17th November 2011

Estate agents are not the most popular when surveys are carried out, more often than not we are in the top five along with double glazing, bankers and car sales persons of those most disliked.  Have you ever stopped to think about what we do?  Firstly, we don't get paid until the day contracts are exchanged, so everything up to that date is free and in many cases when sales abort we don't receive a penny.  We often say the easiest part of our job is finding a buyer, then the hard work starts.  Recently we set up a chain of four connected sales and on each one there was an issue.  We had to arrange and meet on site drain surveyors, structural engineers and builders to carry out various inspections, prepare reports and carry out works, whilst all the time keeping both the vendors, purchasers and their respective solicitors fully aware of the sequence of events and how it affected them at each stage.  In another case, an 'out of town' solicitor was not performing and many phone calls and emails were being made to try to resolve the issues, which turned out to be minor and could have been resolved quickly if they had picked up a phone and spoken to the relative parties.  We know that buying and selling is a stressful time and often we take the brunt of everyone's frustrations, however, we agents do understand and we try to be the peacemaker and smooth the path to a successful completion, after all that is what we all want.

Jeff Shorter, Director

28th July 2011

Now that the summer holidays have arrived what of the market?  Good question - the market over the last few months has slowed down decidedly across not only this area, but the whole of the country - why?  I hear you say 'the market was moving along quite nicely in the winter/springtime' - good question and one that's difficult to answer.  The lenders are at long last granting 90% and in some cases even 95% mortgages to first time buyers, which is great news.  Interest rates are still historically low and there have even been some positive comments in the press!! 

However, the market has slowed and some of the confidence seems to be lacking.  In fact we are seeing a repeat of the autumn market last year.  The children returned to school in September and the market slowed up considerably, when usually autumn is a very busy period - again for no apparent reason.  Perhaps this is the bumpy stop/start road the property market will take on the road to recovery.

On a brighter note we are still selling properties and general interst is still there, so don't despair!  We now have more of a 'Buyer's Market' now - so there are good deals out there to be had, and if you buy and sell in the market, whilst you may not get quite the price you hoped for on your own property, the same reduction is reflected in your purchase.  Enjoy the summer holidays!!

Paul Dettmer, Director

24th March 2011

Hooray!  It's Budget time again!  By the time you all read this it will have taken place and we will all be worse off.  But let's imagine for a moment that dear old George decided to help the property market - go on try!

Stamp duty was originally a tax on the most expensive properties, not a tax that affects virtually everybody.  Since the last change in stamp duty thresholds property prices have rocketed, but stamp duty hasn't changed.  So in my imaginary budget the stamp duty threshold of 1% is moving from £250,000 to £300,000.  Then over £300,000 is moved to 3% - but NOT of the overall price.  Here's the clever bit.  At present, if you purchased a property for £280,000 you would pay £8,400.  However, under my imaginary budget if you paid £350,000 you would pay 1% of £300,000 and 3% of the difference, ie. 3% of £50,000, equals £1,500.  Giving a total bill of £3,000 plus £1,500 equals £4,500, instead of 3% of £350,000 which equals £10,500.  A saving of £6,000!  This would be a much fairer way of dealing with stamp duty and would stop properties that are worth a little bit over the threshold selling for an artificially low price - simple!  Well, it was nice to dream!

9th December 2010

Here we are, another year passed and Christmas almost upon us.  So what of 2010, good, bad or indifferent?  Our view, the latter.  Generally, there has been more property for sale than in the previous year.  The first quarter was good for sales and the second was our strongest quarter of the year.  July and August were very good months, but then it went downhill from there.  September was by far our worst month of the year, which ended the third quarter.  With winter approaching 'the prophets' were predicting gloom.  October was better than September and November better than both.  December is traditionally quiet.  Overall our calendar year has been good, up on 2009, but our financial year does not end until March.  All that remains is for us to wish you all a Very Happy Christmas and New Year and to our regular readers you can look forward to more 'Comment' in 2011.

Jeff Shorter, Director

11th November 2010

So, another raft of figures and statistics have been released for public consumption.  Whooppee do!  Firstly, the growth figures for the last quarter - 0.8% - however, the experts predicted (or should we say guessed) - 0.2/0.3%.  Very wide of the mark.  Then we had two different lenders for the month of October or September (I can't remember exactly which one); one said prices had dropped by 3.2% and then two weeks later the other one reported a 1.2% increase - well that makes it all clear doesn't it?! 

