How to protect the value of your property and attract the right investor in 2020?
After periods of sustained growth at the end of 2019 and the start of 2020, it is safe to say the property market has witnessed one of the most testing times in its history due to the national impact of the coronavirus. As the virus took hold and controlled society, the property market was placed in a state of ‘hold’, as physical viewings ceased and financial uncertainty grew. After two months of stagnation, it is now reopened for business, albeit operating with social distancing in effect.
However, as we approach three months of market activity, it is safe to say the UK property market has enjoyed a mini-boom since reopening after, with more buyers expected to enter the market in the coming week.
The price you market your home is often the most prevalent factor in filtering out potential buyers.
Before the pandemic took effect in the UK, homeowners witnessed a sustained period of positive growth in property prices after three years of relative sluggishness in prices. The increase in house prices up and down the country reignited confidence of homeowners aftermarket volatility riddled them with uncertainly for the future value of their home.
While it is too early to tell the real impact of the coronavirus on house prices and it is likely those figures we see in the coming months may shift considerably.
Post Lock-down Market
As the market becomes increasingly more saturated with buyers competing for a select number of properties, more and more homeowners are placing their property on the market as estate agents are providing a service that guarantees a fast property sale or let. With the emphasis being placed on the buyers in this post ‘lockdown’ market environment, homeowners may receive offers of around 80% of their original valuation. Although this is not the most welcoming piece of news, the flexibility in price property owners are willing to accept can dramatically increase the odds of selling your home.
So how can you protect the value of your property?
As more homeowners and property owners become increasingly more comfortable with placing their property on the market, questions will be raised around how they can protect the value of their home going forward.
Choose the correct agent or letting company for you.
One of the easiest and most reliable ways to protect the value of your home is through choosing who you market your property with (for both buying and letting).
Although your property is the main attraction for potential buyers, choosing the wrong property or letting to sell or let your property can determine how successful you are on the property market.
As the growing debate between online and high street estate agents continues to rumble on, where you are going to sell or let your property is one of the most important factors for homeowners to consider. While the services provided by high-street and online estate agents are often suited to different groups of people, the difference in the services offered is an essential distinction for homeowners to understand.
How to market your home
Before the coronavirus, property owners were able to play on the sensory and physical attributes of their property as they provide personalised viewings to potential buyers. In today’s socially distanced defined market place, property owners are at the mercy of the listing company’s camera skills.
Until social distanced measures can be relaxed, the majority of property viewings will have to take place virtually, via video or a live visual call. As buyers now can view a number of properties on the same day from the comfort of their sofa, how property owners and estate agents market a property increases in importance.
For those wondering on how to market their home successfully, here are some tips you can utilise:
- Take photos or undertake the ‘virtual’ tour of your home in the best light.
- Provide the buyer with the opportunity to visualise themselves in your home.
- Use a tripod and avoid wide-angle lenses.
- Highlight the unique and special features of your home.
- Be consistent with the format of your photos.
For more information on how you can protect the value of your property or more information on the current market place please do not hesitate to contact a member of our team today.
11 Riverside Studios
Newcastle Upon Tyne
Tyne and Wear