Plymouth house-hunters are missing out on their dream homes because they aren’t taking the right steps when it comes to making an offer.
We are currently in the midst of a seller’s market, with homes being snapped up faster than ever before.
Estate agents in Plymouth have seen sales soar in the last few months as people’s confidence in the property industry continues to rise.
Record numbers of properties are selling for above their asking prices here in the city and surrounding areas.
Data shows that one in six (16%) homes sold for more than the asking price in March. This is the highest figure since May 2014.
The problem currently is that the surge in demand is being met by a lack of quality properties coming to the market.
This means it is becoming increasingly difficult for house-hunters to stand out when it comes to buying a new home.
With so many people looking for properties, how can YOU stand out when the time comes to make an offer?
Here’s our advice for preparing to buy and getting your offer to the top of the pile.
What steps should I take before making an offer on a property?
It’s vital that you secure a buyer for your property first, assuming that you need to sell your current home to buy your next one.
Paul Preen, Managing Director of Lang Town & Country, says: “To come across as a serious buyer, you need to be in a proceedable position. You should either have your property under offer, or have no property to sell.
“There are still a lot of people trying to view properties who aren’t yet on the market. This is a pointless exercise.
“We have in recent months advised clients to get their property on the market and get a buyer.
“When someone makes an offer, it is on the proviso that they give the vendor time to find somewhere.
“If they are prepared to do this, then the vendor will advertise the property as sold. If they aren’t, they don’t buy the property.
“This will then put the vendor in a great position when the right property comes on the market.
“They will be able to make a firm offer as they have a buyer, if they can’t find anything they haven’t lost anything.”
What factors can give me an advantage when making an offer?
Perhaps the most important thing to have in place when buying a property is your Agreement in Principle (AIP).
The AIP is confirmation from a mortgage lender which states how much money they are prepared to pay towards your new home.
Marc Rees, Director at Lang Town & Country, says: “Even if you have finance in place, you may still have to compete in a best and final offer situation with other buyers.
“Timescale is an important factor in the buying and selling process. It could be that a seller needs to find a property, in which case a buyer who needs to move quickly may not be the best option.
“In this instance, working with the vendor’s preferred timescale may be more preferable.”
What can I do to give my offer the best chance of being accepted?
Your offer may not be the first in the list, and it might not be top of the pile. But all offers have to be submitted legally to the owner of the property being sold.
Remember, it isn’t necessarily the highest offer which gets accepted, it may be a mixture of buying position and price.
Marc Rees says: “Speaking to agents on a regular basis is worthwhile, as they know whether or not a buyer is serious.
“We have a ‘HOT buyers’ list in our office, and they are the first people we contact when a suitable property comes to the market.
“People with properties to sell should be on the market and, ideally, already have a buyer.
“You should also already have a solicitor appointed, and provide all information on any chain/sale in which you are involved, including how far the chain has progressed.
“We find it is more beneficial to market a property and then find a buyer to suit the timescale of the seller.”
If you want to be on our ‘HOT buyers’ list, get in touch today!
What else can help when dealing with sellers?
It may surprise you to hear that your personality can help when it comes to making an offer.
Marc Rees says: “There are a number of things to consider which will give you the best chance of securing a property.
“Providing personal information can go a long way in resonating with sellers.
“Why would you like to buy the property? Do you want to make it a family home? Maybe you love the garden? Perhaps you grew up in the area?
“Giving a person reason for purchasing can make you stand out from the crowd.”
How can I find out about new properties in Plymouth first?
It’s crucial to be proactive when looking for a new home, even more so in a seller’s market.
Gone are the days where you only had to worry about losing out on a property to people in Plymouth and the surrounding areas.
Through our YouTube channel, Lang Town & Country is able to reach house-hunters right across the world.
Since January 2021, our virtual property tours have been viewed more than 1,000 times by people in Hong Kong alone.
We’ve even sold two properties in Plymouth to people who currently live in the Chinese region.
We also regularly attract viewers from the United States, Romania, Vietnam and Canada.
Find out more about the global impact of our virtual tours here.
How do Lang Town & Country’s virtual property tours work?
Paul Preen says: “We are selling numerous properties from YouTube, often three or four days before they are advertised anywhere else.
“What a lot of people don’t know is that when we are instructed to sell a property, we will revisit to draw the floor plan, take measurements and film the video.
“The photographer will visit a day or so later. We then have to prepare the details and send them to the vendor. They also have to approve them before the property is advertised on any of the portals, including our own.
How else does Lang Town & Country help Plymouth house-hunters?
You can also get an advantage over your fellow house-hunters by joining our ‘VIP’ Facebook group.
Whether you’re looking to move, browsing for a new home, or you just want to take a look inside your neighbours’ homes, this group is designed to give you the opportunity to view the latest properties BEFORE they officially go on the market.
Here, you’ll enjoy access to exclusive videos, pictures and information on new homes available in Plymouth and the surrounding areas.
This group already has more than 500 members and is growing by the day.
Find out and join here: https://www.facebook.com/groups/langfirstlook/
How do I get in touch with Lang Town & Country?
Please do contact us and we’ll be more than happy to offer advice and a free valuation of your home.
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / Plymstockoffice@langtownandcountry.com
Waterside Office – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / firstname.lastname@example.org
Land & New Homes – 01752 278499 / email@example.com
You can also get in touch if you have concerns about your property move or want reassurance on how we can do this while keeping you, our staff and the NHS safe.
We’ve also put together a handy guide to moving during lockdown which should help answer any questions you may have.