34 Days to Sell a Property in Tamworth

welcome to Tamworth
welcome to Tamworth

Whether you are a Tamworth landlord looking to liquidate your buy to let investment or a homeowner looking to sell your home, finding a buyer and selling your property can take an annoyingly long time. It is a step-by-step process that can take months and months. In fact, one of the worst parts of the house selling process is the not knowing how long you might be stuck at each step. At the moment, looking at every estate agent in Tamworth, independent research shows it is taking on average 34 days from the property coming on the market for it to be sold subject to contract.

But trust me … that is just the start of a long journey on the house selling/buying process. The journey is a long one and therefore, in this article, I want to take you through the standard itinerary for each step of the house selling procedure in Tamworth.

Step 1 – Find a Buyer

You need to instruct an estate agent (of course we can help you with that) who will talk through a marketing strategy and pricing strategy to enable you to find a buyer that fits your circumstances. 34 days might be the average in Tamworth, yet as I have said many times, the Tamworth property market is like a fly’s eye, split up into lots of little micro markets.

Looking at that independent research, (which only focused on Tamworth), it was interesting to see how the different price bands (i.e. different micro markets) are currently performing, when it comes down to the average number of days it takes to find a buyer for a property in Tamworth.

Asking Price (Tamworth) Average Time to Find a Buyer in Tamworth (days)
Under £100,000 64
£100,000 to £200,000 24
£200,000 to £300,000 35
£300,000 to £400,000 62
£400,000 to £500,000 33
£500,000 to £1,000,000 57
Over £1,000,000

 

Interestingly, I thought I would see which price band had the highest proportion of properties sold (stc)… again – fascinating!

So, now you have a buyer … what next?

There are a variety of distinctive issues at play when selling your property in Tamworth, together with the involvement of a wide and varied range of professionals who get involved in that process. That means there is are enormous differences in how long it takes from one property to another. Moving forward to the next steps, these are the average lengths of time it takes for each step to give you some idea of what to expect.

Step 2  – Sort Solicitors (and Mortgage)

Again, something we can point you in the right direction to, but it will take a good few weeks for your buyer to apply and sort their mortgage and for your solicitors to prepare the legal paper work to send to the buyer.

Step 3 – Legal Work and Survey

Once you buyer’s solicitor receives the paperwork from your solicitor, then your buyer’s solicitor applies for local searches from the local authority (to ensure no motorways etc., are going to be built in the back garden!).  These Searches can take a number of weeks to be returned to the buyer solicitors from the council, from which questions will be raised by the buyer’s solicitor to your solicitor (trust me – you don’t see a tenth of the work that goes on behind closed doors to get the sale through to completion). Meanwhile, the surveyor will check the property to ensure it is worth the money and structurally sound. Overall, this step can take between 3 and 6 weeks (sometimes more!).

Step 4 – Exchange of Contracts

Assuming all the mortgage, survey and legal work comes back ok, both the buyer and solicitor sign contracts, the solicitors then perform “Exchange of Contracts”. When contracts are exchanged, this is the first time both buyer and seller are tied in. Before then, they can walk away … and you are probably 4 or 5 months down the line from having put up the for sale board – this isn’t a quick process! BUT hold on … we aren’t there yet!

Step 5 – Completion

Between a week and up to six weeks after exchange of contracts, the buyer solicitor sends the purchase money to the seller’s solicitor, and once that arrives, the keys will be given to the buyer … phew!

To conclude, all in all, you are looking at a good four, five even six months from putting the for-sale board up to moving out.

If you are thinking of selling your Tamworth home or if you are a Tamworth landlord, hoping to sell your buy to let property (with tenants in), either way, if you want a chat to ensure you get a decent price with minimal fuss … drop me a message or pick up the phone.

If you are thinking of getting into the property rental market and don’t know where to start, speak to us for impartial advice and guidance to get the best return on your investment. For more information about other potential investment properties that we could introduce you to, or to ask about our thoughts on your own investment choices, call us now on 01827 425195, you can always email me on Lorraine@hallandthompson.co.uk

Don’t forget to visit the links below to view back dated deals and Tamworth Property News.

Blog  – https://www.Tamworthpropertyblog.co.uk

Facebook – – https://www.facebook.com/hallandthompsonestateagents

Twitter – https://twitter.com/hallandthompson

Website  –  https://www.hallandthompson.co.uk

So who is my Tamworth buyer and do they really know what they are looking for in a property?

I often ask myself, who is my buyer?

Many times I have thought, If I could answer this question it would be easier to market the property towards that group.

What made you buy your home, was it the location – next to your favourite football club or was it situated in a leafy suburb. What attracted you to it in the first instance?

When I conduct a valuation on any home, I like to get entralled into costume and play a part in the play – me as a potential buyer.  For instance I am a young 20 something looking for a love nest with my beau or I will pretend that I am a professional person who is moving with her  high flying job.

I still wear my estate agent hat to create an accurate price tag. Wearing two hats just ensures that I can create an ideal marketing plan for the seller while getting the best possible price.

Many hats Many hats

So how do you capture potential buyers attention and ensure their need – they really must view your home?

An apartment is perfect for those professional buyers who are carefree and single who are looking for a low maintenance home. They do not want gardens to tend every weekend, after all, they have a busy social life.

Show them the great social life close by, the fabulous restaurants and the many evening attractions. Remember to include this in your marketing material.

Why not try some trendy home staging, it doesn’t cost a fortune.

A 2 bed terrace home  is a ideal starter home for a young couple. Money is often tight as they have been saving every penny for a deposit enabling them to get on the property ladder. Entice them with such information that the home has central heating, has been double glazed and is in great condition.

Point out any large local employers. Are there any green areas or woodland close by? Let people know what is in the neighbourhood.

A bungalow will appeal to the retired as there are no stairs to  manoeuvre. They are often looking to downsize and yet still have a spacious home so make your bungalow appear roomy and light.  Keep ornaments and family photographs to a minimum. You need to sell the retired dream home – low maintenance yet still space to entertain those friends who drop by.

Mention the  bus routes and local amenities, all favourites with the retired folk.

A 3 bed semi-detached house is an ideal family home for growing families.

These buyers are looking for more space in order to bring up their family. Show how the house and garden can accommodate their young ones with plenty of space to play.

Something I always bang on about, make sure every room has a purpose and that includes your spare bedroom. If it appears to be a dumping ground this will turn off potential buyers. They need to see how their families lifestyle will fit in perfectly.

Look at the schools in your area, if you have great schools, then ensure they are mentioned.  Houses close to excellent schools are always at a premium.

When selling your home you need to work out who your buyer is likely to be and you need to market these people. Your agent will gladly offer their thoughts and help market to the ideal viewer. Consider home staging and removing the clutter, sell a lifestyle. It can make a huge difference.

My name is Lorraine Thompson  and I am a property valuer at Hall and Thompson  Estate Agents. I’d love to help you move and achieve a great price for your home. Can we make a difference for you? Why not call me on 01827 425195.

Don’t forget to visit the links below to view back dated deals and Tamworth Property News.

Blog  -http://www.Tamworthpropertyblog.co.uk

Facebook  –  https://www.facebook.com/hallandthompsonestateagents

Twitter –  https://twitter.com/hallandthompson

Website  –  http://www.hallandthompson.co.uk