Unfortunately, the media love these statistics, particularly the downbeat ones, which in turn affects public confidence and hence High Street spending and the property market.

As we have mentioned in previous market comments, the market has slowed down dramatically and prices are slipping back.  However, we don't see prices 'fall off a cliff', perhaps a fall of between 5-10%, some of which we have already seen in offers being made and accepted and price reductions.

So don't necessarily believe everything you read in the press (except this of course!), or see on the TV when an 'expert' confidently predicts (or should that be guessed) a massive fall in property prices.  Let's not get caught in the trap of the media taking the economy down just as they did 2.5 years ago.  Well that's my rant over!

Paul Dettmer, Director

21st October 2010

Talking to estate agents, solicitors and other property professionals up and down the country we are all experiencing a quiet spell as we do from time to time.  Is it media driven? - most likely; are you concerned about the forthcoming cuts? - probably; or are we waiting for Christmas? - surely not!  Whatever the reason if you are trying to sell then don't give up.  Only this week a vendor of ours who had been on the market for nearly a year and had already had two abortive sales, received an acceptable offer from a cash buyer.  It was only last week she had been considering withdrawing from the market through lack of interest; we persuaded her to stick with it, which she agreed to do until the clocks changed, then along comes a buyer.  Our vendor has now agreed to buy anoher property through us and now that seller is out there seriously looking to purchase.  So, if you are wanting to sell stick with it.  A buyer will come along eventually!  It happens so quickly and your whole perspective on the buying and selling process changes overnight.

Jeff Shorter, Director

9th September 2010

There is a palpable sigh of relief eminating from parents across the Waterside as their children go back to school.  Hooray I hear you cry!  Children going back also heralds a pick up in the property market, as one of the big excuses for putting off moving, ie. the summer holidays are out of the way and the next big excuse, Christmas, is four months away.  Apologies for mentioning the 'C' word there (I did see that Morrisons are selling advent calendars!!)  We are great ones for putting excuses in the way for not doing something and holidays are a great one for putting off a move.  Now this excuse is out of the way and ignoring all the negative media and the round of spending cuts that will be taking place in October, if you have a need to move, now is as good a time as any.  There is plenty of property on the market and as stated in one of our previous comments, we could be seeing prices level off and perhaps fall back slightly, which whilst this affects your property, it also affects your purchase.  So if you are thinking about moving and would like to be in your new home by Christmas please give us a call, or if perhaps you would just like an up to date idea of what your property is worth, we will be pleased to talk with you.  You may decide not to move but to extend; we are happy to provide advice with regards to this.  Who knows, we may sell your property to the next Southampton Manager, whoever that may be!

Paul Dettmer, Director

29th July 2010

'Schools out for summer!' but the property market carries on.  Yes we expect the next six or so weeks to be a little quieter but we don't expect it to stop dead.  July has been a really busy month, in the first 20 days we agreed a sale every other day and sales continued in the last ten days.  Will the market die in August?  We don't think so, in certain pockets there is a distinct shortage of properties for sale and in some cases more than one buyer.  Whilst on the lettings front, in one week we agreed five lets, subject to the usual referencing.  There is a great shortage of properties to rent but there is a supply of good tenants.  At the time of writing this, we have only one property available to rent, a maisonette in Holbury at £595 pcm.  If you are not tied up with holiday fever and you are considering a move then we will be here to market your home.  If August is going to be all about family, then enjoy your holiday.

PS  Late Tuesday we started to reference potential tenants for the Holbury property.

24th June 2010

Don't become too downhearted, we know England are not performing as we hoped in the World Cup and now the Budget has spread more gloom, but hey we are all still breathing and the sun is shining, plus the housing market is not dead.  There are still buyers out there including Julie S. from Aylesbury who is sold and wants a 4 bed detached house in Dibden Purlieu for under £300,000.  Then there is Mr & Mrs S. who live in Dibden Purlieu and seek a larger house around £350,000 to £400,000 and they have also sold STC.  Not forgetting Mr & Mrs Foster who are over here from Malaysia seeking a good-sized 3 bed house in the Hythe area for under £200,000.  Oh, then there is Mark who has a maximum of £185,000 to spend on a 2 bed house in Hythe.  These are just a few of the buyers who are registered with us and want to spend their money now.  So it's not all bad news and remember the saying 'always look on the bright side of life'.  Oh and remember, we can also save you money, see our page opposite.  So come on, let's all put a smile on our faces rather than grin and bear it!

