Obviously ‘what someone is willing to pay for it’! But with the prime country house market having become increasingly difficult to read (with the usual Spring surge of fresh houses combining with price reductions of 10% – 20% or more), as buying agents we rely on an analytical approach to what our clients should pay, when we have found their ideal purchase:
- Marketing history
- ‘New to market’, ‘just been added’ – all too often properties that have been marketed on and off – sometimes for years – but have just been ‘rested’ and now being re-presented
- We watch the market; our data base acting as a ‘price watch’ on identifying properties that has previously been marketed – by whom and for how much
- What’s the owners’ motivation behind the sale
- This can be key to establishing whether their priority is price or speed of sale – and the likelihood that they might negotiate
- Location
- Only a few miles can dictate a 10% – 20% difference in demand (whether school catchment areas or accessibility)
- We know the ‘hot spots’ – our knowledge is invaluable in identifying areas likely to hold up values in the future
- With a government pressing for more houses, we can identify areas possibly threatened by intrusive development
- Pressure is growing for a second runway at Gatwick – we can predict areas likely to be threatened by flight paths
- Condition/mortgage ability
- Two apparently similar houses can conceal a multitude of hidden costs. A bespoke kitchen, state of the art bathrooms and hand-blocked wallpaper might give false confidence when the roof needs re-tiling, the electricity or heating are beyond their sell-by date or the septic tank is obsolete!
- Historic values
- Research into the price paid by the owner (and their predecessors) when they purchased can often tell a story, when compared to other similar properties…..
- Prices obtained for comparable house
- While ‘one swallow doth not a summer make’, quoting prices achieved recently for apparently similar properties can give often the edge in negotiations….
The difference between a ‘buying agent’ and a ‘search agent’ is the skill, knowledge and experience that enables us to negotiate a purchase for our clients at savings that comfortably eclipse our fees! Don’t hesitate to get in touch if you would like to know more about the services that Colin Mackenzie Property Search can offer.
