How to sell your property
October 26th, 2009
Ever wondered how you can save money when selling your property? Ever thought that you have to have an estate agent to sell you property? With the growing trend of consumers in the selling market now selling their own home, should estate agent start to worry? Is now the time to start selling your own home and cut out the middle man?
If you have ever wanted to cut out the middle man and sell your own property there are a number of considerable benefits. The main benefit is the saving on commissions. This could be in the thousands. The feeling of remaining in control and the sense of achievement when you have finally sold your home can reduce any stress levels and leave a feeling of satisfaction and a job well done. With a growing number of resources on the internet available to everyone, there has never been an easier time to sell your own property. There are however some careful considerations that need to be thought through before you take the plunge; what is the value of your property, what are the benefits to the buyer and how do you intend to advertise.
Knowing how to value your property isn’t as hard as you think. All you need to know is what the market considers to be a fair price for your property in the location that it is in. For you to do this just take a look around. What are the local properties that are similar to yours valued at; research local papers and estate agents windows to see what they have valued similar properties to. There are even on-line house price calculators which can give you a guide price. When you are finding the value of your property, always keep in mind the lowest price you will accept for your property and your ideal price.
Listing the benefits to the buyer is just as easy. Just remember what it was that made you buy the property. Take a look at a local map and list all the amenities, local schools and so on.
Advertising your property can be as easy as placing an advert locally
Advertising your property can be as easy as placing an advert in the local news paper or seeking out websites that allow you to list your property. Taking photos with a digital camera will greatly enhance any advert. With a little bit of research you could have your advert in front of thousands of potential customers in a very short period of time and the cost of advertising will be considerable less than any fees paid to an estate agent.
Although going it alone can be rewarding there is no substitute for the local knowledge of the market that an estate agent can bring. Selling your own home can be a challenge but very rewarding.
The choice is yours to take.
John Newsome is a cameraman that films property for the housing market in Shropshire or the surrounding counties. If you’re selling your property in Shropshire, or the surrounding counties and would like an on-line DVD to show potential buyers your property then visit View Through the Keyhole. If you’re looking for Estate Agents in Telford then we have all the Telford Estate Agents listed in one place.
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Mortgage Deals
September 22nd, 2009
If your looking to re-mortgage due to low interest rates we have researched the best five deals on the market at the moment for the home owner who has a reasonable amount of equity.
HSBC – Two Year Tracker
HSBC caused a stir in the mortgage market last week with its eye-catching rate of 1.99 per cent.
Borrowers will need a deposit or equity of 40 per cent of the value of the property, although the bank offers a similar loan charging 2.49 per cent to those who have a 25 per cent deposit. There is a fee of £1,199 in either case. One caveat is that the interest rate is linked to HSBC’s standard variable rate (SVR), which it can change at will, rather than the Bank of England’s official rate. At the end of the two-year introductory offer, under which the rate you pay is 1.95 percentage points below the SVR (currently 3.94 per cent), the rate will revert to the standard variable rate itself.
Two-Year fix from first direct, initial rate 3.49 per cent
If you would rather not have to worry about interest rates changing and want to be sure that your monthly repayments are fixed for a set number of years, there are a number of competitive fixed-rate mortgages on the market. The lowest two-year fixed rate is from First Direct, according to Mr Hollingworth. The rate is 3.49 per cent, but borrowers will need to be careful to factor in the large fee, £1,298, to make sure that it represents the best deal for them. The rule of thumb is that the bigger the loan, the less significant the fee. This mortgage is also for amounts of up to 60 per cent of the property value. For people wanting to borrow 75 per cent, the lender will charge interest at 3.94 per cent – “this also represents good value”, Mr Hollingworth said. Alternatively, moneyfacts.co.uk , the information service, recommends NatWest’s two-year fix for 75 per cent loans at 3.69 per cent with a fee of £799.
Five Year fix from Newcastle building society, initial rate 4.99 per cent
This is a great deal for those looking for medium-term security.
