What's happening this month?

What to do if your home isn’t selling

 

There can be any number of reasons to explain why your property isn't performing on the market as you had expected.

 

If it's left you wondering ‘what went wrong?’, we delve into some of the most common causes that could be preventing buyers from connecting with your home.

 

Your home lacks kerb appeal

 

The outside of your home is the first thing potential buyers see when they turn up for a viewing. 

 

So, there’s no surprise that it can have a huge effect on a buyer’s decision to put in an offer. More than 68% of homeowners say kerb appeal was important in their choice of home.

 

The property isn't viewer-ready

 

It’s important when selling to keep your home looking viewer-ready, as well as to aim for a more neutral tone that appeals to a wider audience base.

 

Whilst it can be tempting to start splurging on new furniture and items for your new house, it can also have a negative impact on viewers if the room looks too crowded and cluttered.

 

The photos don’t do it justice

 

It takes just six photos for someone to decide whether they're interested in seeing more of a property.

 

If the first six photos don't represent your home in the best light, you could be missing out on the opportunity to showcase your property's core unique selling points, so it's worth raising any concerns that you have with your agent as well as making sure that you stage each room beforehand.

 

The asking price could be wrong

 

It's a common misconception that the asking price is behind every single stalled property sale. However, it's important to know where this is and isn't the reason for a home struggling on the market.

 

Having a competitive valuation with a local agent ensures that you are correctly priced and helps you to avoid any delays or complications.

 

Want a second opinion on the price of your property? Our team of experienced estate agents can provide you with a reliable free valuation, visit our website for more information.

 

The estate agent isn’t the right fit for you

 

Your estate agent should be doing all they can to sell your home, including keeping you updated and aware of the progress of your sale.

 

If you’re not happy with the service you’re being given, make sure you bring it up.

 

So, what are my options?

 

If your home isn’t selling, don’t despair. You still have a few options that will enable you to get moving.

 

Contact our team today to learn more about our offering and success metrics in your area.

 

 

 

Key questions you need to ask your buyer

 

Finding the right buyer can save you time, energy and disappointment.

 

If your chain falls through due to your buyer's financial readiness or uncertainties, you may lose out on other offers as well as the property you had intended to purchase.

 

Here are the top five questions you need to ask before accepting an offer.

 

Have they been pre-approved for a mortgage?

 

Being pre-approved for a mortgage means that a lender has already said their application will be accepted, speeding up the process significantly and reducing the risk of it falling through.

 

Do they have a home to sell?

 

Understanding your house buying chain is really valuable, as you'll be able to anticipate any weak points that could lead to your sale and / or purchase from falling through.

 

More sellers are now opting to rent in between their sale and new home, which means that the chain is much smaller and less likely to break.

 

Have they made an offer on another house?

 

If the buyer has put down a deposit on another property, they might not be fully committed to that purchase.

 

Are they a first-time buyer?

 

First-time buyers are often chain-free, so the process of selling your home should be quicker.

 

However, be careful not to make assumptions.

 

There may be other commitments such as a fixed term tenancy that prevents them from moving quickly, so always check when your buyer wants to complete.

 

What is their moving timeline?

 

Remember to ask what their moving timeline is like, as this will tell you how much they must do before they can move.

 

If their timeline fits in with yours, then they’re probably a suitable buyer for your property.

 

 

Need help finding the perfect buyer? Get in touch with us today.

 

 

 

Is selling at auction the right choice for me?

 

Selling at auction can mean a quick and easy sale, with excited bidders driving up the price of your home. But is it right for you?

 

Whilst we know selling at auction might not be for everyone, there are some key advantages if you've been thinking about this approach for your next sale.

 

Speed

 

One of the top reasons that homeowners opt for auctions is the speed of the process, which can take a matter of weeks once a property has been sold to complete.

 

Higher price

 

With your agent by your side, it's crucial to maximise the value from your marketing strategy.

 

The more interest you can drum up, the more competitive the bidding between interested parties, and all of this will ensure you receive the best possible price for your home.

 

Guaranteed closure

 

Unlike with traditional sales, there's a reduced risk of auction sales from falling through.

 

This is because the necessary checks and paperwork are completed beforehand, so when the gavel falls, the contracts have been exchanged.

 

Complete transparency

 

Each bid is made in public so the seller is fully aware of everything as it unfolds, and with a minimum reservice price, you don't need to worry about selling for under market value.

 

Who is best suited to selling at auctions?

 

Typically preferred by investors, homeowners looking to expediate the process also opt to sell at auction, where needed.

 

 

Want more information about selling at auction? Contact our team today.

 

 

 

Top tips on being ready to sell

 

 

According to Rightmove, enquiries from buyers are up by 18% when compared to the same period last year.

 

If you decide to sell right now, you’re pretty much guaranteed to get high levels of interest following your market launch.

 

Here are our five top tips for selling your home in a busy market

 

 

Talk to the right people and stay informed

 

Whilst it’s easy to get caught up in the post-lockdown rush, remember that moving house is a big decision.

 

Make sure that selling is the right decision for you and that you have the best local advice to help you achieve the best deal possible.

