Should I Buy And Sell Property At The Same Time?

It is perfectly natural for a homeowner to buy and sell property around the same time. If you already own a house and it is time to move on to a new one, it is very likely you need to sell property as well. However, if you are weighing up your options, is this the right approach to take?

You may feel as though you have no other option. After all, you need a place to stay, and you are only selling your current home because you are moving to a new one. If you didn’t plan on buying a new home, there would be no need to sell your current home. So, the process goes hand in hand, even if attempting both activities at the same time makes for a stressful time.

There are reasons to sell property before you buy

If you are looking to sell your current home before you begin the process of buying a new home, there are reasons to do this.

When you aren’t attempting to sell at the same time as you buy, you are in a stronger negotiating position when you sell. Some vendors have found themselves accepting a lower offer than they would like, simply because of the deadlines of the buying process. When you aren’t pushing through a property purchase, you have a stronger position to sell.

When you aren’t buying at the same time as you sell, you aren’t part of a property chain. This is a great asset to have when you eventually get around to buying a home. You will already have sold your property, be free of a property chain, and you’ll look more appealing to vendors. This factor alone may not make the difference when there are many bids in for a house you like, but it may.

Vendors want to avoid a chain, so if there is an acceptable offer from a buyer who isn’t involved in that process, their offer automatically carries additional weight.

Another reason to sell before you buy is you think house prices are going to fall in the near future. If you sell for a high price, and it then becomes more affordable to buy property, you can enjoy a profit on your home. You may use this money to buy a larger home, or you may put it to good use in other ways.

There are reasons to consider selling and buying at the same time

Of course, you must be aware there are reasons to sell and buy property at the same time. While there is a lot to be said for selling first and then buying at a later date if you believe property prices will fall, but what if the opposite happens?

If you sell your home and then house prices rise, you may not be able to buy the home you want, or you could find yourself priced out of the market. It is easy to see why many homeowners choose to buy or sell at the same time, because it minimises problems like this occurring.

There is also the fact many people would rather not rent. When you rent, you spend money that gives you nothing back, and it can be expensive. Therefore, it is best to coincide the buying and selling of property, so you can move from one house to the other.

If you are looking to sell your home, and you need guidance, please contact Williams of Petersfield, and we will do everything we can to assist you with the process.

A Shocking Reason Your Home May Not Be Selling

If your home isn’t selling, but other homes in the area are, you want to know the reason why. You and your agent should be able to review the market and come up with ideas why your home isn’t selling. There may be an issue with the local area, there may be a lot of houses for sale in the market, or there may not be a significant number of buyers. It may even be that your home is priced too high.

However, if it isn’t any of these reasons, you may feel as though there isn’t any reason why your home isn’t selling. Of course, there may be a shocking and surprising reason your home isn’t selling or generating interest.

Your home may be too cheap

You would think if your home had a low value, you would have a lot of interest. Savvy buyers seeking a bargain would surely see your home as the ideal option when it comes to affordability and value for money. However, this isn’t always the case, and you may find buyers ignore your property listing.

Don’t sell your home with a nine at the end, round up

Over the years, many industries have thrived with price tags ending in a 9. This style of pricing subconsciously makes people think they are getting a better deal. The reality is they may only save a penny or a pound, but the psychological difference may be enough to grab attention.

However, in the digital era, some of the benefits are lost. Buyers set price parameters starting and ending in 0’s, which means that your property price may lie outside the parameters, suitable customers. Equally, your cost will lie at the maximum of the parameter where it sits, so your home will come across as one of the more expensive for a buyer.

Get an accurate price for your home

The most important thing for you to do before pricing your home is to ensure it is appropriately valued. We offer this service, and our team will make sure you have an accurate and genuine price in place for your property.

It is essential to know the local average, but if your home isn’t comparable with the regional average, you shouldn’t use that as a barometer. If your home is more appealing than the average home, the average price lumps it in with many properties in your area. Buyers could be crying out for what you offer, but if the house seems the same as the rest, they may not give it the care and attention it deserves.

If you are looking to sell your home, you need support and guidance from local experts. We are pleased to say we have helped many vendors sell their home, and our team have skill and expertise in the psychology of sales. We will help you find the ideal price for your home, and we look forward to assisting you to sell your home soon.

