Question: When is a property unsaleable?
Put quite simply, every property has a market value and can be sold in a matter of days or weeks. This may sound incredible, especially if you have been on the market for months (or even years) but it is absolutely true.
If a property is stuck on the market then it is for one of 3 reasons. Firstly, the vendor is not motivated to sell, secondly the property has not been marketed correctly or thirdly the property is not being advertised at the right price. There is no other reason why a home will not sell.
Bad neighbours, busy roads, railway lines through the garden, poor decor, old fashioned kitchens, not enough bedrooms, pink bathroom suites, unfinished extensions, holes in roofs, lack of parking, too many bedrooms, no heating system, poor location……………………….. THESE ARE NOT VALID REASONS FOR A PROPERTY TO BE STUCK ON THE MARKET. They are simply factors that negatively affect the value of a property.
So if you have a property that has been stuck on sale for a long time and you think it’s not selling because of the motorway at the bottom of the garden, think again. It’s simply the wrong price.
If you’re about to put your property on the market and aren’t sure which Estate Agent to use then here’s a little help:
Invite at least three agents to your property and get them to give you valuation figures. Whilst they are there take the opportunity to give them a real grilling. Don’t let them set the format of the meeting – it’s your house and you have invited them in. Therefore you should decide on the format and structure of the meeting.
There are three essential questions that you should ask each agent:
1. In the current climate, exactly what percentage of properties that you put on the market do you eventually agree sales on? What percentage do you fail to agree sales for and why do you fail?
2. How long does it take you to find a buyer on average?
3. On average, what percentage of the initial asking price do you achieve for the properties that you sell?
Any agent that cannot answer these questions is either hiding some poor results or knows very little about their own business. You should dismiss any agent that cannot provide details of their results – if they cannot demonstrate a good track record then they don’t have a product to sell, period!
Many agents will put up smoke screens, bragging about number of “For Sale” boards, big shop premises, number of branches, etc. These are all meaningless and irrelevant statistics and have no impact on an agents ability to sell your property. The proof of the pudding lies in their recent results and if they can’t be bothered to provide you with evidence of those results then you should give them the sack straight away.
And always remember: the agent that has the most For Sale boards in your area can only brag one thing; they have the largest number of Unsold properties in your area!
Statistics show that in the current market your property only has a 52% likelihood of selling. That’s just a 1 in 2 chance of finding a buyer. This is a shocking statistic and sheds light on the real state of the current housing market (outside of London).
Many homeowners have no idea of the task ahead when they market their property, usually because of poor advice and a string of broken promises from their Estate Agent. But why should this be the case?
Quite simply, many Estate Agents are afraid to tell you the truth when they value your property. Instead they opt for the easy option and tell you “what you want to hear” promising instant results and recommending an unrealistic asking price. Overpricing is the most common reason that properties fail to sell but other important failures typically include poor marketing details, shoddy photography, poor descriptions, and omission of important information such as dimensions and floor plans.
The good news is that you can instantly increase your chance of selling to at least 84%. This is the percentage of sales achieved by Elizabeth Davenport, Coventry office over the last 2 years. This has been achieved by careful pricing of properties and excellent marketing details including professional photography and high quality printed brochures that show off properties to their best potential.
In the current market don’t leave things to chance with an average Estate Agent. Give your property the best chance of achieving a sale by calling George at Elizabeth Davenport on 02476 010105.
HOW’S THE SALE OF YOUR PROPERTY PROGRESSING?
1. Has your Estate Agent agreed a sale yet?
2. Are they getting plenty of buyers through the door and offers on the table?
3. Are they keeping you fully up to date with progress?
4. Are you completely happy with your Estate Agent?
5. Do you honestly believe they are trying as hard to find you a buyer as they could be?
If the answer to at least two of these five questions is “No” then it’s time to appoint a new Estate Agent.
ELIZABETH DAVENPORT HAVE AN EXCELLENT TRACK RECORD OF SELLING PROPERTY IN THE COVENTRY AND WARWICKSHIRE AREA AND HAVE ACTIVE BUYERS WAITING.
Take control again and call me today on 02476 010105 or mobile 07850 848799. I will devise a strategy to get your property sold within weeks.
Selling your property swiftly and for full market value is not rocket science. It is quite straight forward. And here is the secret:
Only two things matter when selling: PRICE & PRESENTATION
Presentation tails in a distant second. Get the price wrong and the presentation becomes irrelevant. Getting the price right coupled with decent presentation WILL result in a steady flow of viewings and offers, even in today’s so-called “sterile” market. Where many home-owners fall down is by choosing the agent that comes in with the highest valuation. This is a fundamental error and will lead to failure.
