The national Brexit crisis of 2019 now seems like a feeble storm in a teacup compared to the latest news headlines and developments. Aside from people’s fears regarding their own family’s health and wellbeing, most of us could also be forgiven for wondering what financial burdens Coronavirus may bring.
In terms of the property market, the signs of a slow down haven’t materialised at date of writing (11th March 2020). Whilst houses aren’t shifting at the same rate as sanitiser or loo roll, record sales were recorded by our Kenilworth & Leamington Branch in February and March has begun in much the same mould. Buyers clearly aren’t being deterred and are getting on with it. Sellers seem a little more hesitant and so there is a shortage of quality new property coming to market, thus if you’re considering selling then there couldn’t be a better time to take the plunge.
Once you have decided to go on the market then there may be some precautions worth taking. Consider what provisions your Estate Agent is taking to ensure your property continues to be marketed during the coming weeks. What contingency plans do they have in place in case their staff are unable to come into work, will they still be able to take calls and enquiries or will your house sale be forced to self isolate?
At Elizabeth Davenport, we have made extensive plans for every eventuality including ensuring that our phone lines will be fully manned in the coming weeks and months, allowing your home to be marketed fully and a sale achieved. Check with your current agent what provisions they have put in place, if they “umm and arr” (or don’t answer the phone!) then it may be time to wash your hands of them.
If you would like further information or advice regarding your property sale then please call one of our helpful agents who will be delighted to chat and offer advice. We are here to help.
When you decide to sell your home the presentation of a property is vital to making that all important first impression to potential buyers. When I say first impression, I don’t mean when hopefully a potential buyer makes an appointment to view, I mean when a buyer first sees a picture of your home amongst lots of other similar properties online.
I’ve been saying for some time now that in my opinion how the property is presented for the photographs has become the most important factor for selling your home at a good price. Why is this? This is because without making your property stand out on websites like Rightmove and OntheMarket.com, buyers may never give you the opportunity to make a great first impression in person, by declining to make a viewing appointment in the first place.
De-cluttering rooms as we know is key in making a property more appealing. This is because the rooms feel bigger, look tidier and so become more inviting. There is also less chance of offending potential buyers! The masters of presenting properties for sale are of course the new homes developers many of whom are large national home builders who have large resources at their disposal. Their show homes are often the ultimate examples of how to successfully present property for sale: beautiful furnishings and fittings coupled with no clutter whatsoever.
Of course if you live at the property this is harder to achieve, personal belongings and children’s toys have to go somewhere after all. However, with some clever thought and sticking to the principal of less is more (perhaps consider putting a few things into storage), your property will attract more interest online and therefore more requests for viewings.
MORE VIEWINGS = HIGHER DEMAND = HIGHER PRICE PAID + FASTER SALE TIME.
At Elizabeth Davenport we know what it takes to sell your home at the highest price the market will pay. If you are thinking of moving or know a family member or friend who is, please give us a call today for some free and friendly advice.
The question we get asked the most on this is “Should the agent or the homeowner conduct the viewings?”
The short answer is that either of these methods can work well. A confident homeowner can do the job very well, the key is simply not to try too hard. You have to understand that you can’t hard sell a home to someone. They will often get a feel within a minute or two of entering the property and if it’s not for them then no amount of sales tactics will change their mind. So if you are orchestrating your own viewings, simply be friendly and helpful when buyers come round to look. Point out things that may not be obvious to a potential buyer such as underfloor heating or proximity to good local schools. DON’T point out the glaringly obvious (“This is the toilet”) and DON’T bore them to death with the technical details for the boiler.
Take the opportunity to tell the buyers exactly what you have enjoyed the most about your time living at the property. Be honest and sound passionate and don’t make it sound sales like.
If you do not fancy the prospect of watching strangers nose round your home than ask the Estate Agent to do the viewings on your behalf. If you go down this route then it is very important to let the agent do their job and make yourself completely scarce. And that means popping out prior to all arranged viewings, a stroll to the park or to Costa is a good idea. There is nothing more off-putting to a potential buyer than being shown around a nice property by the Estate Agent, only to walk into the Living Room and find the homeowner lounging on the sofa with a bowl of peanuts watching daytime TV!
If the buyer leaves the house feeling awkward then that is exactly what they will remember about the property………..it felt awkward. So you can rest assured they won’t be making an offer.
REMEMBER. Buyers simply need to be given the opportunity to look round un-rushed and unhindered and fall in love. Then they are likely to make an offer…………..
For more information on how to showcase your property successfully and on the current marketplace, or to arrange a free property appraisal please call Elizabeth Davenport today. We’re waiting for your call.
