Even though there is a broad range of opinions about the property market, there is widespread agreement that this is a slow market. The London property market, after years of outstripping the rest of the country, now falls behind in some comparisons.
The cost of London property is still higher than in most areas of the country, which is to be expected, but prices are moving slowly. It is essential to look at the market and make the most of the situation. Even with everything going on, people are looking to buy homes and vendors want to sell. The numbers of movers may be smaller than what a lot of folk would prefer, but there is movement.
If you are looking to sell your home in a slow market, we will show you how. We are pleased to say that we have helped many vendors sell their home, and there are always ways you can stand out from the crowd for all the right reasons. If you want to learn how to sell your home in a slow market, please get in touch.
You must choose the right estate agent for your needs
There are many estate agents to choose from, and not all of them provide you with the style of service. It is also fair to say that many of them don’t provide you with the same standard of service. What represents value for money for you, may not be acceptable to another vendor, so make sure you know what you need from an agent.
You should also choose a local estate agent. The importance of local knowledge can never be overstated when it comes to selling homes. An agent who knows the local area understands:
· Who the most likely buyer for a home of your nature and the local area is
· Where the most likely buyer for your home can be found
· Why the buyer is looking for a home, making it easier to connect with them
· What the buyer wants to see in the property, allowing you to stage the house to suit their needs
When you have an agent who can answer these questions, you are far more likely to sell your home effectively.
We know the local market, and we also know the surrounding areas. If you want to sell your home, you need to be aware of local areas, as these are places willing buyers may also consider.
Even though these boroughs are very close, there is a divergence of average values and prices. A person looking for a home in the overall area will find they have plenty of options to consider. A good estate agent will realise the sort of location and property that best fits not only a buyers’ budget, but their needs and expectations.
The following chart presents the average price paid in the past 12 months, according to Zoopla, for these boroughs:
You must be realistic with pricing
Another reason why it is vital you choose a local agent who knows the price of a property in the area is because pricing is critical. Many great homes haven’t sold because the vendor and agent placed an unrealistic price on them.
The price of a property doesn’t just come down to the condition of the home. There are many factors to consider, and the state of the market is a significant factor. With the London property market being slightly sluggish, vendors must respond to this. External factors like schools, transport, shops and restaurants can also affect house prices.
In recent years, you have likely heard some weird and wonderful correlations in the property market. The Waitrose effect has been regularly cited as a factor to consider, with homes close to these shops featuring a higher price. There have also been studies into the cost of houses close to fast-food outlets and pubs like Wetherspoons.
In many cases, local factors are what attracted the fast food outlets and pub bosses to the area as opposed to these venues shaping the market, but it is interesting to note how prices change from area to region.
If you’re looking for information on average house sale prices in local towns over the past 12 months, the following chart will be of interest:
Invest in your home…wisely
While your home helps you enjoy life, and it keeps you and your loved ones safe, there is a lot to be said for considering your home as an asset. You should care for it, keep it clean, make sure it looks fantastic and if you have the time and money, invest in it.
There are many improvements you can make in and around your home that will help you attract buyers and hopefully welcome a higher price for your property. Of course, not all upgrades are suitable for every home, and every budget.
You need to consider the current condition of your home, the state of the market, and what local buyers are looking for. There is no point in adding a garden feature if buyers don’t want that. This is a situation where working closely with a skilled and experienced agent makes a massive difference. When an agent knows what buyers want to see, you can make improvements with the buyer in mind.
Also, you need to know it is possible to waste your investment. You should only spend what you expect to recoup, and at some point, the value of improvements diminish. It is vital you avoid this outcome.
At Hunters Forest Hill, we know selling your home is hard, but we are here to assist you in the process. We also know stepping on to the property ladder is a complicated process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.