Some borrowers are reluctant to fix for just two years, on the basis that many economists expect Bank Rate to remain very low for some or all of that period, making a variable rate such as HSBC’s more attractive. After all, why fix at 3.49 per cent for two years if you think you will pay 1.99 per cent for two years with a tracker? But as few expect rates to remain so low for five years, a longer-term fixed rate could make more sense. Newcastle’s five-year fix charges a rate that ranks alongside the lowest available over that period but is also offered for up to 75 per cent of the property value, where others, such as a 4.95 per cent deal from HSBC, are available only at 60 per cent. Mr Hollingworth said: “This is a great deal for those looking for medium-term security.” The fee is £994.
Three-Year tracker from abbey, initial rate 2.99 per cent
Another mortgage that illustrates the fact that borrowers will, initially at least, pay less with trackers than with fixes. This loan charges 2.49 percentage points above Bank Rate for three years, meaning that you would currently pay 2.99 per cent. At the end of the introductory offer the rate reverts to Abbey’s SVR, currently 4.24 per cent. Borrowers need a deposit of at least 30 per cent and there is a fee of £995, although Abbey will pay for the valuation and legal work.
Offset lifetime tracker from Woolwich, initial rate 2.97 per cent
Some borrowers would prefer a loan that they can stick with for the whole term, avoiding the need to remortgage every few years. This mortgage tracks Bank Rate for the entire term, charging 2.47 percentage points above the Bank of England rate. Borrowers need a 30 per cent deposit and will pay a fee of £1,499; there is also an early repayment charge for the first three years.
As this is an offset loan, borrowers can use their savings to help reduce the interest bill.
If you liked what you have read here and you’re selling you property in Shropshire would you like an online video to show potential buyers if so then visit view through the keyhole. looking for estate agents in Telford then we have all the estate agents in Telford listed in one place
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Price of Home Information Packs
August 24th, 2009
Beware of estate agents mark-up cost on the new Home Information Packs. A survey by Which discovered that some estate agents are increasing the cost of the Home Information Packs by a staggering thee hundred pounds.
If home owners decide to purchase the Home Information Packs with the estate agents they can pay upwards of five hundred pounds for a service that has only cost the estate agent two hundred according to findings by Which. This is an increase of over one hundred and fifty per cent.
It’s now compulsory to get a Home Information Pack before you put your house or flat on the market.
Home owners both in England and Wales are by law required to have the Home Information Packs and most estate agent are praying on the fact that the average consumer thinks they must buy the Home Information Pack as part of the overall package from the estate agent before they can place their property on the market..
James Daley, editor of Which Money, was quoted in saying: “It’s now compulsory to get a Home Information Pack before you put your house or flat on the market. But don’t be fooled into thinking that you have to buy it from your estate agent.”
Which Money who carried out the study looked at the cost of Home Information Packs provided by numerous estate agents on a three-bedroom freehold property and a two-bedroom leasehold flat in London.
The report highlighted Spicerhaart as being the most expensive charging a whooping five hundred and sixteen pounds.
Paul Smith, chief executive of Spicerhaart, said: “The research doesn’t show the full picture. The majority of the lower cost or free HIP providers add on fees elsewhere, for example, making it a condition of purchase that you use their conveyance services for which they charge a higher price.
“Additionally on freehold properties, which are the bulk of our work, our prices are similar to other agencies. The one case identified happens to be a leasehold property which makes the HIP more expensive because of the additional legal work involved.”
Need an edge when selling property in Shropshire then visit View Through the Keyhole. Get a free quotation for your on-line DVD of your property for sale and show the world your property. If a picture paints a thousand words then an On-line DVD writes the book.
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Pyramid scheme costs banks £271 million
August 23rd, 2009
Fraudsters take a bite out of the housing market with a pyramid scheme. According to accountants at BDO Stoy Hayward mortgage fraud will cost the banks who lent to the housing market at least one billion pounds. The worst hit seems to be the Bradford & Bingley with over £271,000,000 in write downs.