Today’s shrewd buyers are well informed and will recognise an overpriced property immediately. They will ignore it and look elsewhere. So the secret is to price competitively, thereby attracting lots of viewings and ultimately more (and hence) higher offers. And when the offers come you will be able to cherry pick and select the buyer who is in the best position to proceed (perhaps a cash buyer with no chain if you are lucky). This will give you a much higher chance of reaching completion without risk of collapsed chains or failed mortgage applications.
As I said, it’s not rocket science.
Once we’ve found a buyer for your property, the process can begin of transferring the legal title over to the buyer. This process takes on average around 10-12 weeks depending upon a number of factors including the type of tenure (eg Freehold or Leasehold) and the number of links in the sale chain.
Entrusting the legal work over to a suitable solicitor or conveyancer is an extremely important decision. This is probably the largest purchase or sale you will ever make and with today’s property prices could run into hundreds of thousands of pounds (or more). A smooth conveyancing process can be vital to ensuring the sale eventually goes through and good communication from the solicitor helps to keep all parties informed of progress.
Hunting around on the internet to locate the cheapest conveyancer you can find makes no sense at all. You may find that you could save yourself a couple of hundred pounds but in relation to a transaction of say £200,000 you would be best advised to use a locally based solicitor who comes recommended. Elizabeth Davenport Estate Agents deal on a regular basis with many of the Coventry Solicitors and are happy to make a recommendation if you do not already have a solicitor in place.
We regularly work with Sarginsons Law who are based at number 10, The Quadrant just a few doors from our own city centre office. Their service is second to none and good communication means that we are always able to keep buyers and sellers in the chain regularly updated. For a quote, give them a call on 02476 553181 and speak to Andrea Nailor.
As the temperatures drop and the nights close in again, Christmas is just round the corner. Will your festive shopping include a visit to the local Estate Agents office to see what’s on offer? If not then it should do!
November and December are traditionally a very quiet period for the housing market with many buyers going into hibernation or hiding away under the mistletoe. Shrewd buyers will see this as a great opportunity to hunt for bargains and find a good property without the hindrance of competition.
So if you’re thinking that you should wait until the new year then it may be worth thinking again. As sure as day follows night, the market will pick up momentum again come January and you could find you’ll be competing with lots of other buyers when the desirable properties come to market. With the average conveyancing period being around 10-12 weeks, an accepted offer at the end of November will mean a completion date in February, so any worries of having to move prior to Christmas are unfounded and not really a consideration.
So pop down to your local Elizabeth Davenport office and after we’ve given you your free mince pie we’ll see if we can find you a suitable dream property to buy.
As the children head back to school for the new term, Estate Agents are looking back at their results for the summer period. At Elizabeth Davenport, we’re no different and have dug out some interesting results for the holiday season.
And in fact the sales figures for July and August have been very good, up on the same period for 2011. By contrast, new instructions are down and overall stocks are currently low. This appears to be consistent with the current market place – several buyers have commented to me how they cannot find what they are looking for and that there is little to choose from. So the market right now is leaving buyers with a lack of choice and plenty of competition for the best properties.
So if you’ve got a property that you are considering putting on sale, now is the time to go against the grain and take the plunge. Traditionally September and October are busy months before the Christmas “hibernation” takes place. New properties to the market right now will undoubtedly attract a great deal of interest and if marketed correctly will attract plenty of offers and ultimately a sale.
As the adage goes “There’s no time like the present”, so why not get a free valuation on your home right now. Call me on 02476 010105 and I’ll be happy to drop by and give you some free professional advice without obligation. The act of taking the first step is what separates winners from losers.
The property market has fragmented into two clearly defined places.
One is the place where houses go on sale at a sensible, current market value figure. The moment they go on sale the phone begins to ring and viewings are booked in. After approximately 6-10 viewings an offer is received, negotiations follow, a sale price is reached and finally the “Sold” Tab goes up outside the front of the property. Painless.
The other place is on the edge of Sanity where common sense and reasoning have no place. Properties are over-valued as standard by overzealous Estate Agents who have no Unique Selling Points other than their silly high prices. Absurd initial asking prices followed by long periods of no interest and no viewings are followed by systematic price slashing. Weeks, months or even years follow before the property begins to attract a decent level of interest and eventually offers. By the time a sale is agreed, the vendors have lost all motivation but gained plenty of grey hairs. The over-zealous Estate Agent still walks away with their fee, despite the fact that they gave their client very poor, if not downright reckless advice in the first place. The client ultimately could well have lost thousands.
You may think this all sounds rather extreme. But this is truly the current state of the market. In all seriousness I can say that I moved house myself in 2004. We went on sale at a reasonable figure and sold to the first person that viewed. The neighbour by contrast put his house on sale at the same time for too much money. He is still there in the same house 8 years later. I have moved house twice more since then!!!
If you are considering putting your property on the market then give me a call. I will visit you at your home and talk through carefully with you recent SOLD prices in the area and suggest a sensible asking price to get you moved quickly and for the market value figure.