Jeff Shorter, Director

3rd June 2010

Conversation overheard in restaurant.  Lady 1: Yes they have moved now into rented accommodation.  Lady 2: I told her last month, now that they have sold they should go down to Dorset and register with all the agents.  Lady 1: Yes they only look on the internet.  Lady 2: Yes, but the agents would ring her when a new property becomes available and that 'Katy & Phil' (apologies to Kirsty) on that relocation programme off the telly often tell couples when they say they had discounted a property because they didn't like to the look of it, that it's the neighbours who look at the outside, you're buying the house, and they can't believe why they end up buying a property they had discounted.

How very true this conversation is.  Many think they are property experts but in truth you 'shouldn't judge a book by it's cover'.  Nearly all agents will ring buyers before a property is fully marketed, especially now that HIPs are suspended and we are able to use our entreprenuerial skills again.  Often by the time a property comes into the market it could already have had 2/3 viewings from keen buyers.  Whilst the internet is a great tool, if you are really serious about moving then it pays to make friends with the local agent.  We are human!

13th May 2010

Now with the general election behind us we are hoping to see more stability in the market, but at the time of going to press there is still uncertainty as the politicians sort out if they can work togetherand form a government.  Has the election affected the property market?  To a point, yes, as there have been very quiet periods over the last four plus weeks.  However, April was our best month for sales in over two years with sales up 120% on March, which wasn't a bad month.  New properties entering the market has also been strong and generally the level of viewings has held up in this period with a number of first time buyers looking to buy, taking advantage of the stamp duty holiday.  This is probably borne out by the lettings market where there is a definite shortage of tenants looking.  Who knows what the the future holds, but we would like to see a steady growth in confidence and the lenders being a little more commercially minded, realising that they have to speed up the process from start to finish in relation to mortgage applications.

Jeff Shorter, Director

15th April 2010

Estate agency can really be frustrating; in the words of another analogy, 'it's a funny old game'.  There we were on the Tuesday morning after Easter having had a really busy weekend with over 25 appointments in 3 days and only one offer and no sales.  It was extremely disappointing, but by the end of the week (Friday 9th) we had agreed 6 sales and had offers on 3 others, which at the time of going to press we are still negotiating.  So from a busy weekend, what appeared to be disappointing in fact turned into a very good week.  With a steady flow of new properties coming onto the market and sales being agreed, it would appear that April will turn out to be the best month of the year so far.

Jeff Shorter, Director

4th March 2010

Firstly, a bing thank you for all of you that have offered your congratulations on us achieving 18 years of successful estate agency, despite two recessions.  Secondly, because of its overwhelming success we have decided to extend our 'Birthday Offers' for a second month.  Despite the weather, during February we have had a really busy month with, in particular, viewings reaching an all time high.  New property coming to the market has increased with many others waiting in the wings as we await the HIP.  Sales have remained strong, but it is noticeable that in many cases those looking have still not put their existing property on the market and then become disappointed because they see the one they want to buy, but are then pipped to the post.  Finally, if you would like to join in our success then ring us NOW and if you would like to be part of our success story then see our advert in the Situations Vacant.  Your chance to join a leading independent and innovative estate agents.

Jeff Shorter, Director

4th February 2010

Lets go back 18 years - February 1992 to be exact - estate agency was a different animal then!  For a start we would turn up at your house in either a Ford Orion or Austin Montego and wearing a double breasted suit.  We measured up, didn't draw a floor plan!  Took photos with a 35 mm camera and didn't have a HIP to worry about.  When we got back to the office (as long as it was before 1pm) we put the film in an envelope to be collected by a courier to be developed and delivered back 24 hours later (not weekends), so if the photos were too dark or the vendor didn't like them, we had to go through the process again.  We had to stick photographs on individual details, no laser printer!  The internet wasn't even a glint in an estate agent's eye, so the weekly property paper adverts (black and white) were the earliest that some people would get to see new instructions the following week!  If we were out of the office we weren't contactable, a mobile phone far too expensive in 1992!  So most things have changed (mainly for the better), but we haven't!  When we opened our aims were not be the cheapest or the most expensive agent and to built a business on trust, integrity and professionalism and success.  In the main we like to think we have done this - although we know we can't please all the people all the time!  Thank you for your business over the last 18 years, here's to the next 18!

Jeff Shorter, Director

10th December 2009

AN ESTATE AGENT'S CHRISTMAS ODE

Now it is that time of year,
When everyone is full of cheer,
The lights are up, the tree is dressed,
We agents wonder was this year the best?