How To Choose Your Ideal Buyer

Even though there has been much pessimism regarding the property market in recent times, property deals still take place. We are pleased to say we have helped many vendors in Petersfield sell their home. If you are keen to sell your home in the Petersfield area, please get in touch, and we will be happy to assist you find your ideal buyer.

Given the demand for property, it is not uncommon for vendors to have multiple offers to consider. If you find yourself in this position, you need to evaluate your options. Naturally, many vendors believe the most significant offer is the most appealing option.

However, it may be the most substantial offer isn’t the best for your needs. On many occasions, the most extensive offer will be your best offer, but this isn’t always the case. If you want to know how to choose your ideal buyer, there is several things you need to consider.

Consider the terms of all offers when looking for your ideal buyer

There may be times when a smaller offer is more appealing. An example of this comes when you have a cash offer and an offer dependent on a mortgage. If the lease has only been agreed in principle, the cash offer may be far more attractive, even if it provides you with slightly less money. This would make the cash buyer your ideal buyer.

A mortgage agreed in principle isn’t a guaranteed mortgage, so it may not be on offer. Even if this mortgage does come to fruition, it may take several weeks for the lease to be made available. If you have a cash offer, you can proceed much more quickly, which appeals to many vendors.

If you need to move quickly or there is a deadline in place when it comes to selling your home, a cash deal makes more sense.

Is the buyer part of a chain?

Another thing to consider when evaluating offers is the status of the buyer. If the buyer is involved in a chain, this may hamper your ability to conclude the deal effectively. When people are involved in a property chain, there is a higher risk of deals collapsing, or at least being delayed.

If you receive an offer from a first-time buyer, their offer may be more appealing to you than a more substantial offer from a buyer involved in a chain. If you want to conclude quickly and reduce the level of stress you experience in selling your home, looking for a chain-free offer is a smart move.

Is the buyer motivated to move in?

If you are dealing with a motivated buyer, you should find the deal moves much more quickly. There is a great deal to be said for choosing an offer from a buyer who wants to conclude soon as opposed to someone who seems content to take things at a slower pace.

Don’t be afraid to speak with the prospective buyer and ask their opinion on the move, and what they want to achieve. This information may provide you with insight into whether this is the right buyer for you.

If you plan on selling your home, you need to have your home valued. We’re pleased to offer a valuation service, and whatever help you require in selling your home, we can provide it. When you want to sell your Petersfield house, contact Williams of Petersfield.

What Costs Do You Need To Cover When Selling Your Home

While most people are aware of buying your home is expensive, not as many people know the costs of selling your residence are also prohibitive. These costs need to be met at the same time, and if you don’t budget for them, you may create a significant gap in your finances.

At Williams of Petersfield, we are here to help you know what costs you need to cover when selling your home.

Energy performance certificates (EPC)

If you sell your home, you need to have an EPC for the property. You may already have an EPC. You should be aware that EPCs last for ten years, so if you have arranged an EPC in the past few years, you will be covered.

If you don’t have an EPC in place, you need one. The costs of an EPC vary, so make sure you shop around. The price can vary between £35 and £150, so there is a gap between what you might end up paying.

Estate agent costs for selling

If you use an estate agent to sell your home, and you should use an estate agent to sell your home, you need to pay for this service. Not all estate agents are the same; not all professionals charge the same price and not all agents charge you in the same manner.

selling home

It is believed the average estate agency fee in the UK is between 1% and 1.5% + VAT, but the cost can range between 0.75% and 2.5% + VAT. Most vendors use traditional High Street agents. While some people use online agents in the hope of lowering the cost of the service, online agents don’t always provide value for money.

Some online agents don’t offer all the services you need; other agents may not be of a good enough standard to promote your home. Some online agents provide an excellent service, but it is telling most vendors still use traditional estate agents.

Before you choose an estate agent, confirm the price is suitable, and make sure it provides you with value for money.

