NEW HOMES - #Sheffield #Spencer

 

Are the days of fixed prices on New Homes over?

Last week we launched a new development at Walkley, Lark’s View, and interest quickly flooded in. These are incredibly well-built properties with well thought-out layouts, great interiors, lovely gardens and exceptional views so we weren’t surprised that the phone suddenly rang off the hook. After booking a staggering 86 viewings in total, the offers started to come in thick and fast and on Monday morning we logged multiple offers on every plot in less than three hours!

There’s no doubt that the properties themselves and the marketing by DED of these properties are both exceptional, yet the market really is booming and a perfect storm of demand has meant that these houses are really hitting the mark. We have found that the low stock levels, the number of people looking to downsize or upsize, divorces being up, people relocating to Sheffield, the stamp duty holiday and people who sold and went into rented hoping the market would drop, have meant that an unprecedented number of people are in the market to buy.

Once upon a time, a fixed price would be seen as always the norm on new build houses, but in this current market, developers fixing prices for sales really are missing a trick at hitting the true market values, which may be much higher than their original expectations. The market drives the price, so don’t shoot the agent or the developer for pushing prices upwards, the demand is doing that!

We know that the price of building materials is at an all-time high, squeezing the margins more than ever before so the developer isn’t just winning, so is the economy generally hopefully contributing to a recovery out of these strange and difficult times.

If you have a new development that you are looking to sell, now may be the time to rethink your sales strategies to maximise your result. Feel free to speak to us about how we can help, we certainly know that our clients at Walkley are happy they did!

www.spencersestateagents.co.uk

sales@spencersestateagents.co.uk

The Sheffield Property Market and Final Offers - how high do you go? #Blog by Philippa Peasegood at Spencer The Estate Agent

You've found it, your dream home, your forever home - exciting!!!!

So you ring the estate agent full of confidence to place your offer. Then come the dreaded words "we currently have 5 other offers on this property". Suddenly you realise your dream home is also someone else's dream too. How can you detach from this property when your emotions are so invested in it? Questions fly around your head, "what do we do to ensure we get it?" - and so the process begins....

Best and Final Offers

This may seem a harsh system when your heart is set on a property - but is it really that unfair?

Prior to reaching this stage the Negotiator will speak with each offeree informing them of the latest amounts and frequently applicants want to increase on their offer. This process can be lengthy with small increments causing the price to escalate bit by bit. It can be agony or irritating for you when the Negotiator calls back with the latest offer, particularly if it's the amount you would have also offered, and then you might feel the urge to increase, hence repeating the cycle. 

So, when is it right to call time on this pain and go to sealed bids? Typically when there are numerous offers, the Negotiator discusses them with the Vendor and then a date and time for final offers is agreed. At that point the top offer becomes the 'Highest Disclosable Offer' and all future bids are then confidential.

At Spencer. The Estate Agent all offerees are equal. We feel a level playing field can only be achieved if we don't divulge the positions of all parties, just the Highest Disclosable Offer, and this sits in line with regulations and advice. We are frequently asked by those in the running what the position of the other parties is, are they in rented, do they have a property to sell etc, but this information will only go to the Vendor. That way you can put an offer forward without gambling on the fact that you are in a better position than your rivals, and we stay within our responsibilities for protection of other people’s data.

The question begs - how high do you go? There is no crystal ball to give you that answer, but our advice is to decide on an amount you're happy with, be confident that that's the value you would place on the property, and put that forward. It's easy to get caught up in the heat of the moment and put a bid in to eliminate others, but would that give you peace of mind knowing that you paid more than you wanted to and eating into any future resale value? Take a step back, evaluate the situation and keep level headed. 

When the Vendor accepts an offer, all applicants are immediately informed. This can be devastating when your heart is set on a property, but there can only be one buyer.

There is a dream home for everyone, you may just have to offer on a few frogs to find your true love. 

Come and meet us at Spencer at 469 Ecclesall Road, or call us on 0114 268 3682 to have a chat or email us, if you prefer, at sales@spencersestateagents.co.uk and we will offer friendly advice. 

Spencer. WEBSITE.

Let's talk about regs! #buildingregulations #sheffield #estateagent

Let’s talk about regs!

We all know that having building work carried out on your house is exciting, messy, and involves A LOT of paperwork. Now let’s be honest – when you get to the end of an extension, all you want to do is clean up and order the furniture. You couldn’t give a monkeys if you’ve got a certificate for the work or the boiler because there is no way you’re moving after all of that!

Until you do want to move..

Then you’re sure that you paid for the building regs through the council and you can definitely remember something about an inspection but you’re just not quite sure where the paperwork is. Having done it myself, let me tell you, I was convinced that we had a certificate. We didn’t.

We are finding more & more that people are applying for building regulations for work but not getting them signed off and as a result, have no certificates at the end of the works. Or the builders were meant to do it and then didn’t.

Fortunately you can get indemnity insurance for these things and your solicitors will arrange that for you but only if your buyers are happy with it or if you haven’t already notified the council about the works. This year I have noticed that it’s becoming increasingly common that solicitors & buyers are refusing such insurances and asking for either the certificate or a reduction in price to reflect the missing paperwork because they want to be sure that it’s been carried out correctly and think it’s a way to drive down the price.

Having worked in the industry for over 12 years and, more recently, renovated a couple of properties myself, I cannot stress the importance of having certificates for all of the works you have carried out on your property. Despite having no plans to move for quite some time, I have now learnt my lesson and have certificates & planning permissions coming out of my ears. Just in case… 
Lizzie Baker - Senior Negotiator & Office Manager at Spencer on Ecclesall Road, Sheffield 11
For advice on Building Regulations and Planning Permission we can put you in touch with excellent local professionals. If you would like to know more please contact us at Spencer on 0114 268 3682 
www.spencersestateagents.co.uk