How we Sold a Flat for Over-asking Price

Published: 02/04/2019 By Jane Robathan

 First-time buyers are back. Maybe they’re fed up with Brexit (who isn’t) and keen to get going. They're right to step-up their search, interest rates are still low and if we leave the EU with no deal, rates could rocket upwards. Knowing this and being aware that prices have slipped in their favour, now really is an ideal time for first-timers to hook a home.

This lovely two-bedroom garden flat on Ivydale Road tells us everything about the market right now. If the property is desirable and priced accurately, it will cause chaos in the market. Buyers were in a tiz because this has a private garden, there are two double bedrooms, the interior is on-trend and the flat owns a share of the freehold.

How did we do it?
 Knowing the audience we were marketing to meant we could plan to launch the property at the right time. So, we uploaded it just before 5pm on a Thursday, just before people were leaving from work. The portals (Rightmove, Zoopla, On The Market etc), send out email alerts to buyers as soon as a property is uploaded. First-time buyers are good at registering for these alerts as they’re digitally savvy and want the opportunity to view before the competition, most often on a Saturday.

We were inundated with enquiries on Thursday evening and Friday which resulted in 26 viewings on Saturday. Four stragglers who were away for the weekend were able to see the flat on Monday evening. We wanted to give everyone the chance to see it, so our client got the best price possible.

Sealed bids
 Once we had collected everyone’s feedback, we checked their financing and explained that people should submit their final offer by 1pm the following day (Tuesday). Buyers were able to think about what they wanted to offer and were asked to send in their bid along with a copy of their Mortgage in Principle form and evidence of their deposit. As so many people wanted to buy the flat, this is the fairest system. It’s essential to have a strict deadline to keep things clean and straightforward. We had 11 offers in total, five of them going over the asking price.  

Garden flats are gold
 Of all this flat’s selling points, the garden is the strongest. This is closely followed by having a share of freehold and two double bedrooms. The lovely interior is a fine feature too, but the easiest to add yourself (you simply can’t add a garden, but you can buy a share of the freehold later on).

Should I sell now?
It could well be prudent. If you’re thinking of moving up the ladder or out of London, now may be an ideal window. There’s much we don’t know about out foreseeable political and economic landscape, we can only work with what we know today. A record number of first-time buyers have registered recently and these guys have been very nervous over the past year. If you do want to move or think you might in the next year or two, you could make more money or at least sell more easily right now, than if you wait until after Brexit. It’s just something to consider.

It’s impossible to tell what the housing market will be like in 6-12 months, but for second steppers, we think this is an ideal moment to sell and move up. If you’d like a quick chat, you’re welcome to call me on 020 8299 3021 or get in touch here.