How to be a winner in Oxford’s competitive housing market

Asking prices for Oxford homes show no signs of falling, up 4% year on year to a new record high average value of £422,157.  However, the number of completed transactions in our City is down 11% year on year.

The number of houses on the market for sale is high, but 11% fewer properties are selling successfully, so Oxford has a buyer’s market.  What can sellers do to optimise the chances of their home selling successfully?

To achieve a sale, four factors must be considered:  Location, Condition, Presentation and Price.  We will explore these in turn.

Location

This is fixed, your home is where it is.  What makes it a great place to live?  Who is typically attracted to the area? – know your market.  Will your home and location appeal to first-time buyers, young and growing families or investors for example.  How easy is it to commute to the City centre, to London or to Birmingham?  Does it have great road links or great rail links?  You have lived in this area for a while, think about what attracted you in the first place, and how has it improved since?

Condition

Selling a home is competitive.  Why should buyers make the effort to view if you don’t make the effort to present it to its very best standard?  Your home must be presented to a high standard to compete effectively.  This starts with cleaning – from the carpets, to the kitchen cupboards, the bathroom to the cobwebs in the corner of the downstairs loo and dust on the skirting boards.  Believe me, buyers notice!  Employing a contract cleaner to really blitz the place is money well-spent. 

Do any walls or rooms need re-decorating? – be honest and don’t cut corners.  A tin of paint costs £20 to £30, but it could add £5,000 to the price you achieve.  Try to stick to light, neutral colours and avoid dark browns and black.  Pay attention to the details – chipped door frames, scuffed skirtings and tired window ledges.  Are there any fixtures that need fitting or repairing? That blind that’s half pulled out of the wall or the door that’s sticking.  And, above all, declutter – viewers want to imagine their belongings in your home not yours.  There’s a reason show homes are immaculate, clutter-free zones!

Think about how some ‘staging accessories’ could be positioned to wow potential buyers.  Cushions, Rugs, posh toiletries can all be used and taken with you.  For viewings, buy some flowers to add colour, and buy bedding and new towels that you only use for viewings, and then pack away until the next time.  Paint a picture for viewers – they can lack imagination, so show them how great their life will be in your home.

Presentation

Visual appeal is King – whether online, in the estate agent’s window or in the brochure that viewers take home.  A minimum of 10 high definition photographs, a floorplan and a description that helps buyers understand why your home is perfect for them.  Where are the shops?  Where are the Schools?  Where are the restaurants and bars?  Draw a picture in words of what they will love about your home.  But everyone has great photos and a floorplan, so go further – a 3-dimensional virtual walk through will create interaction, boost interest and improve the quality of your viewings – they’ve already walked round virtually, and now they want to do so for real.

Price

When all of the above is in place, you must be realistic about price.  Do your research. Use Rightmove and Zoopla to look at comparable properties against which you will compete for attention.  Buyers will have a forensic knowledge of the local market and will assess it dispassionately.  You need to do the same. 

Many estate agents will allow a buyer to over-price their property, confident that they will secure price reductions over-time.  But a property has its greatest impact over the first 2-3 weeks on market.  So be realistic and don’t squander the early marketing.

The viewing

This is THE critical moment. Plan it carefully.  Are there times of the day to avoid – because of noise or congestion?  Make sure your home looks as good in real life as it did for the photos.  Stay enthusiastic – it might be your 10^th viewing, but it is the viewer’s first!  Clean, tidy, declutter and ‘stage’ for every viewing.  And remember, the outside is as important as the inside – first impressions count.

The sale

Because it is a buyers’ market expect to negotiate the price.  Many Oxford homes sell for prices lower than advertised.  Know what’s your bottom-line and negotiate carefully to achieve it.

Over the last year 2,898 Oxford homes found a buyer and completed a sale that’s 360 fewer than in the previous 12 months.  Last year, I wrote a guide for Oxford homes sellers – ‘How to sell your home quicker and for more’ to help buyers understand how to succeed.  It has proved very popular. If you are selling your home and think the guide might be helpful please give Jay Sarbatta a call on 01865812110.