Thursday 5 April 2018

Are you and your Welling property average?

It's been some time since I posted the average sale and rental prices in Welling on this blog.

And the reason?

Because averages mean very little - are you and your Welling property average?

Rightmove average sale prices, February 2018

The above figures are not impossible to believe for the Welling area, but they are averages, and not every three bedroom house is the same. We have sold three bedroom houses in the last six months for as low as £355,000 and had offers declined for as high at £440,000. There is a lot more to it than just how many bedrooms you might have. 

And what about the one bedroom house at £0. No transactions. Hardly a worthwhile stat. Although if you have a one bedroom house, and lets be honest they are rare, let me know because at £0 I'd be happy to take it off your hands!

Transaction numbers are still relatively low compared to past peaks, but the market has picked up considerably since the turn of the year, and we're finding most good property well presented and well priced is moving a lot quicker now than it did in the second half of 2017. 

If you want to know the value of your property you simply must ask a local expert. There is no way of judging from online estimators and finger in the wind style approaches whether you are underselling yourself by many 1000s, or even over pricing and shooting yourself in the foot. If you want to know what yours is really worth, I'm only an email away, and I'll back it up with some evidence of past transactions, and property not sold, to give you confidence that the price is right. Do get in touch. 


Saturday 10 March 2018

"Sorry, you're too expensive" - nothing is more expensive than under selling your Welling property

Recently our office had an enquiry from someone wanting to sell their property in Bexleyheath. They seemed keen for us to visit and value their home and the appointment was booked for later the same week, but within 36 hours they cancelled without reason. It happens, nothing new there. 

Later that week the property popped up on the internet with an online agency. 

Nothing wrong with that either - we recognise there is a place for online agents. What is right for one client, is not right for all, and the choice is that of the customer, but to not even consider all viable options before making a decision does continue to frustrate. 

Given we have the full contact information and address of this vendor we wished them all the best, and have naturally kept an eye on progress from afar, occasionally getting in touch by phone or email to enquire about general progress. 

After a month, just three viewings, no offers. 

Maybe something needed to change?

Which two are the most important to you?


But what is "expensive" ??

So after four weeks, what was the response to our latest attempted call - "Sorry, you're just too expensive". 

Now it wouldn't be the first, and most certainly won't be the last, time someone complained about estate agency fees, and we understand that people don't want to pay more than they have to for any product or service, estate agency or otherwise.

But just what is expensive?

To the best of my knowledge, as the office manager and company owner, the gentleman in question had no idea what we charged. How did we know we were "too expensive"?

And perhaps more importantly, when considering value as opposed to price - what you actually get for your money - how could this be fairly assessed? especially as the current approach didn't appears to be working.

The assumption was that because we were a traditional agent, on a High Street, with a shop, and not an online only company, that we were therefore more money, and more money automatically means too expensive right?

Wrong!

More money is more money. More money is not "too expensive".

Remember, the cheapest agent is the agent who gets you the highest NET price for your property sale, not the one charging you the lowest amount.

And that is before we even consider what you actually get for your money. 

As I have quoted my staff, a posh Valentines meal at The Ritz is going to cost a bit more than an evening at the Wetherspoons, and its more expensive, but I think it fair to assume all would recognise you're paying for something better. Try taking the other half out for a slap up Wetherspoons meal and see the reaction. 

And the same applies to estate agents. We are not all the same. What one does, the other might not, and if you don't ask, you don't get. 

So we left the conversation there, acknowledging a lost cause (for now), and moved on with our work. 

Two days later, price reduction time - 25k off of the advertised price by the online agency. Wow. That's some price drop. 

I'd argue maybe too much. 

My perception of expensive? perhaps now underselling your home by 10/15/20/25k. 

Food for thought perhaps - and a reason to talk to a High Street agent and discuss all options, before making any decisions about such a big and potentially expensive decision. 

Agent A gets you 490k and charges 1%
Agent B gets you 500k and charges 2%

Which agent would you want to work with?









Friday 9 March 2018

2018 to date - Your Welling Property Market update

Sorry I've been away, but its for a good reason - the Welling Property Market has been improving!

As much as I love to keep my clients and anyone interested in property in Welling up to date with what is happening in the area, naturally, customers come first, and I am pleased that the start to 2018 has been really busy in comparison to the second half of 2017, which is good news. 

Busy!

Of course its very easy to get carried away with "being busy" on things that don't actually portray the real housing market in the area, so I tend to judge things based on the volume of valuations we are doing as an office. 

Viewings can go nowhere. Serial browsers, people not familiar with the area, and those that have just started looking and aren't ready to commit to buy anything, give the impression of being busy on appointments, but appointments that come to nothing. Besides, some properties sell on the first day, and some take many weeks, or even months, so thats not a fair judge of the market conditions really.

But valuations tell a different story. 

People don't generally invite you to value their home just for fun. There is usually an underlying desire to move house in the near future, be it days, weeks or months away, and since the turn of the year the volume of valuations we have been conducting has more than doubled on a weekly basis versus the last six months of last year. 



This is great news for the local property market, as more people moving, or considering moving, spreads positive word of mouth and the snowball effect can quickly turn the market in a positive direction. All of a sudden people being pessimistic, or that odd property on your walk to the station stagnating on the market, changes to optimism as you see a few more boards pop up, and "For Sale" becoming "Sold" in no time. 

And it helps prices too. Rather than the odd cheeky offer from a buyer trying their luck, now you have competition, and people making rival bids on the better properties, driving prices up a little, and bringing down transaction times as people are more motivated and anxious to conclude before they get beaten to it. 

And compared to this time last year?

Accordingly to Zoopla figures from March 2017, the average price in the previous 12 months for the DA16 area was £366,000, against now an average over the last 12 months of £383,000. Not a huge increase, but an increase all the same - and one we would firmly expect to continue rising throughout this year if the market continues as it has done so far. 

So if you are thinking of moving, why not get that valuation. You might be pleasantly surprised. Call or email us for an accurate figure, or get an online estimate via our website here ... Online estimate




Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation


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Welling Property Market update - April 2018

It's that time again, loads of stats for the Welling Property Market ... Don’t forget to visit the links below to view back ...