Firstly, a quick housing market update for you.
- Although average asking prices are down 0.5% in the North West region for last month, year-on-year figures show a 2.5% increase on asking prices.
- Sales agreed are 10% below 2019’s ‘normal level’ improving from 15% last month.
- Mortgage rates are gradually lowering following two consecutive Base Rate holds to keep buyer demand in line with 2019.
- The pandemic driven stock shortage is now over with available properties just 1% below 2019.
We are operating in a re-adjusting housing market and if you are marketing or considering marketing your property, we have put together our top tips for securing that all important sale.
- Price
This really is the most important factor when selling your property. When we visit your property to provide a valuation, it is essential that we take several factors into consideration such as the recently sold properties in your area/street, the style and presentation of the property and other points such as renovation costs if needed or potential defects.
After reviewing all this information, our valuer will be able to give their professional opinion of the current market appraisal of your home. It is important to be realistic when deciding on the marketing price, especially if the market conditions have changed somewhat as they have in 2023, following a property boom through 2020-2022.
You may have had other valuations suggesting to market more than others but it is important to think about why this might be and how it could be detrimental to the sale of your property. You might find that one agent is being particularly optimistic on the price compared to another (or others).
Making sure the agent explains exactly how they have come to the figure suggested is essential so that the property is not overvalued and on the market for longer than it should.
The job for us as agents is to get the best possible price and in the most effective timeframe so pricing is the first and most critical factor for ensuring your property sells. The initial flurry of interest is always the most fruitful, so it is crucial to get it right, from the beginning.
Understandably, although we can make the best, professional opinion, sometimes price does need to be reviewed depending on the interest level. It is important that your agent communicates with you on a regular basis to make sure there are no opportunities missed.
- Presentation
Prior to marketing the property, we suggest that you make sure your property looks its best ready for going on the market. The main points are.
- De-clutter – Decluttering a property helps make a room more spacious and inviting. Get rid of anything you won’t be taking with you and store away children’s toys, pet bowls and other items that are not used on a daily basis.
- Refresh – Get the paint brush out and paint over marks, buff out any scuffs, fix any small defects so your property looks the best it can.
- Kerb Appeal – Look at your house from the outside, how does it look on approach? If you have a front garden, do some weeding, mow the lawn, put some colourful pots out. Make sure that the first external picture we have really sells your property.
- Marketing
The marketing falls into the hands of your estate agent which is why it is essential that your agent takes professional photographs, produces a accurate floor plan and a creative brochure. The photos and floor plan really are the two most viewed aspects of your property marketing.
Most applicants head straight to the photos and floor plans before deciding to book a viewing or make an enquiry. Your agent must also make the most of your ‘USP’s’ (unique selling points) when writing your description to engage your potential buyers.
You might live down the street from a well renowned school, be close to a hospital, supermarket or within a stone’s throw from commuter links such as railway stations and motorways.
These points combined with how the property is shown via photos and a floorplan will be enough to target the correct audience for your property and not just get viewings but the right viewings with the most suitable applicants for your home.
Just remember, your agent should be pro-actively discussing these points with you throughout the marketing. Communication is key, keep on top of these elements and that sale will come!
Paige McNaughton MNAEA & MARLA
Director
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