How to add value to your Tamworth home without dropping your asking price

If your home is on the market already, and you`re not getting serious interest from buyers, one option most estate agents will suggest to their client is to drop the asking price of your property. However, it`s not always the only option: there are some improvements that can help you sell more effectively without spending a fortune and often can be implemented easily and not that costly:

New flooring in ‘wet` rooms – By ‘wet` rooms, I mean kitchens, utility rooms, cloakrooms and bathrooms. The general rule of thumb with the flooring in these rooms is that it needs to be ‘moppable` – in other words, a hard floor.  It doesn`t need to be expensive, in fact there are some fabulous reasonably priced vinyls available.   The difference in how a buyer will see your home is high. A bathroom that is carpeted will look dated to a modern buyer, regardless of whether it is or not. These are also the rooms buyers expect to be super clean and by having new flooring will immediately confirm to them that they are.

Updating your soft furnishings – Cushions, bedding, even curtains, can radically improve and update your home for a relatively moderate spend. Why not purchase some new cushions and bedding which can be put out just for viewings and then put away after? This way you will always have that brand new showroom look.

New carpets  – Carpets can make a house look dated more than any other area, and they can also give a buyer a reason to make a low offer.  A good quality, neutral carpet throughout the house can add several times its cost in the perception that the house has been kept up to date.  Re-carpeting an average-sized house will not be cheap but it will almost certainly be a very worthwhile investment.

Declutter more – Sometimes it might just be that people cannot see the true potential and space of your property. If you have a lot of furniture or personal items it might be a good idea to see if you can remove some into storage whilst your property is on the market. Remember, the larger you can make your property feel the more appealing it will be to a buyer, not just because they feel they are getting more property for their money but often it also allows them to work out exactly where their own furniture would go if they bought your home.

So, as you can see, giving the buyer what they need is not always about price. A few changes may result in increasing its value and you may even get your home sold for more!. It is also worth noting that if you do decide to drop the price your agent would have to drop it by at least £10,000 to make any real impact, so perhaps trying a few basic changes first could be the best route to try before changing the price.

Is your property on the market and not getting the interest you hoped it would? then why not get in touch and see how we can help 01827 425195 or info@hallandthompson.co.uk

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Tamworth Property Market – Summer 2018 Update

I was recently reading a report by Rightmove that a North South Divide has started to appear in the UK property market – so I wanted to see if Tamworth was falling in line with those thoughts.  In the North, there are 7.12% less properties on the market than 12 months ago, whilst in contrast, in the South, there are 14.7% more properties on the market than 12 months ago.

With the decline in the number of properties for sale in the North compared to 12 months ago, that means the North is more of a sellers’ market.  However, on the other side of the coin, there is a significant rise in buyer choice in all of the Southern regions, showing there are signs of a buyers’ market, which in some markets is a driving force for a buyers’ market and some downwards price pressure.

So, looking closer to home at asking prices and the number of homes on the market. In the West Midlands region, according to Rightmove, the average asking prices of new to the market properties are 5.5% higher than 12 months ago and 0.4% higher over the last month.  Now I must stress, this is asking prices – not what is happening to actual property values.  Also, regionally, there are 2.2% less properties on the market than 12 months ago.

Even closer to home, overall, the number of properties and building plots for sale in Tamworth has increased by 37%, going from 362 properties for sale a year ago to 496 properties for sale as I write this article, meaning Tamworth does not in fact match the regional trend.

Looking at the individual types of Tamworth property, you can quite clearly see the different markets within Tamworth.  The two sets of figures that stand out are the increase in Terraced/town houses for sale, rising 68% and the increase in Apartments by just 16%.

 

(NB There are a handful more Building plots and other types of property that can’t be placed into the four category’s … and it’s those that make up the total numbers in the paragraph above the table)

Although these figures don’t tell the whole story because in certain areas of Tamworth, certain types of properties (particular locations and Primary school catchment areas) are in short supply.  This has caused some frustration with buyers of those types of properties with this lack of supply, which in turn has sparked some very localised asking price growth within those hot spot areas, although sometimes to levels where sellers optimism turns into silly over the top asking prices.

This means the property sticks, which isn’t sustainable, therefore as a consequence, there are certain parts of the Tamworth housing market with upward asking price movements being offset in part by intermittent asking price reductions where home owners or their estate agents have been over optimistic with their initial marketing asking price.

What does this mean for homeowners and landlords in Tamworth?