 

Get certified

 

If you’ve made considerable renovations to your home, ensure you have the correct certifications.

 

If people are interested in your home, they will likely want to see them.

 

Check your property

 

If you’re selling a newly built or converted property, you must check it was built under a building standards indemnity scheme.

 

Lenders often won’t provide mortgages if newly built or converted properties are not covered by a warranty scheme or Professional Consultants Certificate (PCC).

 

This will be an issue if your buyers need a mortgage to buy your property.

 

We’d suggest getting in touch with someone that can provide you with a PCC, confirming that your new build has been constructed in accordance with the drawings and instructions provided by building control.

 

Carry out any minor repairs

 

Disrepair can seriously put off homebuyers.

 

The amount of work that needs doing to the property can impact how much interest you receive. Furthermore, doing any refurbishment before starting the selling process is always a good way to increase the market value of your property.

 

If there are any serious structural issues with your property, you should get them fixed before viewings begin.

 

Get in touch with a professional

 

If you want your home to sell quickly, always contact a professional.

 

We provide a bespoke selling service that is adapted to each individual property.

 

If you’re looking for a quick and easy sale, contact our team today.

 

 

 

How does disrepair impact your property sale?

 

Throughout the selling process, buyers are looking to assess the extent of the work needed to fix your home to their own standard of living, working out the time and money they may need to invest.

 

Whilst there are plenty of home hunters out there looking for their next project to tackle, many more will be looking for something that requires minimal fuss.

  

So, which home repairs can be the biggest deal breakers for buyers?

 

As the main cause behind serious structural issues, it's no surprise that damp ranks as the highest turn-off according to research.*

 

Keeping your house well ventilated in every season is crucial to safeguarding your investments, and with 63% put off by bad smells from pets or cigarettes, it's also worth purchasing diffusers before any viewings to keep your house smelling and looking at its best.

 

Having a messy garden also made the list, with 48% of people saying that it would put them off buying a property, as well as outdated electrics and poor natural lighting.

 

Aside from making any significant changes to the number of windows or doors in your property, the simplest way to increase the amount of light in your home is to eliminate any dark corners with warm lamps, giving the space the illusion of natural light.

 

Outdated electrics can be costly and time-consuming for buyers to update. So, if you’re looking for a quick sale, it might be worth getting any major issues fixed before viewings start to avoid a lengthy period on the market.

 

If you've completed any renovations or refurbishments since moving in, you should consider learning your home's current market value. Book your valuation today.

 

 

*GoCompare 

 

A look at what the stamp duty holiday has led to

 

Since its launch, the stamp duty holiday has led to phenomenal sales numbers for England's property market, with 50% more transactions in Q1 2021 compared to the previous year, pre-pandemic.*

 

Now, with the tapered end of the holiday in sight, we take a final look at what the property market has seen over the last year, and what is still to come.

 

Originally intended to stimulate the market after its spring closure in 2020, the SDLT holiday has triggered a house buying boom, with price surges up and down the country and buyers scrambling to put in offers at record speeds.

 

Even for buyers who may have faced higher property prices over this time, the value of buying with a smaller upfront cost meant that homebuying was an affordable option for 100,000s.

 

In fact, one survey suggested that four in ten Brits (39%) were able to take advantage of the government's initiative, with many finding themselves better able to save for deposits and moving costs with limited lockdown options.**

 

Following the end of the SDLT holiday on the 30th September, the rates will be as follows:

 

- 0% up to £125,000

- 2% on £125,001 - £250,000

- 5% on £250,001 - £925,000

- 10% on £925,001 - £1.5m

- 12% on any value above £1.5m

 

For advice about buying and selling in 2021, we'd like to offer you our support. Please contact us today for more information.

 

 

*Mortgage Introducer

**Show House

 

 

 

What’s next for the property market?

 

Having contributed to record-breaking sales numbers over the last year, we consider what's next for the property market following the approaching end of the stamp duty holiday.

 

For first-time buyers

 

Introduced by the government this spring, the 95% mortgage guarantee scheme has encouraged lenders to offer lower deposit options, paving the way for the return of first-time buyers wanting greater flexibility and freedom becoming homeowners.

 

This scheme is set to close to new applicants in December 2022, with the government’s total investment expected to reach over £20 billion.

 

Flexible mortgage schemes

 

In support of the government's help-to-buy option for first time buyers, we are seeing banks and developers coming together to create other schemes that could essentially replace the government’s help-to-buy scheme when it comes to an end.

 

An example would be the Deposit Unlock Scheme, which provides buyers with a package that allows them to buy new build homes up to a value of £330,000, with a 5% deposit and 3.5% mortgage rate – fixed for two years.*

 

High street banks are also beginning to offer 5% mortgages, which offers to lend buyers an extra 10% of a traditional 15% deposit, requiring buyers to only front up 5% themselves.

 

Looking ahead

 

Existing and new incentives will boost a drive in the first-time buyer market and are likely to have a similar impact as the SDLT holiday.

 

Other new schemes could involve cuts to SDLT rates, particularly with second home purchases in order to get this section of the market moving again.

 

Are you looking to buy this year? Get in touch with us today.

 

 

*Newcastle Building Society