Its a question that we here all too often. “What’s the secret of selling my home quickly and for the highest possible price?”
This questions gets asked of us by not just homeowners looking to sell, we also hear it from some of our own competitors in the Estate Agency Industry. At Elizabeth Davenport we have years of experience trying and testing different formulas and know exactly what works and what doesn’t when it comes to getting a Sold board up outside a property.
And today I am happy to reveal a very large secret (but please don’t tell the other Estate Agents!). The secret to selling a property in any given price range and in any given condition in the quickest possible time and for the maximum possible price is this:
Quite simply, you need to generate as many viewings on the property as possible, concentrated together within a set time frame. That’s it! Not Rocket Science. Just common sense. Simple economics dictates that high demand equals high price. By contrast, low demand (low number of viewings) equals low price.
“But how do I get a higher than average number of viewings?” I hear you ask. That’s easy too. Simply call Elizabeth Davenport Estate Agents on 02476 010105 and invite us to market your property with our specialised methods and we promise to get you a high demand for your home.
When you decide to sell your home the net amount you walk away with will be critical to the amount you can afford to pay for your next home. This net amount is what your property sells for minus all of the costs of selling and moving.
The costs of selling and moving include the estate agents fee, solicitors fees, removal costs, stamp duty, plus any mortgage redemption and set-up fees. In total these costs can typically amount to between 2 and 5% of what your home sells for. That’s a lot and so trying to keep these costs down can seem like a sensible idea.
So if you hunt around and bargain hard on these fees by choosing the cheapest options you could possibly save yourself perhaps 0.5% of the sale price and on a £200,000 house that’s £1,000 in savings. Nice job.
Here’s the flip side. When it comes to selling property, the difference between good marketing, skilled negotiation and professional local knowledge versus cheap marketing, call centre negotiation and a distinct lack of local knowledge, the result can be as much as a 5% reduction in the sale price of a property, sometimes more. On a £200,000 house this would be a difference of £10,000.
Elizabeth Davenport offer a high quality estate agency service via skilled local professionals who will fight hard to get you the maximum price for your property and could ultimately save you 10s of £thousands by getting you a better sale price.
Call us today to find out more about our exceptional service and dramatic sales results.
So what do Mr Osborne’s tax changes mean for buy-to-let investors in Coventry after 1st April 2016? Time for a heated debate? Well it would have been nice to have had one at least!
“Frankly, people buying a home to let should not be squeezing out families who can’t afford a home to buy,” So George Osborne proclaimed in his Autumn Statement, before announcing major policy changes aimed at making buying property to let out less profitable to investors. Noble comments indeed but do we seriously believe that the intention is not to raise money for the treasury? Will this decision slow Buy to Let? Will first time buyers and owner occupiers have more opportunities?
The reigns have been pulled taught at the coal face and beyond into the mine. To purchase an investment property or a second home the buyer will, from April 1st, have to spend 3% more in stamp duty than anybody else. This places a charge of 3% up to £125,000 where owner occupiers pay 0%. Between £125,000 and £250,000 3% is added to the existing 2%. £250,000 to £925,000 adds a further 3% to the existing 5%. Then, once rented, the landlord will also have to suffer a variety of further profit dampening changes. I’m not crying about all of this but I do think the changes are too fast and too hard.
At Elizabeth Davenport we have seen a volume of buyers investing from London. This is where Mr Osbourne’s theorising hits a potential brick wall. His buy to let investors in Shoreditch, Twickenham and Croydon may well decide to look elsewhere where the expenditure is less and the short term returns equally attractive. This may free up potential “1st Time Buyer” opportunities on his doorstep but geographically the investment will just occur elsewhere. My theory is simple at best and wrong at worst. Realistically the volume of buy to let investors from outside of Coventry will grow and there will no change to the volume of first time buyer opportunities whatsoever.
Thinking practically if you wish to purchase a second home or buy to let investment then move fast! Look for chain free properties or tenanted homes. Don’t quibble about a reduction of £2000. On April 2nd it will cost you a lot more than that.
This December has seen a record amount of activity with many new properties coming onto the market. This bodes well for the New Year when buyers will re-surface from the Christmas break looking in earnest for their new homes.
In recent years there has been a short supply of property during the New Year spell. At Elizabeth Davenport we have been putting lots of new homes on sale during December and expect the majority of these to sell during January.
We have a huge database of registered buyers waiting for the right property, so if you’re thinking of selling then now is a good time to give us a call and we’ll explain how we can find you a buyer quickly and effectively. Recent independent statistics provided by Rightmove have shown that in the majority of price-bands, Elizabeth Davenport sold more properties in Coventry than any other Estate Agency branch in the city (during 2015). Our representative will be happy to verify theses statistics during the valuation process for your property.
If you’re looking to maximise the return on your home then give us a call. As we have access to more buyers than other Estate Agents we will almost certainly be able to sell your property for more money and in a shorter timeframe. Call us today on 02476 010105.
Did you know that the last Calendar year has seen us sell more houses in excess of £190,000 than any other agent in the Coventry area. We didn’t. Not until we received communication from Rightmove directly expressing there congratulations. Our stock levels are often considerably less than our competitors but from this smaller stock we are selling a higher percentage of homes. We were delighted with this. Selling more from a smaller stock means more client care and better service. Clearly the marketing, photography, office staff and viewing representatives are all doing their job properly too!