If you are planning to sell your home or buy to let investment, the key for determined sellers is to set your asking price correctly from the start.  It’s so vital to be competitive to attract buyers.  Everyone has access to three main property portals (Rightmove, On the Market and Zoopla) so can easily compare your property against similar ones.  When you do search these portals, make sure you ask the website to show properties that are sold subject to contract as well to check what properties are selling for in your neighbourhood. Unless you have something highly unusual or unique, this perhaps isn’t the best market to set an optimistic asking price in hoping to find someone who would pay that silly price.

And if you are buying in Tamworth?  The numbers of buyers are lower than a few years ago, although those buyers that are in the market have become quite serious.  The times of time wasting “carpet treaders” (estate agency slang for the same type of people car dealers call tyre kickers) are long gone.  Those buyers that are in the market are real buyers, wanting to buy, but only at the right price.  We live in a 21st century society that is “time-poor” so nobody is wanting to even view a house, let alone pay over the odds if they believe the asking price is too high.  So, if you are buying, do your homework, ask plenty of questions of the agent, find out the motivation of the sellers and the real reasons behind why they are moving … and you might just bag a good deal?

If you are interested in the Tamworth Property Market and haven’t signed up to the Tamworth Property Blog you are missing out on critical/ important information that all landlords should consider when renting out their property.  Visit the Tamworth Property Blog at www.tamworthpropertyblog.co.uk

 

 

Tamworth Property Market – Asking Prices Up 10.5% in the Last 12 Months

 

The average asking price of property in Tamworth increased by 10.5% or £24,289 compared to a year ago, with particularly good demand from landlords and home-movers in the first few months of the year. This takes the current average asking price to £254,954, compared with £230,665 this time last year.

The rise in asking prices is being aggravated by buyers jumping into action looking to benefit from potential stamp duty savings (especially first-time buyers) or beat impending mortgage interest rate rises later in 2018. Of the numerous Tamworth buyers starting their property hunting in the usually active spring market this year, many face paying even more than ever for the property of their dreams, although as I mentioned a few weeks ago, there are more properties for sale in Tamworth compared to 12 months ago.

Looking at the different sectors of the Tamworth property market, splitting it down into property types, one can see what is happening to each sector of the market with regard to their average asking prices now compared to a year ago. Firstly, looking at the Pound note amounts …

Interestingly, when one looks at the percentages, the most upward average asking price pressure is in the terraced and semi-detached property type sectors, with both first-time-buyer and second-time-buyer properties at new Tamworth asking price highs.

Now, I must stress this growth in the asking prices of Tamworth property doesn’t mean the value of Tamworth property is going up by the same amount … nothing could be further from the truth.  Only time will tell if the current levels of Tamworth asking prices is a catch-up abnormality after a couple of months of restrained asking price rises in the first few months of 2018, or is it an initial sign that we are in for a better 2018 Tamworth Property market than all of us were expecting at the start of the year?

I believe these asking prices must be viewed with a pinch of salt, as it will be fascinating to see whether Tamworth properties actually sell at these higher asking prices. Just because house sellers (be they owner-occupiers or landlords liquidating their assets) are asking for more money it doesn’t mean buyers will be enthusiastic to part with their hard earned cash. Like my Mum and Dad used to say to me all those years ago, “You can ask … but you might not get”.

Also, Tamworth homeowners and landlords wanting to sell their property need to be aware of progressively strained buyer mortgage affordability and the more those sellers increase asking prices, the more buyers will hit their maximum on the amount they are able borrow on a mortgage.

However, those Tamworth buyers who need a mortgage (be they owner-occupier or landlord), will paradoxically benefit from lower mortgage payments before interest rates rise … maybe another reason for the uplift in the number first time buyers and landlords buying? Only time will tell!

Want to know where those Tamworth buy to let bargains are?  Follow my Tamworth Property Blog or drop me an email because irrespective of which agent you use, myself or any of the other excellent agents in Tamworth, many local landlords ask me my thoughts, opinion and advice on what (and not) to buy locally … and I wouldn’t want you to miss out on those thoughts … would you?

If you want to learn about the Tamworth Property Market , one source for information is the Tamworth Property Blog authored by yours truly at https://www.tamworthpropertyblog.co.uk

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Japanese Knotweed – The Scourge Of Tamworth Landlords

Japanese knotweed, the invasive plant brought over to Britain in the 19th Century is a perennially herbaceous plant. It can grow up to 20cm a day in the summer and has been known to  develop a stubborn root system that can establish itself over 2 metres deep into the ground.

japanese knotweed picture
japanese knotweed picture

Introduced to the UK as an ornamental plant in the Victorian era, it was widely used to hide unsightly railway line features, causing the weed to spread rapidly throughout the rest of the country.

