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There is no doubt that we are in a time of uncertainty and there’s a lot of concern about what the future may bring. A September survey by Property Rescue, conducted by Perspectus Global, revealed that of 1,000 UK-based homeowners questioned 65% are worried and anxious about rising inflation and interest rates. Therefore, if you’re planning to sell your home this year, you want to ensure it sells quickly and doesn’t sit languishing on the market for months on end. With this in mind, our team at Deakin-White have put together some hot tips to increase the selling power of your home.
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When selling your home, you have choices in how you achieve a sale; for many the most natural way is to instruct an estate agent to sell your home by traditional private treaty. But if you have been keeping an eagle eye on the property market, you may have come across an alternative: the modern method of auction. This is a simpler process than a normal auction; conducted online, it is more accessible to a wider range of buyers. With that is mind, is the modern method of auction the right way to sell YOUR home?
How does it work?
Selling your home through an estate agent is not always straightforward, and, with the backlog in the conveyancing process, according to Rightmove it takes 50 days longer than it did during the same period in 2019. This means it is currently taking around 150 days, on average, from the time a home is marked as ‘sale agreed’ until that very important completion day. The modern method of auction can be a quick and more convenient way to sell your home, but is it as rosy as it sounds?
When you sell your home through the modern method of auction, your property is marketed in similar ways to when you list the traditional way with an estate agent. You will find listings on the property portals such as Rightmove and also by estate agents like ourselves that offer this as part of our package of services. The auction runs over a period of around 30 days and buyers bid online from the comfort of their home, like they would for auction sites like eBay, and at the end of the auction the highest bidder wins.
If you were to purchase a property at a traditional auction you would have only 28 days to complete. But when you buy through the modern method you can opt to have 56 days to complete, allowing buyers time to organise a mortgage if necessary. This opens the doors to a wide range of buyers and thus increases the number of bidders.
What are the benefits?
One of the main benefits has to be the speed: when you compare the difference between the conveyancing process taking 150 days but a maximum of 56 with the modern method, you can see how choosing this type of auction can be extremely attractive if you are looking for a quick sale.
Another benefit is the greater level of certainty. When selling through traditional private treaty, once an offer has been accepted the sales process can sometimes be a rocky road and because no contracts have been signed either party can walk away. With the modern method, an auction is a binding agreement with a non-refundable deposit, making it a stronger to commitment.
Things to consider
One of the main things to consider is that you compromise on the sale price – you should expect to sell for approximately 85% to 90% of your home’s full value. On the plus side, the auction fees are covered by the buyer, so there will be no deductions from the sale price except for your legal fees.
Although there is more certainty than selling through traditional private treaty, it is not as certain as a traditional auction where, upon fall of the gavel, the sale exchanges making it legally binding. There is a legal agreement within the modern method between the buyer and auctioneer, it isn’t final, making it easier for buyers to back out.
Is it right for you?
As with all decisions about when and how to sell your property, it depends on your personal circumstances. As we start to enter the winter months, and the cost of living crisis starts to really take hold, you could be questioning which is better for you: to sell quickly or achieve the best price. If you are needing to free up cash quickly, the modern method of auction could be an option. Whereas ensuring you get the highest possible price of your property, and having the support of an estate agent through the entire sale, may be the solution.
Before you make any decisions, come and chat to our team at Deakin-White we can let you know how the property market is performing and answer all the questions you may have to help assess what is the right move and can help you with both options.
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If you were to ask most households where they congregate when they have guests, it is more than likely that the kitchen would be the room of choice. The heart of the home is one of the most important rooms when selling your home. Staging a kitchen is an art: you want to create a buyer’s dream home before your viewings start. This is why our team at Deakin-White have put together four dishy tips to make your kitchen deliciously irresistible to buyers.
Eliminate the seasoning
When you’re cooking, you always want to add some seasoning to make your dish taste even better, but when buyers are viewing your kitchen you certainly want to stick to the recipe that less is more. Kitchens are homes to so many things, and it is common to place items and appliances on your worktops. One of the main things you must always do is clear your work surfaces and place any small appliances away in cupboards. Clutter is never attractive to potential buyers.