Conveyancing solicitor fees

You’ll also rack up conveyancing fees when selling your home, and this can be expensive. It is not uncommon for conveyancing solicitor fees to range between £550 and £1,000 + VAT. Similar to estate agent fees, not all conveyancing professionals offer the same service or standard of work. Before you commit to a conveyancing solicitor, research them and what they offer.

Try to find a well-recommended professional who you feel comfortable with using. If you are selling and buying, you may be able to obtain a discount for using the same professional for both conveyancing elements.

Other costs you need to pay include:

  • Removal costs
  • House cleaning costs
  • Redecorating costs
  • Mortgage exit fees
  • Stamp duty

With so many costs to consider, it is critical you budget for these aspects when selling your house. If you plan on selling your home and want assistance from a local professional, contact Williams of Petersfield, and we’ll be happy to help.

What Home Improvements Add Most Value

All homeowners should hold an interest in adding value to their home. Even if you don’t intend selling soon, adding value to your house offers comfort and confidence. Of course, if you plan on selling your home fast, it makes sense to make home improvements that attract buyers, add value and make your home stand out from the crowd.

If you plan on staying in your home for many years to come, you can make home improvements that meet your needs. However, if you plan on selling soon, think about what buyers want or need from a home. Improvements that are tailored to the needs of the buyer, while increasing the value of your home, should ensure that you make a smart investment.

Garage door upgrades are affordable and in demand

For a quick impact when improving your home, consider the benefits of upgrading your garage door, if you have one. While having a stylish or appealing garage door is essential for many homeowners, the key reasons to have a garage door is functional. You want a safe and secure garage door that keeps people out while keeping possessions safe.

Also, with an increasing number of people using their garage space as a living area, or connecting their home to the garage space, security is paramount. Upgrading the reliability and robustness of your garage door will have a hugely positive impact on the value of your home, and buyers.

Decking makes sense with home improvements

Anyone who has outdoor space at their home knows the benefits of sitting in the sunshine, enjoying pleasant weather. However, to make the most of great weather, it is critical to have an area that allows people to relax and unwind.

Investing in the decking area is a smart choice, and it should ensure you make the most of your time in the sun, while also adding value to your property. A decking area is the sort of thing buyers look for, and if it differentiates your home from other properties in the area, all the better.

Upgrade the kitchen

With the kitchen being the hub of modern life, there is a great deal to be said for ensuring this room is of the highest standard. You don’t need to overhaul your kitchen completely, but you should add new appliances.

Ensuring your kitchen looks contemporary is a smart way to attract attention. You should also look to maximise space in your kitchen. Adding new storage options improves the appearance and utility of your kitchen, which is sure to draw attention to your house.

Be more energy efficient

Energy efficiency upgrades are vital in making the most of your home. Improving the energy efficiency of your home makes it easier to save money. Whether you intend to sell your home soon or not, this is a great feature to have in your house.

At Williams of Petersfield, we are here to help you make the most of your home. If you want to add value to your house, increasing the likelihood of selling your home, contact us, and we’ll be happy to help.

Here’s How To Prepare Your Home For A Viewing – Urgently!

The viewing stage is critical in selling your house. You may find prospective buyers view your home on more than occasion, but you need to impress every single time. If you have a lot of time to prepare your home for a viewing, you have more opportunity to create the best possible impression.

However, you don’t always have a lot of time to prepare your home for a viewing. There are times when you may only get minimal notice of a prospective buyer coming around to view your property. When you live in the house during the sales process, it is virtually impossible to maintain a showroom like state, and this means you have work to do to ensure the home meets the standards you need to match.

Start to prepare your home with the decluttering process

The decluttering process is essential in presenting your home. A good declutter is critical when readying your house for images, and it is equally important when you welcome guests to your home. Get rid of any junk or unnecessary items from around your home.

Try to keep accessories and additional items, such as ornaments or photo frames to a minimum. You want the buyer to picture themselves living in your home, and this becomes more likely when you remove most of the items of you and your loved ones.

Ensure the kitchen and bathroom are spotless

All rooms are important when selling your home, but you need the kitchen and bathroom to look fantastic and very clean. Make sure you wipe down all surfaces, clean the flooring and try to create as much space as you can.

viewings

If you create a showroom like environment in the kitchen and bathroom, you are far more likely to develop a positive atmosphere with your guests and prospective buyers.