The main market that seems to have taken the brunt of the fraud was the “Buy to Let” market. The fraud works simply and as long as the housing market was on the rise, was easy to hide and repeat.
The way in which the fraud worked involved the collusion of lawyers and valuers to inflate property prices in order to borrow more than the property is actually worth. The buyer would then place the property back on to the market at an even higher price allowing another buyer to borrow again in effect creating a pyramid of fraud.
Other examples included developers taking loans on blocks of flats secured against the rental income
A £500,000 property, for example, would be sold for £700,000 with 85pc of the price – or £595,000 – borrowed from a bank. The £95,000 would then be shared between the valuer, lawyer, buyer, seller, and intermediary. As long as rents and prices were rising the fraud could be concealed and, often, repeated.
Other examples included developers taking loans on blocks of flats secured against the rental income. Fraudulent contracts would be presented to the banks as proof of rent. In most cases, fraudsters move their profits offshore and declare bankruptcy when the market crashes or rents fall short, leaving the bank with a property worth as little as half the mortgage value.
Need an edge when selling property in Shropshire then visit View Through the Keyhole. Get a free quotation for your on-line DVD of your property for sale and show the world your property. If a picture paints a thousand words then an On-line DVD writes the book.
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Save Thousands Selling on-line
August 23rd, 2009
Selling you property on line can save you thousands of pounds according to the consumer group “Which”. Traditional estate agents have a lot of overheads that is reflected in the price. Traditional estate agents typically charge between one per cent and three per cent of the sale price of your property. On-line estate agents don’t have many of these overheads and can subsequently charge a lot less, according to the consumer group “Which”, they typically charge from as little as half a per cent.
The consumer group “Which” studied three different on line estate agents selling a typical property for around £200,000. Their main focus was on how much of a saving could be made, using an on-line estate agent, in comparison to their high street counterparts.
Their findings revealed that using an on-line estate agent can save you between one thousand and five thousand pounds in commission charges however they did point out that extra charges such as a sign can push up the price when using an on-line estate agent.
Times are moving on, we don’t need to pay for estate agents shop fronts, mini bars, telephone systems and branded cars
But whilst some home owners may decide to bypass the middle man and sell independently, Which? Money warned that this option can cost time and money to market the property.
Sarah Beeny; property television presenter, was quoted in saying: “Times are moving on – we don’t need to pay for estate agents shop fronts, mini bars, telephone systems and branded cars – if you would rather keep the money and spend it on a holiday in Seychelles or a new kitchen when you move into your new home, then pop your house on-line”.
“Now in 2009 most people wanting to buy a house will go on-line pop into Google ‘houses to buy near Northampton’ and come up with a modern equivalent of those high streets. One click away and you are on an on-line portal and you can check out what is available, for how much and download the details.”
Need an edge when selling property in Shropshire then visit View Through the Keyhole. Get a free quotation for your on-line DVD of your property for sale and show the world your property. If a picture paints a thousand words then an On-line DVD writes the book.
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Tracker Mortgages
August 13th, 2009
Tracker mortgages move up and down with the Bank of England base rate and are currently looking better value for buying houses in Shropshire. The rate for fixed term loans has risen steeply over the past couple of weeks.
Economists are predicting that the bank of England base rate will remain at an all time low of 0.5 per cent for the foreseeable future. This prediction came after the bank of England announced that the economy would take longer than previously thought to show signs of growth.
The HSBC is currently offering a tracker deal believed to be the best on the market, providing home owners have a 25 per cent deposit and pay a £799 fee. The tracker has a rate of 2.95pc, or 2.45pc above base rate, for the mortgage’s term with no early redemption penalties.
The best five-year fixed-rate deal available charges 4.99pc and is offered by the Co-operative Bank to people who have a 25pc deposit and pay a £995 fee, meaning the base rate would have to rise to 2.5pc just for the rate to be similar to that on HSBC’s tracker.
People who are switching to trackers should look for one that does not have early redemption penalties
People who are switching to trackers should look for one that does not have early redemption penalties, or one that offered the chance to move to a fixed-rate deal with the same lender. This will give them the option to move should the circumstances change.
