Is there a difference between value and marketability?
When Capital Estate Agents discuss the potential value of your property, we consider several factors:
· The market value. General market conditions are something that we track daily. Economic fluctuations affect the national property market, and the local market is also susceptible to its own variations. In 2020/21 we have seen soaring property prices for houses outside city centres, particularly for homes with great outside space. Covid heralded a change in demand that appears to be long-lasting, from buyers who no longer need to go into the city every day for work, who want a space to work from home on a more permanent basis and access to outside space to enjoy down time with their families. All of which sounds like a better work-life balance for the long-term.
· The comparable value of your property against other, similar properties in the local area that have sold recently. This gives a good guide to the value you might achieve though every home is slightly different, and we would need to know more about your specific property.
What makes a property marketable?
The marketability of a property means how popular it will be with potential buyers. Relatively low value houses and flats can have huge marketability because they appeal across the board. There is something in the way marketable properties are presented that enables a wide number of house-hunters to picture themselves living there. It may be that they present a picture of a home life that many of us aspire to. Marketability is affected by:
· Kerb appeal – how attractive a house/flat is from the outside to passers-by. Does it look welcoming, homely but smart, well looked after, attractively styled?
· Kitchens – a kitchen can’t sell a house on its own, but it can go a long way! Buyers know how costly it can be to install a new kitchen and look for features in a kitchen that they perhaps didn’t have in a previous home e.g. an island or a larder.
· Gardens – a well-designed and beautifully planted garden in which buyers can imagine themselves eating outside, playing with the children, relaxing with friends.
· Decoration – although dark interiors have been on trend on Instagram they do not necessarily equate to a marketable home. In general, more neutral interiors with clean, fresh paint and attractive soft furnishings will appeal to the mass market because they are easy to live with.
· Obvious room purposes – when buyers can easily see the function of each room it makes it simple for them to picture their own furniture in it and imagine living in it. Excess clutter and rooms used for more than one purpose can confuse.
Our agents know that there is a link between marketability and value. An easily ‘marketable’ property, particularly in a buoyant market, will have lots of interest. Lots of interest can often translate into several offers which puts Capital Estate Agents in a position where we can negotiate the best price possible, even above the asking price.
If we have concerns that a property will struggle with marketability, we will sometimes advise vendors on home improvements or home staging that they can carry out before putting their home on the market. This is simply because marketability does have a link to value, as explained above, and while we would in no way criticise how anyone chooses to present their own home, marketability is about achieving the widest popularity. We would therefore advise if vendors could benefit from considering redecoration, decluttering or home staging to improve marketability and potentially value.
Capital Estate Agents have an online marketing tool which can aid you at the start of your selling journey by providing an indication of the value of your property. We would recommend that as soon as you decide more firmly that you do want to sell, that you speak to one of our agents who will refine that valuation by finding out more about your home and its area, as well as more about your incentives to sell. Once we have seen your property, we will have a clear idea of how marketable it is and therefore how this might impact value. It’s not an exact science but our experienced agents have all the tools they need to provide you with an accurate valuation to take to the market.
Email us on: info@capitalestateagents.com