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.
Location? Number of Bedrooms? Size of the Kitchen? Local Schools?
What exactly does drive the value of a property? And what exactly is the definition of value?
The market value is what a willing buyer would pay for the property to a willing seller, once the property was adequately exposed to the open market via the correct channels for the correct period of time (up to 3 months). This figure could vary dramatically depending upon the method(s) of marketing and how many buyers are drawn towards the property in the first place. The number of interested buyers in turn is driven by the quality of the marketing details and the asking price. The marketing details are in effect “the bait”. Poor marketing details (eg poor photographs) is like going fishing with no bait on the hook. You simply won’t catch anything.
The asking price is like a magnet for buyers. A competitive asking figure will create excitement and activity amongst potential purchasers, whereas a high asking figure will have the opposite effect and repel the most likely buyers away in the first place.
Both of these crucial elements (asking price and quality of marketing) will be driven by the choice of Estate Agent that you make. A poor agent will overprice (in order to win the instruction) and probably under market (simply because they don’t know how to use a camera). Elizabeth Davenport Estate Agents are experts in getting both of these fundamentals right and as a result have a very high success rate in selling all types of property.
Call today on 02476 010105 to speak to one of our experts about getting maximum market value for your own property.
Many homeowners are unsure whether to have a ‘For Sale’ board when they place their property on sale. There are a number of reasons they might think of to not have one: They don’t want to upset the neighbours. They don’t want people knocking on their door. They think it might be a security risk.
In reality these reasons are unfounded and there are many advantages to having a ‘For Sale’ board put up. If you decide to put your home on the market then you will generally find it easier to sell with a board for the following reasons:
- Buyers expect a house that is for sale to have a For Sale board outside it. A board sends a very positive message to buyers by confirming that the seller is committed.
- A board helps buyers to locate and identify the property when they come to view, making their experience an immediately positive one.
- Many buyers go on a Sunday afternoon drive searching for ‘For Sale’ boards in their preferred locations. I myself have bought 3 properties, all of which I discovered via the ‘For Sale’ boards!!
- The neighbours will know that the property is on sale very quickly via the internet anyway so not having a board won’t stop them finding out. It’s best to simply tell them yourself than let them find out the hard way.
- If your Estate Agent has an attractively designed board, this can add to the kerb appeal and the saleability of your property.
So if you’re going on sale this year then the message is simple. Choose a high quality Estate Agent like Elizabeth Davenport and get one of our attractive ‘For Sale’ boards mounted outside the front of the property. You’ll be moving in no time. by George Hartshorn
That’s it then! Summer’s over but all’s not lost and being well an Indian Summer will soon begin!
Our Warwick Row office has been open for just over 13 months now and has also seen our sales performance grow by over 150%. This cannot happen successfully without one vital and often overlooked ingredient. Staff.
This week we are proud to have employed Georgina D’Arcy who brings with her a wealth of Estate Agency, Administration and Accounts experience. Prior to Georgina we placed ourself in the enviable position of working with Greg Irish an experienced Financial Advisor and Estate Agent who although based at our office can be made available for home visits whenever our clients require (Within reason of course, he’s got a life too you know.) Prior to Greg, another team member with Estate Agency experience, Nicki Page, had been employed to support Yvonne Haywood in one of our most important public facing roles. That’s not all. We have also commandeered the approachable and multi tasking Craig Emmerton who not only undertakes viewings in a genuinely helpful manner (Rather than with a “just opening the door” and “feel free to have a look around” mentality which seems to be industry commonplace) but also takes responsibility for the painting and erection of our Sign Boards. Then there’s George and Me. Elizabeth, well I’ll can tell you about her when we meet.
Please don’t just take our word for it. You can’t keep selling houses successfully without the right support and good staff are what any business needs to retain it’s quality of service. Our reviews on www.allagents.co.uk and google say it much more succinctly than we do! Please have a look when you are thinking about which agent you’d like to work with. They can be very revealing!
Although I can’t see Coventry becoming North Londonshire any time soon it is worth bearing in mind that local government development agencies have come up with such bizarre concepts in London’s more popular commuter towns in recent years.
With a travel duration of 60 minutes from Coventry Station and annual costs being in the region of £7500 it is no wonder we are finding more and more buyers visiting from the Big Smoke. This annual cost of travel is as little as 1% of the average price difference between houses in London’s Zone 1 and 2 and Coventry itself.
With Nationwide showing a 26% growth in central London and a steady but not so spectacular increase circumnavigating its core, the ability to commute can offer both a healthier lifestyle and a happier wallet as well. With the opportunity to own more substantial property at a fraction of the cost, the once traditional lure of towns such as Reading, Hatfield and Luton can be bettered at even lower cost by travelling just a few miles further.
Kettering, Peterborough, Luton and Basildon are in the top five most cost-effective towns within a 70-minute commute to central London. Coventry sits even closer if we use the Coventry – Euston line.
We have seen tremendous interest in properties within easy access to Coventry Station. Styvechale, Cheylesmore and Earlsdon are all appealing to Londoncentric buyers wishing to spread their wings.
What with the new FriarGate development dramatically improving the entire Station area we could soon see Coventry and its surrounding Villages become a genuine commuter hub. Seemingly this city is certainly becoming one to to invest in and one that should see more families making it there own. Now that can’t be bad for anyone can it.
WINNING FORMULA: HAPPY STAFF = PRODUCTIVE STAFF = BETTER RESULTS = HAPPY CUSTOMERS
As sales volumes increase with the ever-improving housing market, Elizabeth Davenport is expanding it’s operations and requires both new properties to sell and at the same time requires an experienced office supervisor/senior negotiator to fit into their expanding operations. The successful candidate will bring with them several years in the industry and a track record of successful sales experience.