Recent results showed that house prices in the midlands rose by 33% in the last decade from 2010 to 2020. This compared to average wage rises of 20% during the same period. The price rises were in line with the average across the country, London predictably faired the best with 66% rises whilst other regions in the north and west didn’t fair anywhere near as well.
Rises were way short of those seen in the previous decade. The 2000s saw big property price increases, the midlands saw 108% whilst London faired slightly better at 111%. However these figures still didn’t come close to those achieved in the 1980s when prices in the midlands rose by a whopping 196% over a 10 year period.
On average, prices in the midlands over the last 40 years have risen 88% for each decade. That’s an incredible statistic and illustrates the huge and constant upward pressure on prices. For sure there have been periods of stagnation and falls (notably during the credit crunch when the lack of availability in the mortgage market drained the supply of funds available), but the reality remains that when demand outstrips supply prices will continue to head north.
With a continued shortage of new properties being built and a growing population, this isn’t going to change any time soon so property will remain an excellent investment vehicle into the forseeable future. And with no immediate signs of interest rate rises, the benefits of putting money into savings are hard to see, whilst investing in stocks or shares is a huge gamble unless you know exactly what you’re doing.
The phrase “As Safe as Houses” is here to stay, so if you are after a solid investment or simply looking for your next home, there’s never been a better time to venture into the world of bricks and mortar. If you already own property in the Kenilworth, Leamington or Warwick area and want to know the up to date value, call Elizabeth Davenport for expert advice today on 01926 298 298.
And here are our predictions for the property market for the coming 12 months:
A year where uncertainty becomes certainty, a year where dithering and delay become a time for action. A year where homeowners who weren’t sure become sure and a year where the need for homes and the need for relocation drive the property market as they should, rather than outside unrelated forces.
What does this all mean for the homeowner on the ground? Essentially it will mean more choice when shopping around for a new home, more confidence when going on sale or renting and more positive decisions leading to an all round healthy market.
All of this coupled with continued record low interest rates is excellent news. If you are thinking of moving in 2020, then traditionally January quickly becomes a busy time with lots of activity. This continues into Spring with February, March and April being 3 of the busiest months of the year, usually with activity only slowing down during the school summer holidays, purely for logistical reasons with many families away on holiday.
If you are selling, please bear in mind that once a buyer is found the legal process takes up to around 3 months to complete, so taking steps sooner rather than later is advisable. If you want to start the ball rolling then please call our office for a free market appraisal of your property. Our expert consultants can advise on any essential preparations prior to marketing and answer any other questions you may have about the process in general. Call us today to book an appointment.
In the meantime, from everyone at Elizabeth Davenport Estate Agents please do have a very Merry Christmas and Happy New Year. We look forward to working with you in 2020.
As election fever grips the nation, you may be wondering how the property market will be affected, either positively or negatively? House supply and demand don’t seem to be at the top of the political agenda, falling well below Brexit, the NHS and other big issues in the debate.
However, here are some interesting policy proposals which would directly affect property owners and tenants alike depending upon the outcome of the December 12th vote. Labour are proposing a shake up of Council Tax which will see the property owner be liable, not the resident. So if you own an investment property you would be liable to pay the CT all year round, even when it’s tenanted. On the other hand, if you’re a tenant then you wouldn’t have to pay at all.
Labour also published a paper this year that hinted at removing private residence relief on Capital Gains Tax. If implemented, this would mean paying Capital Gains Tax when selling your primary residence. CGT would also be hiked up on second homes and investment properties, in line with income tax rates as a base line.
Meanwhile, whoever wins the election, a swift and decisive end to the Brexit impasse would certainly help the property market (and no doubt the economy as a whole), whilst most of our clients have decided to “get on with it” during 2019, the delays and dithering have put a small number of people off. In reality though, a high percentage of property sales are driven by necessity, people moving for work related or family reasons, people who are retiring or downsizing, as well as distressed sales and sales of estates. None of these sellers have the luxury of “choosing the perfect time” to move. End Result: a housing market that keeps moving forward. Overall, 2019 has been a good year and we expect 2020 to carry on in the same manner.
A majority government with a sensible approach coupled with a swift resolution on Brexit could be the beginning of something special….
Wow what a summer, the England Cricket team have won the World Cup and then lost the Ashes demonstrating the highs and lows of sport in only a few short weeks – the housing market has been pretty much the same!
We have achieved some fantastic results for many of our clients and yet there have been some properties that have left us scratching our heads. One thing is for certain though, there are buyers out there looking to buy. Mortgages remain competitive and there are still some fantastic opportunities available.
