In our 30 years of being active on the property market, we have not seen two homes alike. And although technology has changed the way we market homes, that doesn’t change their nature of homes as unique, high value investments that need to be treated as such.
Setting a price for your home needs to attract enough interest to create a competitive environment that will make sure the best sales value is achieved. But homes are not a commodity and cannot be treated as such. We have previously debated that putting the right price for your home is as much a science as is an art, depending on the flair and instinct of the Valuer as well as on the circumstances, buyer interest and more.
That is why setting up a price for the most expensive asset you most likely own, is sensitive to various internal and external factors and cannot be quantified with an automatic process. You need an experienced human with a trained eye to look, understand and assess the best price for your home.
There is also something to say about the way your home is brought to the market. A poorly taken photo can ruin the sale of your home before it even begins – as that will be the first impression we make to most potential home buyers. So at Clyde Property we put a lot of though in the overall presentation and promotion package for your home, as that can have a serious impact on the level if interest raised and ultimately on the sale price. Take a look at our new marketing packages that include HD video and social media campaigns for each and every home we sell.
Here are the most important factors that influence the value of a home, in no particular order:
It is said that home buyers value amenities and that is certainly true however, an idyllic quiet location or a lovely view have their appeal and market, so we weigh all that when coming up with a price.
Of course the detached villa or bungalow are what UK homeowners ideally wish for, but some dream of rather owning a quaint Victorian cottage rather than a mansion, so the character of the property again weighs in the value we put on your home.
Number of bedrooms
The number of bedrooms will most likely impact the target market – a home with two bedrooms or more would be most likely suitable for families and the number of bedrooms (up to 4) has an impact on the value of the property. Rules change slightly for homes with more than 5 bedrooms.
A loft conversion or a quality extension will increase the value of your home, however, based on other factors, there is a cap on how much the value of a home will be increased by an extension – so make sure you invest in the right type of improvement that will bring the most value to your home.
School catchment area
In the UK, it is said the premium you will pay for your home in a desired catchment area makes up for the private school fees, and although that might be a bit of an overstatement, it is definitely true that school catchment area will bring a premium to your home.
There is evidence to suggest home buyers spend more time choosing a sofa than deciding for a home – and that is why that first impression is so important. It is known that the tidier and more attractive the gardens and outside of a home, the better the interest and the final sales price achieved.
The all desirable south facing aspect will most likely bring a bonus to the value of your home. Home buyers will like having a sunny garden, ideally private, without too many prying eyes looking over it.
Interest rates, mortgages and general financial market
The property market is heavily relying on access to financing and the more affordable and easy to access mortgages are, the more interested buyers will be on the market, looking for that one home. That creates a highly competitive environment that will set the value of your home that much higher.
Local state of the market and historic interest
This is where having a local agent can make a real difference in the sale of your home. An estate agent that understands every mile of their area and knows all the transactions and interest raised by different neighbourhood pockets. It might be as simple as having a buyer enquiring for a specific street or the knowledge of recent sales and interest raised by neighbouring homes – our local agents will know the area inside and out and be able to advise on a pricing strategy that makes best use of all your advantages.
General state of the market – political and economic
The property market is impacted by the general state of the economy and we have all seen sellers and buyers being more cautious in certain political climates.
All this and more goes into making up a pricing strategy when putting your home on the market. That is why only our local agents who spend the time to visit and understand the uniqueness of you home and are motivated to sell by their commission can make a real difference in the price achieved.