ADDING VALUE WITH THE HUMAN DIMENSION

We are only one month into the new year, and on the coast at least, a clear pattern is emerging in the market, writes Clive Hedges. 

Of course, measures announced by the Chancellor have had an effect.  The removal of the temporary increases in the stamp duty thresholds which take effect in April, as well as the introduction of enhanced council tax payments for second homes, have brought both buyers and sellers to the market, with the result that January was exceptionally busy in terms of activity, and February looks as if it will be equally hectic.

Interestingly, we are seeing a particular trend: homes in certain locations being snapped up just days after coming to market, at or above the asking price, by buyers who have been holding on for the right property in the right location.

This phenomenon is somewhat skewing the conventional market, and vendors risk losing out if their initial valuation is by an agent who doesn’t have that specific local knowledge. 

For example, we sold one property in Sheringham last month for a staggering £220,000 more than a valuation the vendor had received from an agent not based in the locale.  To be fair, their assessment wouldn’t have been so very far out if you didn’t know that that specific location was very sought-after (and was one where homes seldom come onto the market), and that here was more than one buyer waiting in the wings to swoop.

This was one of three such transactions on our stretch of the coast that we handled in January alone, each characterised by very quick sales, one of which ended up in a competitive bidding situation, eventually going for £45,000 more than the asking price.

These excellent results for our vendors were as a result of two things: very specific local knowledge and experience of the local market; and a longstanding commitment to building relationships with potential buyers so that we knew who was looking for what, and where.

These things allow the switched-on agent to really add value for vendors; it is something that online agents or those based in corporate headquarters many miles away simply can’t offer.  As I have said many times, technology can be enormously helpful in marketing a home for sale, but in the end it is personal relationships and human experience which can turn a good deal into a great one.

As we move into a brave new AI-driven world, this is a lesson we should never forget.  In the end it’s all about the people.