The average prices of newly marketed homes continue to dip this year. In December last year, the average price of property dropped by 2.1%, amounting to £7,862, according to Rightmove.
And they predict house prices will drop another 2% in 2023. However, the number of views on homes for sale is up by 11% compared to this time last year – so there is hope for those who would like to sell their property.
CoventryLive asked Jag Chagger, the managing director at Tutis Estate agents, for advice on how Coventry residents can sell their home quickly – and at the best price. It is important to start marketing your home as soon as possible and identify the estate agents in your area that can help you list it, Jag said.
READ MORE: Concern for boy, 14, missing from Coventry
Jag said: “It sounds obvious but if you have seen a house that you like, you haven’t got any time to wait. You will need to identify the agents that are proactive in your area and arrange to get your home on the market as soon as possible. An efficient estate agent can get your home photographed and on the market in a matter of days.”
Jag explained how there are two types of ways to price your home – the logical price and the emotional price. The logical price of a home is calculated based on your postcode and what neighbours have previously sold their properties for.
He said: “It is easy to calculate the logical price of most properties. Price comparison reports can do this easily, simply by entering your postcode. You can see what your neighbours have actually sold for.
“Estate agents can delve deeper, looking into the property portal archives to see what those properties offered and how they compared to your home. A good estate agent will be able to tell you how the current market conditions compare and if any adjustments are required.
“Review recently sold prices and what has sold on your street recently? What is the average price this year for a home similar to yours with the same number of bedrooms?
“Are those properties roughly the same size? That figure is how we derive your logical price.”
The emotional price of a property is the highest amount a buyer is willing to pay, and it all depends on the presentation of the house, the market and the agent you use.
Jag explained: “The emotional price of your home is the highest amount a buyer is prepared to pay. However, to achieve this, your home must stand out from the rest. The potential buyer must want it enough that they are willing to pay that little bit more.
“A prime example of this is a two-bed terrace house on Caludon Road we have recently sold. Within a half-mile radius, a house has just sold for £140,000.
“Another agent has sold a property in good condition for £155,000. We achieved £159,500 for the house we sold on Caludon Road. All were the same size.
“So why did we achieve a higher offer when the buyer had multiple options available to them? It all comes down to clever marketing, great presentation by both the agent and the client and using an agent who is familiar with the locality and property they are selling.”
It is important to make sure your home is well-presented so the photos look good and can attract potential buyers, Jag said. “It goes without saying that an immaculate, well-presented home sells quicker and for a higher price. Your homes need to sparkle, and any clutter must be hidden away from sight. This means a good old tidy-up.”
If your home has a lot of ornaments and items on display, this might be time to pare things back. Less is more, as having fewer items in your house will end up making the place look bigger in photos.
Jag said: “If your home screams of your personality, now might be the time to tone it down. Ornaments, family photos and your collection of board games all need to be hidden away. Clear work surfaces in the kitchen. Store away your shampoo bottles in the bathroom. If you can change all your bedding to white – it will make your bedroom look bigger. “
Spruce up your home with new furnishings. It doesn’t have to cost too much, but new cushions, matching towels, flowers on a desk are some ways you can add a fresh feel to your home and entice potential buyers.
Jag said: “Give life to an old sofa by adding new cushions. Dress a bathroom up with matching towels and “posh” bathroom goodies. Add flowers to a desk, a table or a windowsill. Dress the kitchen with a fruit bowl. By adding some key accessories you can give your home a fresh feel which attracts those buyers.”
In addition, ensure viewings are carried out when it’s daylight. Otherwise, potential buyers will want to come back before they offer, delaying valuable time.
“At Tutis Estates we have also found that clients which have a video tour, receive more offers than homes that did not opt for a tour. The benefit of a video tour is potential buyers can pre-view before visiting but also look again from the comfort of their sofa once they get home,” said Jag.
“It cuts down on people wanting to return before offering. Plus, a video tour ensures the ‘right’ person comes to view.”
And it’s not just the interior of the home, but the outside too. Painting your front door with a fresh lick of paint could transform the way people respond to your listing.
Jag said: “Your home needs to stand out. It needs to look like it is the best on the street. Simple tips are to paint your front door and polish your door furniture.
“Use window boxes and hanging baskets to add colour.” For help on selling your home, call Tutis Estates on 02476 01 65 45.
READ NEXT:
