Time to take the initiative
The last three and a half years has seen a sea-change in the residential property market. We have been in uncharted territory whether we be estate agents, buyers or sellers.
Prices fell dramatically in 2008 and then levelled off. Apart from a few glitches, house values have stayed remarkably stable since then. Boringly so, it could be said, as the excitement of buying and selling one's home has pretty much evaporated.
But boring news can be good news. The Westcountry, and most of the UK, has not experienced the plummeting values of the Eurozone countries where instability is a continuing norm.
There are lots of reasons for this: we are able to control our monetary policy; interest rates are almost zero enabling most people to continue paying their mortgages, and people still want to move – the British compulsion of moving home every few years has not gone away completely. The big wheel of the residential property market keeps going around with the people on it just changing the pods they are travelling in, even though few new entrants can afford to jump into them.
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Unless the Eurozone collapses or there are any other serious international financial setbacks, nothing much is set to change. People are still moving home, once every 17 years rather than the traditional once every seven admittedly, and the market is like a half-full pint pot with most house buyers and sellers serious and time wasters noticeable by their absence. Properties placed up for sale at or close to their market values are finding those prices. Those where the owner is being greedy or where the agent has overvalued are sticking.
My crystal ball is telling me that values will be pretty much the same this time next year as this.
My other crystal ball says there is a light at the end of the tunnel but it is a very long tunnel and it's not sure that the light might not be a train heading in this direction!
It is now nine months since bNick Wood and I set up Woods Distinctive Homes Department. During this time, Distinctive Homes has firmly established itself as one of the major players in the South Devon quality homes market.
During the first month following the launch, Newton Abbot office received instructions on four properties valued at over half a million pounds, and sold two of them very quickly. Distiinctive Homes sold one of the properties, Grafton, a detached Victorian villa in the Wolborough Hill area, in 48 hours.
"The strength of Woods Distinctive Homes lies in the fact that all properties are dealt with personally by staff who have an in-depth knowledge of the quality homes market", said Nick Wood.
"We get to know our clients personally and build up a rapport with prospective purchasers. It is this bond of trust which helps to encourage offers and eases the often difficult negotiating process."
Nick is dealing with the sale of Wayside Cottage, a detached, thatched cottage in Edginswell Lane, on the edge of Torquay and open countryside.
"Wayside Cottage has just been rethatched," said Nick. "One of the problems in selling thatched homes is often the fact that most of them need some work doing to the thatch as soon as the new owner moves in. While this might just be re-ridging or patching, it does put some people off. Wayside has been beautifully refurbished inside and out and features three bedrooms, a large living room, kitchen/breakfast room and conservatory. There is a pretty garden and a double garage. The asking price is £379,950.
Richard Copus ocovers the Teingbridge area and can be contacted on: 01626 33663 or email@example.com
The South Hams area is , Nick Wood's domain. Contact 01803 866336 or firstname.lastname@example.org .