sunak has announced an extension to the current stamp duty holiday. This is great news if you are considering buying or selling this year and firmly gives the green light to a busy spring for the housing market.

The current £500,000 nil-rate band in England and Northern Ireland will apply until 30 June. Between 1 July and 30 September, it will be reduced to £250,000, and then from 1 October, the previous threshold of £125,000 for home movers will be reinstated. In practice, this means that people buying before 1 June will be able to save up to £15,000, while those buying between 1 July and 30 September will be able to save up to £2,500 in tax.

Whilst October seems a long way off, due to the nature of the property market and the lengthy process involved, we recommend taking the plunge sooner rather than later if you are looking to save money. From start to finish, the house buying process typically takes around 5 months so if you put your house on sale tomorrow or start searching for a home then you could hope to be moved by September. The process can of course be quicker but this is a typical timescale.

If you are weighing up your options and need further advice, then why not request a visit from our valuer. We can provide advice on all aspects of buying and selling and there is no obligation. Call us today to book a free appointment on 01926 298 298.

Accepting An Offer On Your Property

Selling property is a process that many homeowners have limited experience of and it can be a maze of processes. However is some instances it can also be relatively straight forward and choosing the most suitable buyer can streamline the whole process and substantially increase the liklihood of a successful result.

Once you’ve marketed your property for sale and received viewings the offers will start to come in. It’s easy at this point to play buyers off against one another in order to drive the sale price as high as possible. However this is also an ideal opportunity to cherry pick the best buyer that can proceed to completion in the smallest time frame with the minimum amount of fuss.

There are a number of factors that drive the suitability of buyers and these include:

Finances: does the buyer require a large mortgage or are they a cash buyer?

Chain Details: Does the buyer have a property to sell and if so how long is the chain?

Solicitors: Does the buyer already have a solicitor. If they do is it an established local practice with local market knowledge and experience?

Your Estate Agent can advise you on the suitability of any particular buyer. The amount they have offered is clearly an important factor but you should strongly consider the buyer’s circumstances and sometimes it may be better to accept an alternative offer if the underlying circumstances are superior.

Having the luxury of multiple offers often depends on how well the property is marketed and correct exposure to the best potential buyers, including both active and passive purchasers. Elizabeth Davenport are experts at maximising the number of viewings on a property and this in turn often leads to multiple offers and finding the best candidate to purchase. Call us today on 01926 298 298 to arrange for your free, no obligation valuation.