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 10th
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.
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