Before you are ready to launch your home on the sales market, there are several things to consider when setting your price:
Does your agent support it? If you set your asking price way above that which the agents recommends, their lack of support could well be evident in the way they talk about your property to their team and to potential buyers. If they are strongly against your preferred asking price, it may be time to rethink your choice of agent or your price.
Is there precedent? If you home is unique, there may well be a lack of comparable properties, therefore you may well have more flexibility in the price your decide to market your home at. However, if you are in a row of similar properties, chances are that there will be plenty of historical evidence to guide you into choosing an asking price that fits in with those of your neighbouring properties.
Does it fit in with an online search? Nowadays more than 90% of property searches are conducted online, so you need to select an asking price that will ensure your home is found by the maximum number of buyers searching the property portals. To maximise the number of buyers who will see your property, stay clear of the 9’s such as £199,999, instead choose a rounded figure that fits in with the price banding the online portals all use, such as £200.000.
At Hall and Thompson, this is a strategy that we embrace fully. All our properties, wherever possible, are priced to show an the maximum number of online property searches. All the better to sell houses!
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)
£100,000 to £200,000
£200,000 to £300,000
£300,000 to £400,000
£400,000 to £500,000
£500,000 to £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
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