It isn’t just your work surfaces that you need to make sure are looking pristine don’t forget to sort out your cupboards and remove any fridge magnets, kids drawings, letters etc. from your fridge. These are your memories and will not help buyers to imagining themselves living there.
When it comes to staging your kitchen, you want a couple of vignettes or striking bottles to make the room feel lived in and more homely. Use natural accessories that will help a buyer to connect with your room – a loaf of fresh bread on a wooden board with a pot of butter – it can often be the little things that make such a difference when it comes to staging.
A splash of colour
There is something extremely attractive to seeing a range of colours on your plate, and the same can be said about staging your kitchen. You don’t need a rainbow to add some personality but a splash of colour will bring some much needed style and warmth. A vase of flowers will be the perfect addition to your worktop or kitchen table, but you can also add some more pops of colour through glazed ceramic pots. Another addition could be to place a bowl of one type of fruit, such as oranges or apples, in a key spot, but make sure you don’t start to clutter what you have already cleared.
Spice up your units
Your kitchen is prone to wear and tear due to the amount of use it gets with family life, and there is no doubt buyers’ eyes will be giving your kitchen units a critical eye to make sure they are worthy. The cost of a new kitchen is something that could turn a viewing on its head and, therefore, you need to make sure that every inch is looking its best. So if your units have seen better days, look at what you can do to the doors to give them that extra sheen; respraying and new handles can completely transform it to that luxurious room that will be hard to resist.
Zest it up
Lighting is a big part of your home, and your kitchen is no exception, therefore if your fixtures are looking dated, it is time to zest it up a bit. Your lighting needs to work with your space – a chandelier over a dining area may be overpowering, whereas some modern pendant lights provide a more tasteful look.
Aromas
Never underestimate the role that smells play when selling your home, especially when it comes to your kitchen. Aromatic dishes can excite or repulse and the same can be said for the scents that can be found in your kitchen, so it is essential you take this into account. Clean every area, including your appliances; no one wants to open a dishwasher to be met with a distinctive smell. Once spotless, then add those scents that will make buyers feeling that they want to make your kitchen their own. A pot of fresh coffee anyone?
No need for a takeaway
Get your kitchen staging right and your buyers will want to stay, make sure it truly feels like the heart of your home. If you would like more ideas on how to make your property appeal to potential buyers give our team a call.
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There has been a notable change in temperature over the last week or so; dare we say we even contemplated putting the heating on? It is the time of year where the nights are getting longer and the days colder, and when it comes to selling your property you want buyers to see the warmth your home exudes. In Norway, freezing winters are welcomed. Koselig is not directly translatable into English, but is often simplified as a ‘feeling of cosiness’; it’s a sense of intimacy, happiness and being content. What buyer wouldn’t start to see a Koselig house as a home? Could it be the key to selling this autumn?
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The time to progress from the sale of a property to completion is now 17 weeks, which is the lowest in the last 12 months.
The average time taken for a homemover to move into a new property from putting it up for sale is now 20 weeks.
Pre-pandemic the duration was 18 weeks, and we are once again getting close to this milestone.
Good news is a rarity at present, however, for homemovers, we have some welcome news for you.
In summary, the time taken to sell a home has fallen dramatically in July 2022. We will explore this in more detail after we take you through a couple of definitions to ensure that we are all on the same page.
Definitions
- We refer to the following terms with the following meanings:
- Time to sell – will mean the time from advertising a property for sale to getting a sale agreed on the property.
- Time to progress – will mean the time it takes to progress the property from getting a sale agreed to moving in.
- Time to Progress
The great news is that the time to progress the sale of a property fell by 13% in July 2022, when compared to June 2022. In addition, from the data that we can see at present, it looks like August 2022 will maintain this fall.
A chart containing the average (mean) time to progress for the last twelve months is below:
The time to progress in July was 123 days (or 17.6 weeks or 4 months) and as you can see from the chart above, this is the lowest time since July 2021.
Note that pre-pandemic (July 2019), the time to progress was 91 days (13 weeks or 3 months).
Time to Sell
Further good news is the time to sell the average property in July 2022 was a median of 19 days, which was unchanged from June 2022. I know everyone forgets their early maths days and that some of you wish that we could leave them behind forever, so to re-word this, this means that 50% of all properties that came to the market (that then have a sale agreed) had a sale agreed within 19 days.
