London property experts John Martin Estates has shared its tips on what you need to organise when buying a house, last week. This week it is focusing on vendors and what they should consider and actions they should take to ensure their property is the one that buyers choose
We are currently seeing a number of properties where the marketing price is being reduced, suggesting that buyers are not willing to pay the higher prices sought by vendors.
So, what is the right price?
This depends on the vendor’s motive for selling – is the priority maximum price or speed of sale? Any good agent will explore these issues with the vendor at the market appraisal and it is important that the vendor uses an agent who knows the area and can give appropriate advice based on the vendor’s requirements.
That said, any vendor wants to hear the highest valuation for their property but highest does not necessarily mean most realistic or most likely to be achieved which, depending on the vendor’s priorities, is crucial. Listen to the agent’s advice and explore options in respect of marketing strategy before putting the property on the market. Also be prepared to consider adjusting the price after marketing begins depending on how the market moves. Always remember that the highest price, followed by a reduction, can give buyers the idea that they should sit tight and await further reductions – if we had £1 for every vendor who says: “we wish we had taken your advice on price”, well…….
Deciding to sell your property is definitely the time to get any outstanding jobs done, DIY or otherwise, as they may be items picked up by an eagle-eyed applicant or a good surveyor. Remember also that failure to do these jobs may affect a buyer’s view of what to offer or put an agreed sale in jeopardy as what seems a small job to the vendor may seem so much bigger, particularly in cost, to the buyer.
Even if you know the property needs work, if consideration has been given to works, tell the agent and, if there are plans, provide them – they will assist in the marketing as buyers can see on paper what they may not have envisaged.
If you remember issues when you bought the property, they will likely re-emerge on sale. If there was a defect in the lease which was not resolved, find a resolution now; if there was an issue with a consent, see if it can be resolved fully.
John Martin Estates; 020 8998 3333; johnmartinestates.com