This past year has seen an increasing trend of sellers coming to a “private” off market deal.
It can seem like a good idea to use Facebook and social media as a platform for selling a house, but marketing your house for sale solely by these channels can mean that you lose out big style in this currently red-hot property market in the Scottish Borders.
Perhaps this is a knock-on effect from the increased reliance on internet based services following lock down and a resistance to full marketing during the pandemic. The people who did market their home for sale, or whose properties were already on market, reaped the benefit of an abundance of cash-ready and willing buyers keen to move to our beautiful Borders. Frustrated by the limited supply of properties for sale meant they were paying more; paying well over the price that would be achievable in more “normal” times.
Ignorance is bliss
Some homeowners who saw others selling quickly went down the private-sale route in the belief that they would get an easy sale and save on costs. What Hastings Legal have experienced this Spring is that where there is competition for desirable properties – especially if they happen go to a Closing Date – they can sell for tens of thousands over the asking price. Private sellers could be losing out, especially if they are also having to buy their new home in the current market. Luckily ignorance is bliss and they may never know how much their property was really worth.
The real winners in a private sale will almost without exception be local buyers who are looking to pick up a bargain with limited competition.
With no coordinated marketing plan sellers are missing out on the vast numbers of active buyers particularly those who are looking to move to the area.
Don’t sell yourself short
An early offer at or near the expected price or just over the Home Report valuation might have been enough in previous years but given the current level of demand sellers really need the advice that experienced selling agents can offer and while an early offer might be tempting you will often get far more by going to a closing date. Take our recent experience. In the first quarter of 2021 we have had multiple successes at closing dates with our sellers achieving a premium of 10% or more over the valuation. Indeed the opening offer is rarely full and final and when pushed by competition and a closing date buyers have increased earlier offers by tens of thousands in some cases the exceeding the Home Report value by over 25%.
Targeted marketing produces the best results
It is well known that the more potential buyers the greater demand and where demand exceeds supply it is a sellers market with an upward pressure on prices. This will often produce a considerable premium over what is generally considered the value as set out in the Home Report. The best and only way to ensure that the price is right is to market well and widely, attract multiple interested buyers and set a closing date. Most buyers will not look at social media and are relying on buying through local selling agents they trust. They are also used to getting property alerts so they register with local agents and keep a close eye on their websites. Most buyers also register with major portals such as ESPC, Rightmove and Zoopla in the expectation that they will be alerted when suitable properties come to market that match their criteria in terms of price accommodation and location.
Demand is High ~Don’t Miss out
In the current market the post lockdown demand has seen a huge surge in demand particularly with interest from those looking to relocate to The Borders and we have seen selling times cut to a matter of weeks. It is not easy for buyers who are moving from a different area or a different legal system and it’s important to appreciate that the timing and tactics need to be geared to meet the buyers expectations or buyers will get frustrated at losing out. This is where our experienced sales team, working alongside our dedicated relocations adviser can help encouraging buyers to get organised so that with their ducks lined up they can secure their dream home when it comes to market. These are serious buyers who simply don’t have the time to mess about often looking from a distance aided by a virtual tour and good marketing information and advice to help their property search. This takes time and resources and that’s something most sellers don’t have and indeed not all agents are able to offer particularly if they offer a budget marketing product.
Seal The Deal
Smart sellers realise that by using the experience, resources and skill of their professional agent offering face to face advice they can trust they can reduce the stress and any extra costs are more than justified leaving them considerably better off. It is well known that you get what you pay for. Doing things properly can’t be done on the cheap but happy sellers end up better off by using effective marketing. If you are considering selling don’t lose out and get a Free marketing appraisal and advice on your sales potential. Call us at Hastings Legal and Property on 01573 225999.
Are you ready to take the next step?
Book a FREE Marketing Valuation Visit with one of our Property Professionals.
*Your Property Listed in ESPC At No Extra Cost!*
Hastings Legal are trusted and long-established Solicitor Estate Agents in the Scottish Borders.
• Selling your property with a Solicitor Estate Agent means you have control of the process from start to finish.
• Our extensive database of purchasers who are looking to buy their dream home in this area is at your disposal.
• Our Virtual Viewing Video Tours are the New Normal for a first viewing and are included for no extra charge.
• Professional photographs as standard
• We regularly achieve more than the Home Report Value for our Sellers, often at Closing Date
It’s never too early to call Hastings Legal, Solicitors and Estate Agents in the Scottish Borders
* only Solicitor Estate agents can advertise in ESPC