So overall, this now makes the total time to sell and move into a property 142 days (which is of course 20 weeks or 4.7 months).
Pre-pandemic (July 2019), the time to sell was much larger at a median of 37 days. This makes the total time to move in July 2019 of 128 days (18 weeks or 4.2 months).
So, although we are not quite at pre-pandemic levels just yet, 20 weeks total time to move into a new average UK property is welcome news.
Editorial and credit goes to: FIA and Twenty CI
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Soaring energy bills are something that none of us can ignore at the moment; the cost of living crisis is expect to worsen this winter, with industry experts warning that the typical bill could exceed £3600 this winter, and continuing into 2024. Dr Craig Lowrey, principal consultant at Cornwall Insight, said: “While the rise in forecasts for October and January is a pressing concern, it is not only the level – but the duration – of the rises that makes these new forecasts so devastating.” With this in mind, it is no wonder that many homeowners are looking at ways to make their home greener and more energy efficient.
Lack of understanding
According to a report published by Rightmove at the end of July, one of the biggest reasons homeowners are not making green improvements is because they feel they don’t need too. This could be very much down to a lack of understanding of what improvements to make and also the lack of financial incentives, although making homes green is critical if the UK is to reach Net Zero by 2050. Rightmove found that 33% of homeowners think that making changes to their property would be too expensive, yet will be the cost of living crisis become the biggest motivator?
Buyers attraction
At Deakin-White we have noticed that buyers are more conscious about looking for properties that have green features. Rightmove have seen that there has been a rise in searches for features such as solar panels and heat pumps through their keyword sort tool. Compared to the start of 2020, Rightmove have noted that estate agents are now including 73% more green terms as key selling points. Buyers will no doubt be attracted to homes that are sustainable and whose owners have made changes to make them more energy efficient.
Benefits for sellers
With one of the main concerns for homeowners being the expense of adding such features, are there any financial benefits? Analysis by Rightmove found that sellers who had made improvements to upgrade their energy performance certificate (EPC) rating from an F to a C had on average achieved 16% more on the price of their property. Green features that have increased the EPC rating from E to C achieved an extra 8%, whereas those that moved from D to C resulted in an extra 4% average.
Your EPC is a snapshot in time and an assessment of your building. It also gives you a list of recommendations on the changes you can make to help improve your home’s efficiency and, in turn, your energy bills. Some of the changes you could potentially make include:
- improving insulation in loft and walls
- replacing your boiler
- installing a wood-burning stove
- adding solar panels.
The experts state
“Improving a property’s green credentials is critically important as the UK strives to hit Net Zero. The immediate challenge is the sheer number of properties that are currently below an EPC rating of C and the costs involved to fix this. There has been much debate about what could happen in the future to homes with poor energy efficiency, and the government has said they will make sure these homes can still get mortgages. But I don’t think it would be a surprise if in ten years’ time we see that people taking out mortgages or remortgaging a home with the lowest EPC ratings find that they miss out on the best mortgage rates.” Rightmove’s Director of Property Science, Tim Bannister
The long term gain
Not all changes you making to your property will have an instant impact on your finances, features such as solar panels could take between 11 and 27 years to recoup the cost, according to the Energy Saving Trust (EST). Already, in the UK around 1 million properties have installed solar panels, with the number rising rapidly. Depending on how much energy you use, a typical home will save £300 a year, and at the moment any saving, we know, will be warmly appreciated.
Greener future
At Deakin-White we can certainly see a growing need for homes with more energy efficient features, not only with concerns of the cost of living but also climate change. When selling your property, make sure you highlight any green upgrades you have made, as they may help to attract conscious buyers. Give our team a call to discuss the benefits of making your home greener.
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Every buyer has a wishlist of what they want from their new home, and understanding buyers is important if you are looking to sell your home in the future. As the autumn nights draw in, your mind is no doubt focused on your interior rather than your exterior, but there is one feature that is dominating property listings, thus showing the demand from buyers. Post-pandemic is all about garden offices, and we can completely understand why.
