Returning Buyer Confidence
With a general election looming and a decidedly disappointing 2023 many experts predicted that 2024 would simply be ‘more of the same’ and as a consequence many of the National news outlets reported forecasts of house prices falling in 2024. However, with inflation lower than expected, it is now widely predicted that, although at the time of writing the base rate remains unchanged since August 2023, there will be a drop in the Bank of England base rate and in fact many experts are now expecting that there will be multiple reductions in the base rate this year. This in turn has lead to competition intensifying among mortgage lenders, with many dropping the rates being offered to attract new business. At the time of writing, according to Moneyfacts, the average 5 year fixed rate mortgage is now only 5.37% and this is expected to continue on a downward trajectory. But there is more to the housing market than just slightly lower interest rates! In a career of over two decades I have seen falling and booming markets and there’s always a cocktail of events that cause the biggest swings one way or another. The boom of the early 20’s (2020’s that is) was caused by artificially low interest rates and a pent up demand from years of Brexit uncertainty followed by the Covid-19 pandemic and of course the impact that had on buyers priorities. So what other aspects are in play at the moment? It could be argued that the market was curtailed in the final quarter of 2022 and throughout 2023 due to the mini-budget of September 2022 that caused so much disruption and lead to multiple quick increases in interest rates, which caused buyers to be nervous. With Rightmove reporting a 5% increase in the volume of enquiries in the first weeks of 2024 compared to 2023, could it be that some of those who put things on hold are now returning to the market? It certainly seems like it, with Rightmove also reporting an increase in Sales agreed in the first week of 2024 of 20% compared to the first week of 2023. This increase in buyer activity and the widely predicted change to interest rates has seem some forecasters amend their predictions for 2024, most notably Knight Frank who have gone from predicting a drop in average house prices in 2024 to now reporting that they believe prices will go up by 3% Which in the space of three months is a pretty significant swing in their prediction of 7%. However, competition among sellers is currently higher that it has been for some time with a higher than typical number of properties already on the market, plus so far this year the number of new instructions is up 15% compared to 2023. So if you have been thinking about selling, what does all this mean for you? Well returning buyer confidence is always good news, combine this with falling mortgage rates and the predicted Bank of England base rate drops it is likely we are going to see a much more balanced market than that of 2023, potentially even, dare I say it a sellers market throughout Spring and Summer, after which I suspect things will slow again with the announcement of the general election. With the increasing number of properties likely to be available on the market as we approach Spring it will still be important for sellers to ensure their homes stand out as they compete for buyers attention. Obviously competitive marketing prices are one solution, but this alone can just lead to a lower sale price. For owners of premium properties (like yours) in particular it will be important to ensure they have the assistance of a specialist agent who has experience in dealing with homes in the upper quartile. This agent must be able to demonstrate that they are capable of negotiating with savvy experienced buyers and that they have the ability to curate a stunning portfolio of marketing assets and the strategies to ensure the property is then exposed to the widest possible audience. It is important that you are important to the agent and not just another poster in a window, by working with a smaller number of clients the individual agent responsible for your sale will get to know you and will have the time to communicate effectively and regularly with you, giving them the opportunity to offer genuine expert advice at every stage, sadly too many agents and agencies have a ratio of sellers to agents that prevents the necessary level of customer service, which can result in excess stress and a poor sale price.
6 Tips to Staging Your Hall
Your hall is the first room in the house viewers will see when they come to take a look around your property, so it’s important to create a good first impression. It can be so easy to put a lot of effort into staging every other room in the house but forget about the main entrance into your home. Ultimately, you want to wow potential buyers from the moment they set foot inside your property, so here are six tips to help you stage your hall just right and secure a buyer quickly: Pack away coats, shoes & bags: Don’t let viewers trip over jackets, bags or shoes you’ve left lying at your front door as this will leave them with the worst possible impression. Instead, pick everything up and store your personal belongings away. If you’re lacking storage space you can still keep them in the hall but on coat hooks or tidied away neatly in a hallway unit or organizer. Get painting: Painting your hall is one of the easiest and cheapest ways of transforming the room to make it feel more welcoming. If your hall has any walls that feature bold or loud colours then freshen it up with neutral colours and shades instead. You want your hallway to look open, bright, and fresh to create the best first impression you possibly can. Add a mirror: Mirrors are fantastic additions to any hallway and can really transform the space. By adding a mirror to your hall you will instantly add light to the room, making it appear brighter and bigger as well as adding a touch of style to it. Check the front door: Make sure your front door can open and close easily as well as lock and unlock easily. You want to create a feeling of safety and your front door is something a viewer might check themselves. Don’t be left red-faced if it doesn’t close or lock properly, so get this checked out and fixed as soon as possible if there are any issues. Bring some life and a pop of colour: Consider adding a hallway console table filled with chic accessories, such as a vase of fresh flowers, clock or candles. If this isn’t your thing, look at adding some potted plants to bring a bit of character and sense of comfort to your hall. Make sure it smells nice: A fresh smelling hall will instantly give your buyers a good impression of your house. Impress them when they first walk through the door by infusing the space with nice smells such as home baking, coffee, scented candles or wax melts or use diffusers or air fresheners to provide that clean and homely feeling. A viewer can take only a few seconds to decide whether they wish to buy a house or not so it’s important to give them the best experience as soon as they set foot through your front door. Staging a hallway is crucial to making that first impression count.