It is a known fact that Knotweed  threatens millions of pounds worth of property transactions in the UK.

While knotweed is a problem for homeowners to treat, it poses considerable challenges for estate agents as well, they  stand to lose out from  sales falling through.

Japanese knotweed
Japanese knotweed

So, what do you need to know about knotweed, and how should you approach the issue?

Japanses Knotweed grows rapidly and is able to grow through cracks in concrete and can undermine the structural integrity of a building.

Recent research conducted by the Crop Protection Association  revealed that: –

  • One in ten people lost money on a property following an infestation of knotweed.
  • One in seven people  saw a property deal fall through because of the presence of knotweed.
  • One in five saw the value of their house drop because of the presence of the weed.

Any attempts by sellers not to declare knotweed can cause problems for estate agents if a prospective buyer spots the plant.  Agents are also obligated to inform a prospective buyer of the presence, as this may affect their decision to buy the property.

One of the biggest knotweed problems confronting agents is it being wrongly diagnosed as Japanese knotweed when in fact it could easily be Himalayan Balsam, Bind Weed or Russian Vine.

The Crop Protection Association  revealed that: –

  • Less than a third of people felt confident that they’d be able to recognise knotweed.
  • One in six people said they had a good understanding of the plant.
  • Over one in four people stated that they knew nothing at all about knotweed.

If knotweed is found to be present, homeowners should be reassured that it does not necessarily have to affect a sale. If a proper remediation strategy is in place with warranties and insurance, the legal guarantees can demonstrate to solicitors that the knotweed issue is under full control.

For more information about Japanese knotweed, visit: http://www.japaneseknotweedcontrol.com

Don’t Forget you can keep up to date with all our articles on the Tamworth property Market on our other media sites:-

https://www.tamworthpropertyblog.co.uk

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Until next time, Happy house hunting

 

323 Properties For Sale in Tamworth … is this an issue?

2017 has started with some positive interest in the Tamworth property market.  Taking a snap shot of the Tamworth property market for the first quarter of 2017, the picture suggests some interesting trends when it comes to the number of properties available to buy, their asking prices and what prices properties are actually selling for.

Number of properties on the market 12 months ago
Number of properties on the market 12 months ago

 

 

 

 

 

 

 

Let us first consider the number of properties for sale, compared to 12 months ago:

property for sale today vs 12 months ago

Property for sale today vs 12 months ago

 

So when we add in building plots and other types of properties that don’t fit into the four main categories, that means there are 323 properties for sale today compared with 286 a year ago, a rise of 13%.

Next, Tamworth asking prices, compared

to the same as a year ago, are 4% higher.

property in Tamworth

What is property actually selling for in Tamworth

 

With that in mind, I wanted to look at what property was actually selling for in Tamworth. Taking my information from the Land Registry, the last available six months property transactions for B77 show an interesting picture (note the Land Registry data is always a few months behind due to the nature of the house buying process and so November 2016 is latest set of data). The price shown is the average price paid and the number in brackets is the number of properties actually sold.

So what does all this mean for the property owning folk of Tamworth?

Well, with more property on the market than a year ago and asking prices 4% higher, those trying to sell their property need to be mindful that buyers, be they first timers, buy to let landlords or people moving up the Tamworth property ladder, have much more price information about the Tamworth property market at their fingertips than ever before.

Those Tamworth people who are looking to sell their property in 2017, need to be aware of the risks of over pricing their property when initially placing it on the market. Over the last 12 months, I have noticed the approach of a few Tamworth estate agents is to suggest an inflated asking price to encourage the homeowner and secure the property to sell on their books. The down side to this is that when offered to the market for the first time, buyers will realise it is overpriced and wont waste their time asking for a brochure. They won’t even view the property, let alone make an offer. So when the price is reduced a few months later, the property has become market stale and continues to be ignored.

Whilst the Tamworth property-market has an unassailable demand for property – there is one saying that always rings true – as long as the property is being marketed at the right price it will sell.

 If you want to know if your Tamworth property is being marketed at the right price, send me a web link and I will give you my honest opinion. lorraine@hallandthompson.co.uk

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