At Elizabeth Davenport our staff are well rewarded for their efforts, meaning they are highly motivated and this leads to better sales results and more satisfied customers whose properties sell quickly and for full market value due to a combination of unsurpassed marketing material and also expert valuation processes.
Our branch at 23 Warwick Row has a happy, relaxed atmosphere which creates the perfect environment for efficiency and seamless processes. This reflects on both our staff and our customers, who continually leave positive feedback following the services they receive from us.
To arrange for a free valuation of your property or to apply for a role in our growing operation please call our Warwick Row office on 02476 010105.
No sooner had your local regulated Estate Agent amended all of their promotional material to include the new Ombudsman Logo (as requested by them because the Logo was immensely important to the service the Estate Agent delivered) do we now have a new regulatory body which has superseded the Office of Fair Trading for all property sale compliance. Clients and Customers alike are now advised to visit the Citizens Advice Bureau if they believe they have been unfairly treated or even mis-sold property under new regulations. From last month the OFT and Competition Commission merged to form the Competition and Markets Authority (CMA). This body now enforces, by law, consumer protection regulations governing house sales.
The most interesting part of this regulation would be the disclosure of information by the agent to a buyer regarding any information that is known that may affect a buyers decision. No more Caveat Emptor for the agents to rely on then! No more painting over the cracks or only attending viewings when the neighbours dog’s are asleep! Let’s be realistic about this…
It’s simple common sense and integrity that needs to be applied by the seller, the agent and the buyer.
What matters to one buyer doesn’t necessarily matter to another. Maybe our buyer owns a noisier dog. Maybe our buyer wants to buy a dilapidated property. As long as the price reflects it and the survey is agreeable then we are all aware and understanding. The protection is for the consumer against those individuals and agents hiding serious issues that the buyer should have been made aware of. If a survey reveals serious detrimental information and a sale falls through then of course, surely, any further sale must account for this knowledge. That’s common sense and a lack of themis what these regulations should be applied to.
Quite often the last thing an Estate Agent would choose to do in their own spare time would be to watch a television series about Estate Agents but “Under Offer: Estate Agents On The Job” was a different beast. I suppose the voyeuristic nature of the docudrama spiked a sense of impending dread. I better watch it so I know what I’m faced with tomorrow! Would we Estate Agents be further tarnished? Would we be mocked? I was pretty confident that the show wouldn’t instigate a surge of job applications but I hoped for the best and I think we got it.
First and foremost it was fun. We are great fun you once you get to know us.
Secondly the show was littered with classic quotations that that Messrs Scorcese and Tarantino would have been proud of. “Mass Murderers would be greeted with a better response”, “If you want to be an Estate Agent, you just open a shop”, “Most Estate Agents are Posh and Blond and I’m Irish and a Redhead”. It was great. The show on a more serious note clearly highlighted the canyon between London and the rest of the country something that we certainly have written about before. What clearly works in one region won’t necessarily work in another but certainly what shone through is that energy and enthusiasm go along way. Together with a moral compass pointing North, Estate Agents should come out of this smelling of roses rather than manure! Still, we are only on Episode Two!
What a week that was!
A record level of instructions and a record level of sales agreed. It seems that the Coventry buyer really has grown in confidence and together with Mortgage lending we are seeing sensible purchases facilitated by sensible lending. Let’s hope it stays that way. Last week three quarters of the new stock was sold with either asking price offers or above. Most importantly this completely satisfied our clients but it also reinforced the mentality that ” if you don’t overprice a house it will have enough interest to reach it’s own natural level”. That natural level will always be above the asking price (or as the London market now exemplifies,” The Guide Price”!).
From satisfied clients to the shocked and offended . “All fair in Love and War” and “We’ve all got mouths to feed” are just not justifiable hyperbole for ignorance and misleading information.
A potential seller requests multiple valuations or appraisals. Each agent presents their research, their service, the costs and the figure they would like to market the property for. This is how the process works. If you do the job correctly then in far more cases than not you receive the instruction to sell your clients home. We have been witness this week to our clients being approached by agents they haven’t instructed to a) “Dual Market” from day one, b) dis-instruct the chosen agent and c) be told they have made the wrong choice. These same clients have all sold through us within a few days of instruction, we have achieved a superb volume of viewings and the offers have been asking price or above. With our Click Through Rate consistently number 1 in the region and our speed of sale equal to it, I would suggest that some of these “established agents” get their own ships in order to avoid this sort of embarrassment being launched upon them. Extraordinary Practices like this only enhance the poor reputation that many Estate Agents have and that others are, unfairly, often tarnished with.
At time of writing (Tuesday) our Coventry office had already agreed 6 sales for this week alone. Three of those were for the full asking figures and one went for substantially over the asking price. Buyers are desperately competing for the best properties and trying to outbid one another in order to secure purchases. Confidence has returned to the local Coventry housing market in no uncertain terms. There does however remain a shortgage of stock generally and this is increasing the “buyer frenzy” whenever good homes come onto the market.
If you are a buyer then you have to be in a good position when you start searching otherwise you will be wasting your time. This means that your own property must already be sold or you must be chain free. You should already have a mortgage agreement in principle or even better, a suitcase full of cash!!
If you are selling then your property needs to be appealing. This means it should be priced competitively and marketed in the correct way. We can advise you how to do this and also advise on setting your asking price at the correct level. This will help to create the “buyer frenzy” that will get you the best price for your property.
Those homeowners that are badly advised usually set their asking price too high and get the marketing all wrong. This leads to only a small number of viewings and little or no competition between buyers. RESULT: Few viewings, few or no offers, no buyer frenzy and definitley not the best price for the property.
Call us today for expert advice on buying or selling property on 02476 010105. We’ll be delighted to help.