Attracting buyers
The pandemic caused working patterns to change for many, and, even now, working from home, even just a couple of days a week, is more common than ever before. Therefore, optimising our home to create a separation between work and life is essential, which is why garden offices have grown in popularity. According to Rightmove, the proportion of property listings that mention a garden office is now 11 times higher than a decade ago: that’s a whopping 1046% increase.
This is not your average garden shed: these are spaces fully equipped with electricity and Wi-Fi, and many have fires, air conditioning and eco features. They are architecturally beautiful and sympathetically coexist with their gardens rather than competing against them for attention.
Rightmove's Tim Bannister said: 'Agents and developers have their finger on the pulse when it comes to the home features that will attract suitable buyers.
'Where dining rooms and fitted wardrobes may not be as important to some potential buyers compared with ten years ago, other features, like an outdoor office space, have soared as working patterns have changed, and the findings indicate a move towards greener features too.
'With outside space coming at such a premium, it may be that homeowners are ensuring what they build outside can be used in a number of different ways.
'For example, summer houses and orangeries are likely to have fewer or smaller windows than conservatories, and so can more suitably double up as home offices during the week and entertaining spaces at the weekend.'
Are they worth it?
It is no wonder that homeworkers are craving for a more practical and sustainable solution after years of working from spare bedrooms, kitchen tables and sofas. As the prospect of working from home remains, they seek a long-term rather than a temporary solution to aid a more productive and welcoming atmosphere.
Almost 1 million homeworkers have splashed out on a shed or garden office since COVID lockdowns started, according to research by Direct Line’s home insurance arm. Their survey also questioned estate agents on the benefits of a dedicated home office, which revealed that three quarters of them stated that they now add ‘considerably to the desirability and value of a property with properties for sale with a home office commanding a premium of £17,500’.
Is there a real need?
A recent TUC survey discovered that more than 38% of people in 2022 in the UK now work from home at least one day a week. In fact, ‘up to one fifth more people – or 241,000 individuals – are working in a garden office room or spare bedroom than they were 10 years ago.’ With figures like this it is no wonder that more buyers are attracted to a property that can provide them with a dedicated workspace as well as a relaxing home.
The benefits
Working from home can be isolating; you no longer have the chats whilst making a coffee in the office, those moments of physical interaction with colleagues. And even if you love the solitude, where you work has an enormous impact on your well-being, which is another reason why a garden office is so important.
Creating real separation between work and home life helps us to relax and also to focus: you are away from distractions and surrounded by nature and the seasons. Having a space in your garden truly brings the outside in, flooded with natural light which can give your mood a boost and also aid your productivity. No matter if it is a rainy day, just being in a green space has a whole other feeling; it is a calmer environment which can only help any stresses you may feel during your working day.
One of many
A garden office is just one of many features rising in popularity this year, according to Rightmove, such as bifold doors, underfloor heating and an open-plan layout. If you are considering making changes to your home and not sure what will add value and attract potential buyers, please come and have a chat to our sales team on.
We know exactly what is on buyers’ wish lists in your area.
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There is nothing easy about selling your home, and buyers really wish to be inspired by what they see. By staging your home, you are creating the canvas buyers need to be able to see its potential as their home. Cluttered and tired spaces just won’t make the cut these days; buyers expect more, and if you want to achieve the highest possible price, you need to make sure that every room in your home sells. If you’re selling your home you need to ask yourself – Is your bathroom making a splash?
When should I stage?
From the minute you decide to sell it is being judged by potential buyers and us as your potential estate agents. How your property is presented will have a part to play in its valuation and, therefore, the need to stage your home before you look to engage an estate agent is essential. There are clear advantages to getting to grips with this task sooner rather than later: it makes it easier to prepare for marketing and also for viewings, Remember, your photographs will be scrutinised, videos dissected and viewings will be rigorous. With more homes coming onto the market, you need to ensure yours is the one that they struggle to forget.
Storage
It is very easy for your bathroom to become untidy with all the bottles and supplies our bathrooms need, especially if storage is minimal. It is essential to remove your personal toiletries. There is a wonderful array of storage solutions today, from beautiful baskets to cabinets, to help create a room that is clean and clear. Once you have your blank canvas, choose only selective pieces to display: these should add a sense of luxury and calm, such as a beautiful fluffy towel, a couple of high-end-looking bottles and maybe even a candle. You want to create a balanced look, one that is not overly styled, yet gives a sense of elegance as well homeliness.