However, this success is only is only one half of a very different story! There is a massive market of property that we often don’t get the opportunity to work with. Market research has shown us that the reason our instruction of properties under £185,000 is a lower percentage is due to the publics perception that our agency only deal with “expensive” homes. Will our fees be “higher” than other agencies? We are pleased to tell you, they are not!
Our ethos, when we launched our business, was to provide “every seller with the opportunity to have the very best of service and presentation but with very much an “average” fee”.
Last year one particular month saw us sell a home for £625,000 and another for £75,000. I am pleased to tell you that both sellers received the same level of service, the same quality of brochures and photography, accompanied viewings and full sales progression support. The most interesting point for myself was that the sellers of the Willenhall apartment reviewed our services on Google expressing there satisfaction. They also stated they loved their home above and beyond that expressed by the sellers of the Detached home in Styvechale.
Truly every home is a castle and every seller deserves the best possible service. Nowhere does the legend state that they have to pay the most for it!
Just last week we received instructions to sell a property in Coventry. The agreement was for 2 agents (Elizabeth Davenport plus one of our competitors) to market the property simultaneously. The idea of appointing 2 agents is to get a quicker sale for the client and because of the extra competition, presumably obtain a higher price for the property.
Sadly the arrangement soon became counter productive. The other agent involved received the first offer on the property. Their immediate response to this was to suggest to the owner to quickly accept the offer and remove the property from the market. Under any circumstances this is not the best advice to give especially when an offer has just been received and there are several other viewings booked in. Higher offers could well follow from other buyers so to accept the first offer instantly is questionable.
As it happened our agency subsequently negotiated a higher offer with a second buyer, well in excess of the one received via our competitor. By then though a deal had been struck and the original offer firmly accepted. The owner of the property, true to their word decided to stick with the original deal. They have now been left substantially out of pocket.
If one Estate Agent had been appointed then a different outcome would probably have prevailed and I suspect the owners would have now accepted a substantially higher offer on their property. Using multiple agents to sell your home is often NOT the best way forward.
Elizabeth Davenport specialise in sole agency and will get you the best results bar none. Call our office to day and arrange a free valuation for your property.
The housing market in Coventry and the surrounding areas has moved up a gear in the last 3 months or so with a flurry of activity from buyers and many properties selling very quickly for full asking price.
The demand seems to be driven by the healthy job market in Coventry with many new positions being created by large firms such as Jaguar LandRover. This is leading to an influx of people moving into the area and adding heat to what was already a healthy property market. Speaking to an RICS valuer the other day, he was of the opinion that prices have risen in Coventry around 5% since the beginning of the year which is considerable by any standards.
There still remains a shortage of stock for sale though and this is adding further upward pressure to prices as well as meaning that we are currently without doubt in a sellers’ market. Great news then if you are a seller. Good news also if you are a buyer, despite the fact it may be more competitive and trickier to purchase a property, once you’ve found somewhere the long term growth prospects look excellent.
So overall it’s a win win. If you’re about to buy or sell a property (or both) then contact Elizabeth Davenport for expert technical advice and friendly support. We’re waiting for your call and are available on 02476 010105.
Once you’ve marketed your property for sale and received viewings (all being well) the offers will start to flood 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 (in no particular order):
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 or a cheap conveyancing warehouse found on the internet?
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 a lower offer if the underlying circumstances are superior.
Having the luxury of multiple offers often depends on how good your Estate Agent is at attracting buyers in the first place and this as always comes down to the quality of the marketing materials and setting the correct asking price. 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 buyer. Call us today on 02476 010105 to arrange for your free, no obligation valuation.
I 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 (by now) desperate 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 don’t claim to be the cheapest in town but we do 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 02476 010105 and we can help get your home sold.
I recently decided to check the ‘value’ of my own house by going online to a well known website’s automated valuation system. I was staggered at the figure it gave me.
I bought the property nearly 10 years ago for a bargain £125,000 and I’ve since spent a considerable amount of money on improvements and alterations. At the same time values in the area have gone up due to an influx of investors. I live in an area that is convenient for both universities as well as Coventry city centre and it’s close to lots of good shopping and bus routes. The local schools are also highly regarded and the area has seen a good deal of investment in recent years.
So naturally I was intrigued and excited to see what my property is now worth. And to my amazement I logged onto one of the biggest property portals and was ‘reliably’ informed that my house is now worth a whopping……………………… £127,179 !! 🙁 I mean, come on. Thanks guys, that’s really useful. If I decided to put my property on the market tomorrow, buyers could see this figure and could use it against me when negotiating. Or worse, it would probably just put them off my house altogether. So how did this well known property website arrive at this figure?
It would appear that the figure is automated and has simply taken the last sale price and adjusted it according to Land Registry data for the Coventry area as a whole. No adjustment has been made for all of the work I’ve done to the house or the investment in the local area. But then it’s just a website so what did I expect?
The reality is that no website can accurately value a property with a ‘random number generator’. So I’ll be speaking to an Estate Agent to get a proper valuation done. And if you’re reading this I’d encourage you to do the same. Elizabeth Davenport have experienced valuation experts who provide professional and reliable advice on selling all types of property. Call them today on 02476 010105.