Clean the floor if you can

Buyers eyes will naturally scan a room from the floor to the ceiling. Therefore, your floor will be looked at carefully, and you need to create a positive impression. Take the time to vacuum carpets, sweep wooden floors and give tiles or vinyl laminate a going over with a mop.

Freshen up the bedroom

It is possible to liven up your bedroom quickly and effectively. Changing your bedsheets and linen for fresh additions will change the mood of the room, making it look cleaner and more appealing. The bed is the centrepiece of the bedroom, and if it looks attractive, you stand a better chance of impressing prospective buyers.

Hopefully, you have enough time to focus on these tasks. If your time is minimal, start with the decluttering process and then try to fit in as much else as you can. Also, try to give yourself time to calm down before the buyer arrives, ensuring you efficiently greet them.

If you are looking to sell your home, it is best to call on the support and guidance of a local professional. Get in touch with Williams of Petersfield, and we will be more than happy to help you out in the sales process.

Brexit Delay Leads To Property Listings Increase

It is fair to say there has been an awful lot of focus on Brexit in recent years. Every aspect of life connects to the upheaval, and of course, the property market has been affected by the political changes. While the Petersfield market hasn’t been as severely affected as some areas, it is vital for residents to be aware of how the overall market is performing, especially with the latest Brexit delay.

Uncertainty harms the property market, and Brexit has left many people feeling uncertain about what is going to happen next. It is easy to see why many buyers decided against making a significant commitment, and if buyers don’t buy, vendors don’t sell, and there is no movement in the property market. This may not immediately touch the Petersfield property market, but a slowdown in house sales affects everyone.

Some buyers have decided now is the time to list their property

However, with the latest Brexit delay, which may see a decision come in October, or perhaps not, it seems as though some vendors have decided enough is enough. After the March deadline passed, a notable number of homeowners listed their house, with the April 2019 listings being 0.8% up on the April 2018 listings. This may not seem like a massive list, but in a year to year terms, it is worth considering.

Brexit sales

Also, a leading estate agent states that 49% of significant towns and cities experienced an increase in new properties coming on the market in April 2019 compared to March 2019. London was immune to the positivity, perhaps suggesting there is still a significant concern in the capital about what lies ahead, but in many places across the country, there was a sizable rise in property listings.

Many areas have experienced a sizable increase in listings on a month to month basis thanks to Brexit delay

For the month on month figures, Stevenage experienced a 69.4% increase in listings while Salford saw 43.8% more homes available to buy. Chichester witnessed a rise of 33.8% in listings while King’s Lynn welcomed 33.3% more homes on the market. Other areas seeing a sizable increase in the month on month listings include:

  • Ipswich rising by 22.5%
  • Gloucester increasing by 20.1%
  • Carlisle rising by 19.8%
  • Warrington witnessing a rise of 17.6% in listings

There is growing positivity about the market, especially with concerns about a No Deal Brexit subsiding.

Sam Mitchell is the Chief Executive Officer of Housesimple, who released a statement, saying; “Home owners wasted little time in marketing their properties once the new Brexit date was confirmed. There was inevitably a slight lull in market activity in early April, but activity has picked up noticeably since 12 April, and although we’ve seen a more subdued spring bounce than in previous years, under the circumstances, seller numbers are at healthy levels, particularly in the North.”

Whatever move you wish to make in the property market, make an informed decision by contacting Williams of Petersfield. We are pleased to say we have helped many homeowners sell their house, and we are here to help, so get in touch.

How Long Does It Take To Sell Your Petersfield Home?

While each property sale is unique, people like to know likely timescales. In the property market, average figures are often significant. A vendor shouldn’t expect to receive the average price for their Petersfield home, but if they are planning, the average sales price for similar homes in their area provides a guideline for budgeting. Similarly, if you want to buy a home, you’ll look at average house prices in an area, and determine if it fits your budget.

Therefore, if you want to know how long does it take to sell your Petersfield home, you should start by looking at average times. Information culled from Rightmove, and HM Land Registry provides a platform to review local selling times, and the data for Petersfield postcodes is interesting.