The focal point
There are easy ways to upgrade your bathroom. Always try to ensure that there is a focal point that catches a buyer’s eye. You may have a vanity unit that steals the show, or a freestanding bath that is already the star of your bathroom, but if you feel that it’s looking more ordinary than extraordinary, then maybe you should look at making a couple of changes.
Changing the fittings can easily upgrade a space, from cabinet handles to new taps, adding luxurious finishes can make a huge difference to how a room feels. Also look at the flooring and tiles – buyers are looking for more of a neutral décor rather than something that overpowers and makes the space feel smaller.
Scrub every inch
Buyers will take no prisoners when it comes to your bathroom: they will expect it to be spotlessly clean. Your grouting should be bright and mould free, your mirror spotless, your walls crisp and looking freshly painted. Flaws may be forgiven in other rooms but sadly not in your bathroom. Don’t forget areas like your showerhead and hidden corners, as what you believe they won’t see, they more than likely will. Being one of the highest value rooms in your home, it should be presented to the highest standard possible.
Add value
If you decide not to stage your bathroom properly, you could risk devaluing your home by a considerable sum; this is because updating a bathroom is an expensive exercise. Therefore, if you present a spa-like haven that potential buyers can imagine themselves in, you are another step closer to selling your home.
For more advice on preparing your home for sale, contact our team.
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School holidays are officially here, which means it is summer – although our weather doesn’t often play along. When you’re selling your home, you need to bring the essence of the season into the presentation of your property. Summer is a time of fun and happiness, a time of parties in the garden with friends and family, light-filled rooms, and relaxing in the sun. To maximise your home’s selling potential this summer, take tips from the experts and create inviting scenes and vignettes to make buyers swoon this summer.
Create a hot welcome
Vignettes are used by home stagers, where they create curated scenes to highlight your home’s best features to draw buyers in, and the best results are always achieved when you reflect the season in your design. Don’t wait for buyers to step inside your property to create a hot welcome: you want them to be wowed at first sight by what your house has to offer.
Your home’s kerb appeal should create a story that depicts the lifestyle potential buyers crave. If it is a quiet spot, is there space for a small bench where you could place a throw and a book? Maybe you could put together the perfect morning coffee spot or spruce up your exterior with bright and colourful seasonal flowers, transforming it to the best looking home on the street.
A sunny start
Now you have grabbed a potential buyer’s attention, you need to keep them excited as they enter your home. Your entrance may be a lovely sized hallway, or lead straight into a room, or look onto your staircase. Regardless of the size and shape, you need to make sure that as your buyers enter your home they have a sunny start that makes a statement. It needs to be bright and airy and clutter free; think about the décor and don’t think twice about it having a freshen-up. Less is more when it comes to accessorising, a vase of freshly cut flowers and a soft-scented candle could be enough.
Zesty kitchen
When you think of summer, you picture bright colours; therefore, this is the ideal season, so add some of these colours subtly into your home – the kitchen is the ideal place. Oranges, limes and lemons can add some zest to your kitchen when place in a large fruit bowl or vase. A summer vignette for the kitchen could be some strawberries and scones placed on a cake stand, or is there space for a little scene in your dining area? Open a few windows to freshen up your home before showing your buyers around for their viewing.
Garden haven
One of the most important ‘rooms’ in your house to focus on is your garden and it’s the perfect setting to play with vignette staging. If you have the space, you can add a couple of small scenes, such as a place to entertain: don’t clutter, and try to keep the colours you use to a minimum. If your garden is small, a table and chairs, a bottle of wine in an ice bucket and a couple of glasses will be perfect. We would always recommend that you add a place for someone to relax, whether that’s a sun lounger or a chair with some large cushions and a carefully placed magazine.
That warm feeling
The home staging experts know how important it is for a home to project a lifestyle as it helps to generate that warm feeling that all estate agents love to see in potential buyers. Use the summer to add some shine to your home and get your home sold. For more ideas to attract potential buyers this summer, contact our team at Deakin-White.