Unlike the England cricket team this summer as an Estate Agency you have to be able to adapt your approach to the current climate. Whether you find yourself facing the red or the white ball, an escalating or stagnant marketplace you have to find a winning formula!
We as a business have had to adapt and adopt a much more proactive approach to seeking out buyers and keeping our selling clients updated as to what’s happening. Gone for now, are the days of buyers queuing up at open house events scrambling over each other to make offers. Whilst buyers are out there pricing has become more of a primary concern than in the past when we were seeing very strong annual price inflation.
The current situation requires careful thought and planning for every property we are entrusted to sell, bespoke marketing plans with checkpoints at various stages to keep properties fresh and appealing. Detailed pricing plans with appropriate method of sale recommendations, planned marketing reviews to learn from buyer feedback. Dedicated trained professionals accompanying buyers round homes are but only a few examples.
So with one test still to play let’s see if England can win at The Oval and send the Aussies home with a tied series. If anyone has worked out how to get Steve Smith out please feel free to email me firstname.lastname@example.org
We recently dealt with 2 identical properties located just yards from one another. Theoretically they were both worth the same amount, there was nothing in it. Both went onto the market within a few weeks of one another and both were sold. BUT…One of them sold for significantly more than the other. How on earth did this happen?
The first property was valued by our agency and subsequently marketed with our usual high quality details and at the correct market asking price. There was a brilliant response and lots of buyers flocked over to view, with several offers being quickly received and very soon a buyer was selected. Job done.
The second property was also valued by our agency, but subsequently went on sale with a low-budget Estate Agent at an inflated asking price. The house sat on the market for several weeks attracting little interest. The photos that appeared online were of poor quality, some were blurred and out of focus, others were very dark and the house looked unappealing. Some weeks later the asking price was reduced to the correct level, however by then the property had gone stale on the market and buyers were suspicious. Three or four months later the owners reduced the asking price further and eventually accepted an offer some 5% below the figure achieved by their neighbours.
They saved several hundred pounds in Estate Agency fees but lost several thousand pounds on the sale price of their home. As someone once said “The cheapest option often turns out to be the most expensive…….”
Elizabeth Davenport have a track record of achieving excellent results for our clients. If you want to work with a High Quality Estate Agent then please call us today on 01926 298 298 and we can help get your home sold.
Despite the school summer holidays and some continued uncertainty surrounding Brexit, etc, a very healthy and encouraging number of sales have been achieved during July and August at our Kenilworth Branch. Sales achieved represented a broad range of values and property types, showing that buyers are electing to “get on with it” and not let the continued media circus put them off.
Not that surprising really when you think about it. I’m currently in the process of buying a property myself, the main motivation being that my family and my son in particular need a bigger home and more space to run around in. It’s a decision that has been made out of necessity and when it comes down to it, the “shall we or shan’t we” dilemma turned out to be a no brainer. As a family we are more interested in ourselves and our own lifestyle than what a few hundred dithering politicians are doing in Westminster.
Purchasing a home and investing in property is a long term proposition and whilst in the short term the market can fluctuate, in the long term property prices always go up. In fact as a rule of thumb prices double every 10 years so the phrase “as safe as houses” has been around for decades and is here to stay. The supply of property available for sale continues to fall whilst demand continues to rise.
If you are still thinking of moving in 2019 then now is a fantastic time, September always brings a busy and bustling market once the kids have returned to school. Call our office today on 01926 298 298 to arrange your free property appraisal and set the ball rolling. You’ll be glad you did.
After a quiet start to 2019, the local property market in Warwickshire has seen brisk activity with record numbers of properties being listed during May and June. In addition May saw both our offices agree a huge number of sales during the same period.
Rewind to February and March and the market was very quiet. It seems that a large number of homeowners were “waiting to see” (what happened with Brexit) and so what normally is a very busy time of year failed to kick into action.
Once Brexit failed to happen many sellers decided to simply get on with it and put their homes on sale. Most people are simply fed up with Brexit now and want to get on with their lives. This is certainly being reflected in all of the sales figures for the year.
If you are still “waiting to see” then you could be waiting for a long time. Now is a good time to make that decision and decide to move home. Prices are perhaps seeing a small correction at present so being realistic with your expectations is paramount, however don’t forget that you can make savings on your onward purchase in a falling market so it’s no bad thing.
For a no obligation, free market appraisal of your property call our Kenilworth Branch on 01926 298 298 or our Coventry Branch on 02476 010105.