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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Great(er) Expectations: Why Tamworth Home Sellers are Having to Reduce Their Asking Prices by an Average of £11,600 Each

As we head for the winter months, some interesting statistics have come to light on the Tamworth Property Market which will be thought provoking for both homeowners and buy to let landlords alike.

Over the last 12 months 1,190 households have changed hands in Tamworth, interesting when compared with the 10-year average of 1,128 households per year.

Overcooked house prices

 

Yet, for the purpose of this week’s article, I want to discuss the pricing of the current crop of Tamworth’s property sellers and the prices they are asking for their homes and the prices they are achieving (or not as at the case may be). It is so important for all property owners to know the real story, so they can judge for themselves where they stand in the current Tamworth housing market, thus enabling them to make suitable and informed decisions… and that is why, in my blog about the Tamworth Property Market, I pride myself in telling the people of Tamworth the real answers, not just the ones they want to hear.

The national average of homes selling at or above the asking price currently stands at around 10%, so around 90% go below the asking price – but by how much? Well according to Rightmove, in the Tamworth area, the average difference between the ‘FINAL asking price’ to the price agreed is 2.5% … yet note I highlighted the word FINAL in the last statement.

You see some Estate Agents will deliberately over inflate the suggested initial asking price to the house seller, because it gives them a greater chance to secure the property on that agent’s books, as opposed to a competitor. This practice is called overvaluing. Now of course, each homeowner wants to get the most for their property, it is quite often their biggest asset – yet some agents know this and prey on those house sellers. You might ask, what is the issue with that?

Well, you only get one chance of hitting the market as a new property. Everyone has access to the internet, Rightmove and Zoopla etc, and your potential buyers will know the market like the back of their hand. If you have a 3 bed semi that is on the market for a 3 bed detached house price.. those buyers will ignore you.

If your Tamworth property sticks on the market, potential buyers will keep seeing your Tamworth property on Rightmove each week, then start to think there is something wrong with it, dismiss it even further, until you, as the house seller have to reduce the asking price so much (to make it appear inexpensive) to get it away. According to our own research, the average house buyer only views between 4 and 5 houses before buying – so don’t assume viewers will come round your optimistically priced (i.e. overvalued) property, thinking they will knock you down – no quite the opposite!

So how widespread is overvaluing in Tamworth? The results might surprise you …

32.8% of properties in Tamworth, currently on the market, have reduced their asking price by an average reduction of 4.8% (which equates to £11,600 each)

So, all I ask is this.. be realistic and you will sell at a decent price to a decent buyer. First time – every time – enabling you to move on to the next chapter of your life.

Happy House Hunting.

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