How long do you expect to take to sell your Petersfield home?

Many of you will have an interest in the GU31 postcode area. This is one of two postcodes covering the Petersfield post town area, playing hosts to areas like Petersfield, Buriton, Elsted, East Hampshire and Chichester. The average time taken to sell property in the GU31 postcode stands at 23 weeks. This is higher than the average in most other local postcodes, so don’t be surprised if it takes a bit longer to sell your home if you hold a GU31 postcode.

According to Zoopla, the average price paid for GU31 property in the past 12 months stands at £505,384.

In the GU32 postcode area, covering East Meon, West Meon, Sheet, Steep and East Hampshire, the average time taken to sell a property is listed as 18 weeks. Compared to the average time of 23 weeks associated with the GU31 postcode, selling your home will feel easier here! A period of five weeks can feel like a very long time when you are selling your home.

Property house sale

In figures provided by Zoopla, the average price paid for GU32 property in the past 12 months is £458,330. The difference in average price paid between the two postcodes may be a factor in the difference in the average time taken to sell a property.

You can speed up property sales

Of course, there are ways you can improve the sale of your home, and it is possible to sell your home more quickly without compromising on the quality of the sale. Steps to consider include:

  • Select the most suitable buyer, not necessarily the buyer who places the highest bid
  • Price your home accurately
  • Enlist the services of a skilled and qualified estate agent with a local agent

The right estate agent has a huge role to play in selling your home and speeding up the process. At Williams of Petersfield, we are delighted to say we have helped many local vendors sell their home promptly. We know the local area, and we know what buyers want, which means we can aid vendors.

This knowledge ensures we assist you connect with buyers, and to sell your home quickly, contact us, and we’ll be happy to help.

First Time Buyers Rebel Against Rising Costs

Buying a home is expensive, and it is easy to see why a first time buyer struggle to step on to the property ladder. However, while buying a home is costly, many first-time buyers believe they spent too much money on purchasing a house.

A study undertaken by Comparethemarket, speaking with more than 2,000 property owners, states that around 50% of first-time buyers made expensive mistakes when buying their house. Respondents believed that they spent too much money on conveyancing, removal firms and mortgage brokers.

Broker services come under fire in study on first time buyer market

The study says 31% of respondents are looking to lower the costs of the mortgage broker service when they next buy a home. 25% of respondents said they would try to reduce removal costs when they next move house and 20% of respondents are keen to lower conveyancing costs.

property buyer

13% of people questioned are eager to lower survey costs, and 5% are looking to find better value for money estate agents. However, there is a caveat that as first time buyers don’t have a property to sell, their dealings with agents may be limited.

In follow-up questions in the survey, 15% said they wish they had haggled on the property price and 10% believe they made an error in using their entire savings to pay for the deposit. Using your savings in this manner makes it impossible to leave money aside for emergencies or carry out improvements around the home. 8% of respondents said they wish they had found a better mortgage broker and 6% wish they had a more detailed survey carried out of their home.

Many buyers automatically turned to their bank

One intriguing element comes with the fact around a quarter of first time buyers turned to their bank for a mortgage rather than comparing the market. Of course, this is likely to be a key element the company behind the survey was looking to find, so this may be skewed, but buyers are advised to shop around and find the best deal. 19% of respondents stated an opinion that mortgage brokers provide no value when buying a property.

Mark Goldson of Comparethemarket, said; “People with no prior experience in purchasing a property may not be aware which services and products offered to them on the home buying journey are mandatory and which are discretionary and, importantly, whether they are good value or uncompetitive. The whole buying procedure can be intimidating, particularly for those going through the process for the first time.  Fears around hidden fees and dealing with estate agents, lawyers, surveyors and mortgage companies are legitimate and strong enough to put off people from trying to make a purchase.”

There is no denying that buying a house is expensive, but many first-time buyers are unsure of how to best spend their money. There is a great deal to be said for slowing down when you buy your first home and taking in as much guidance as possible.

Whatever move you are keen to make in the property market, it is best to call on the experts for help. As a first time buyer, if you need guidance or assistance, contact Williams of Petersfield, and we will be more than happy to assist you.