There was much media fanfare, nationally and locally, about record monthly property price increases in January 2022. The figure varied from area to area, but across the UK, it was heralded as a 0.8% increase in January alone. This may not sound like a huge increase but if you were buying a property for £1 million in North Norfolk, for example, that increase in one month alone could equate to £8,000.
Further down the property chain, a £500,000 property, not uncommon in places like Trowse, Thorpe St Andrew, Eaton, Cringleford, the city centre and the Golden Triangle, could see a £4,000 increase per month (or £48,000 if this was consistent over a year).
It perhaps explains why the team at Sefftons, a popular estate agent in Norwich, are seeing listings that don’t hang around long. We’ve had properties sell on the first day of launch and others go within a week because the price positioning is accurate, the promotion spot on, with Darren, Avril and Conrad and others guiding vendors in how best to present a home to sell quickly.
There’s massive advantages in getting a quick sale with us – or other Norwich estate agencies.
Firstly, if those January price rises continue, a quick sale will mean you’re not paying above Guide Price to secure a move.
Secondly, with house transactions taking anything from 8 to 16 weeks to exchange and complete, there’s money to be saved by not paying your current mortgage for six months or more. You see, some estate agents have targets to acquire listings. Some will overvalue to secure your name on your selling contract, but this is a potential minefield, for the seller to be aware of.
We all know that the cheapest estate agent is not the one with the lowest fees. We used to say it’s the agent who sells your home for the highest price. This is clearly true.
Who is the best value Norwich estate agent?
But with the property market across Norfolk and Suffolk being so buoyant, isn’t the cheapest agent the one who sells your home fastest?
Now we’re not advocating giving your home away, but if you want to be sure of a quick sale, pricing, along with experienced estate agency personnel, is key. You may be delighted to have a valuation £20,000 higher than others set it at. You may be ecstatic when your home has viewers and offers at that higher pitched price.
But.
With mortgage companies, and banks and building societies, tightening lending criteria, do you want to be in a position of renegotiating when your buyer comes back, via the estate agent, to say there is a £20,000 shortfall in the mortgage offer.
It’s a gamble, isn’t it?
One you’re perhaps willing to take?
Chain-free is best?
Another aspect to consider with offers is chains. If you can find a buyer who is in rented with finance in place, a mortgage agreement in principle sorted, that lower offer could well be worth more than depending on a higher offer from someone who has their own home to sell.
To answer the question though that we started this blog with, we’d say “yes”.
Property prices in Norwich, across Norfolk and Suffolk, will continue to rise. Interest rates remain low, property demand is high and there’s little sign of the market cooling.
If you want to move home, our advice is simple: contact Sefftons. We will value accurately to sell quickly. We will use drone footage, aerial shots, walkthrough videos, compelling property descriptions and promote your home on active social media channels, as well as portals.
We invest heavily in marketing your property because we want you to sell quickly at the right price, and, when asked by neighbours, new and old, what Sefftons were like to deal with, you say one word “excellent.”
Contact us today for more selling and buying advice.