In June commentators had advised home owners to lock into a five-year fixed-rate deal before interest rates started to rise again. But many revised that advice in July when lenders began to raise the cost of their fixed-rate deals in response to increases in swap rates, on which the mortgages are based.
The increases to fixed-rate deals have continued, with Abbey and Alliance & Leicester, both part of Spanish banking giant Santander, announcing they were raising the cost of their five-year fixed-rate mortgages taken out through intermediaries by 0.19 of a percentage point to 5.98pc for people with a 25pc deposit.
Need an edge when selling property in Shropshire then visit View Through the Keyhole. Get a free quotation for your online DVD of your property for sale and show the world your property. If a picture paints a thousand words then an On-line DVD writes the book.
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First time buyers need help
August 12th, 2009
The average age of first time buyers who do not receive financial help from their parents is now at an all time high. The average age has risen to 37 from 33 due to less first time buyers being lent money by relatives. Couple this with the financial industry making first time buyers pay more of a deposit, in order to get on the property ladder, has pushed up the average age for first time buyer who do not receive financial help from their parents by 4 years. According to the Council of Mortgage Lenders, up to 80 per cent of first-time buyers are seeking help from their parents to raise a deposit on a property.
In its most recent monthly report, the Council of Mortgage Lenders said: “Up until late 2007 – around the time the credit crunch began – the average age of first-time buyers excluding those getting help, was fairly stable at around 33. Lending criteria have been scaled back to such an extent in the credit crunch that it has become exceptionally difficult for young people to get a mortgage without external help for a deposit.”
The figures do show that the overall age for first time buyers has changed little since 2005 and is still around 31. The Council of Mortgage Lenders research suggests that this has only been maintained because more people are turning to relatives for financial help towards deposits worth around 25 per cent of their property’s value.
Help is on the way with signs that the financial institutions are about to relax their lending criteria
The latest figure released last month from the Council of Mortgage Lenders said that 8 in 10 first-time buyers under 30 had received parental support this is the highest proportion on record. When this figure was last reported in 2007 the Council of Mortgage Lenders said around 38 per cent relied on their relatives for help.
Help is on the way with signs that the financial institutions are about to relax their lending criteria could mean that thousands of first time buyers may not have to wait too long for their chance to get onto the property ladder.
Need an edge when selling property in Shropshire then visit View Through the Keyhole. Get a free quotation for your online DVD of your property for sale and show the world your property. If a picture paints a thousand words then an On-line DVD writes the book.
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House prices in Shropshire on the rise
August 1st, 2009
House Prices in Shropshire reached an all time high for this year. The housing market has stayed remarkable resilient in Shropshire even though we are in the midst of a recession and unemployment keeps on rising. July will be the third month in a row that house prices in Shropshire have risen and with the average home in the UK now worth £153,871; a rise of 1.3 percent, this spells only good news for the market and for anyone selling property in Shropshire.
The average home in Shropshire now stands at £156,162 slightly above the national average, according to the Land Registry figures. This seems to be attributed to more confidence in the market as a whole by consumers. When coupled with a lot more properties for sale that are considered to be at bargain prices, prices for properties in Shropshire have been pushed upwards. A local estate agent commented “Sales are easier to come by and it’s fair to say prices aren’t going down”.
Sales are easier to come by and it’s fair to say prices aren’t going down
Bank of England figures out recently showed the number of mortgages being approved for property purchases is also on the rise and is at its highest for a year. July is the fifth month in a row that such a rise has taken place and since shows that he housing market is moving in the right direction.
February seemed to be the low point in the housing market with prices registering a 17.6 percent annual decline. Now that the housing market seems to have turned the corner everybody involved in the industry are optimistic for a better end to the year.
Need an edge when selling property in Shropshire then visit View Through the Keyhole. Get a free quotation for your online DVD of your property for sale and show the world your property. If a picture paints a thousand words then an On-line DVD writes the book.
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