8 Reasons Your Home isn’t Selling
Selling a home can be a nerve-wracking experience. You want to move on as quickly as possible and for a good price, but frustration can easily creep in if your house has been sitting on the market for a few months. If your home isn’t getting many viewers and time is ticking on, it might be down to some of these factors: Too Expensive: The number one reason a home won’t sell is always because of the price. Homeowners always feel their home is worth more than the agent and market data tells them. But, if you put your home on the market for a price that’s unrealistic then you could have a house that will sit on the market for months and won’t generate much interest. Dropping the asking price, even just a little bit, will attract more viewers. However, it is really important you make sure the other reasons your home might not be selling have all been addressed before you consider changing your marketing price. Photos: The majority of buyers start their search for a home online these days and that’s why it’s very important to have good quality images and video showcasing your property. Some homeowners want to provide agents with pictures they’ve taken themselves but this is always a bad idea and I have even heard of agents snapping photos with their smart phone. Make sure you hire a local agent who has a proven track record in creating quality marketing materials and you’ll attract more viewers to your home. We work with professional photographers on all our properties to guarantee our clients get the absolute best portfolio of photographs possible. Time: When putting your house on the market it’s a good idea to be mindful of what season it is. Selling a house in the height of summer can pose some challenges as many people are away on holiday. If you sell in the middle of winter some buyers will just hold off until after Christmas. That doesn’t mean it’s impossible to sell your home at certain times of the year, it just means that you and your agent need to have have a strategy to make sure you get a result. Too Personal: As a homeowner you’ve an emotional connection to your property but it’s important to remember that your buyer won’t and they might not love you collection of dolls in the spare room or unusual paintings in the living room. Put all overly personal items in storage to allow your buyers to visualise themselves living there. Too Cluttered: Before you put your home on the market make sure you declutter every room in your house as buyers want to walk into a house and see themselves living there. Sometimes people can’t see past other people’s stuff and it will put them off. Ask your agent for tips on how to stage your home for sale, but please don’t take their advice personally. Some of our clients even employ the services of one of our recommended interior designers to help style their home ready for marketing. It Smells Bad: If you smoke or have a pet then you won’t notice the smell in your home- but other people coming into your home will and it can really put buyers off. Before showing your house, deep clean your carpets, dispose of any rubbish and freshen up fabrics with odour eaters. On the day of your viewings don’t cook food that have strong smells, instead use scented candles and diffusers and open your windows to allow fresh air in. You Won’t do Repairs: Homeowners are often left horrified if their agent suggests they might have to give their home a lick of paint or fix those DIY jobs that they’ve been ignoring for years. However, you want to make a good first impression on potential buyers and if your home is a bit tired then that will leave people with the wrong impression. Consider your buyers point of view, they are most likely searching for their ‘dream home’, is that likely going to be one that comes with a ready made to-do list? Low Showing Availability: It can be incredibly annoying having to keep your home tidy all the time and to have strangers walking through your home constantly, but you have to make your home available for viewings as much as possible. If you decline too many showings then you could end up missing out on the perfect buyer. Allow your agent to show the home when you’re at work and at weekends. Also, ask them to give you 24 hours notice. One of the ways we deal with this is by pre-planning viewings and booking them in blocks, allowing us to minimalise disruption to you. Don’t let your listing gather dust, make sure you avoid these 8 mistakes and you’ll have a home that will sell in no time. Thinking of selling? Get in touch today for a FREE home valuation.