There are still those buyers who want to view,
However, it is unlikely they will form a queue,
Exchange and completion is on the buyer's mind,
The legal profession has a mountain to climb.

The rush is on, to move before the Christmas Day,
It is our job to stop tempers fray (ing!!),
The press will ring with advert space,
To wish 'Seasons Greetings' to the Human Race.

So we approach the last weeks of the year,
Even us agents are full of cheer,
We raise a glass to one and all,
A Happy Christmas from Jeff and Paul.  

12th November 2009

Valuations, market appraisals, or whatever. I dread to think how many thousands we have carried out over the years.  But what is one?  ..... No, really think about it!  You the public ask us 'the professional' to provide you with a good, realistic asking price, firstly to base your figures on, ie how much can we afford to spend on our purchase? But also so you know, within reason, what figure you will achieve.  However, this is not as straight forward as you might think.  Let's give you an example (the figures have been changed to protect the guilty).  We were asked to value a property and stated a figure between £200,000 - £215,000, to ask say £214,500.  One of our competitors 'valued' the property at £245,000!  We were instructed to market the property at this figure on the basis that if little interest was created we would reduce the price to our figure.  After 3 months of little interest we reduced the price to £214,500 - needless to say we agreed a figure close to the asking price within 2 weeks! Now, we don't profess to being perfect, but we have come across many other instances of, shall we say, 'very optimistic' valuing, or should that be over-valuing!

Paul Dettmer, Director

15th October 2009

We often say to clients that they wouldn't believe some of the scenarios that happen in our estate agency life.  Only last week it was an extremely quiet, wet, miserable day.  In the afternoon we had two previously arranged accompanied viewings, both at the same property.  Director Jeff Shorter met the first lady with her son and she expressed an interest and said she would ring him later that afternoon.  The second viewer arrived and during the conversations it emerged that another property we were marketing could be of interest.  Jeff took the second lady to view that property and by the time he returned to the office the first viewer had phoned and made an offer, and a sale was agreed.  At 8.15 the next morning the second lady phoned and also made an acceptable offer on the second property.  It just goes to prove that even on a miserable, wet day when most owners would least expect to have a viewing, things can happen.  To use an analogy, "it's a funny old game."

Jeff Shorter, Director

2nd June 2009

Proof that the market is far from 'dead' we have recently just sold a detached bungalow in Dibden Purlieu in less than a week. The bungalow came to the market and a sale was agreed very close to the asking price within the week. Although we were instructed 10 days earlier, we agents are finding the new HIP regulations frustrating, as it curtails our  entrepreneurial skills. (Paul and Jeff have over 65 years joint estate agency experience.)  Gone are the days when we could come back from a property having gained instructions and ring our applicants and get viewings straight away. Now there is at least a 10 day wait until the HIP is in our office or we have receieved confirmation from the HIP provider that they have enough information to enable us to go to the market. Oh for the good old days !!

Jeff Shorter, Director          

13th February 2009

First Day Marketing (FDM).  Not much publicity was given to this when changes were announced recently that as from 6th April, before a property can be put to the market, part of the Home Information Pack must be in place; unlike today when all we must have is proof of the HIP being applied and paid for.  From 6/4/09 before a property can be legally marketed the following section of the HIP must be in place:

1.  Index.

2.  Energy Performance Certificate or Predicted Energy Assessment.

3.  Sales Satement.

4.  Land Registry Title document and plan.

5.  Completed (by vendor) Property Information Questionnaire.

It is anticipated that all this information will take 2/3 weeks to be collated, so if you instructed us on 6th April it could be almost May before your home actually comes to the market.

Jeff Shorter, Director

23rd Janaury 2009

The 'Credit Crunch' has seen all sorts of savings being made.  Wherever possible businesses are cutting costs and making savings by utilising their existing resources.  Estate Agents are no different and we are seeing offices close and other cost-cutting exercises.  However, we feel you can go too far and it is noticeable that many of our competitors are now closed on Sundays.  Our view; this is the one day of the week when couples or indeed families are able to get out and view as a unit and make decisions.  In fact as we are now a 24/7 society we find that Sundays can sometimes be extremely productive.  We have taken this decision as vendors are expected to pay the same fee, and in some cases a higher one, when some agents have reduced their service.  We feel that we cannot compromise our service and affect the reputation we have built up over the last 17 years.

Jeff Shorter, Director

21st October 2008

Amid the financial chaos of the last few weeks something occured to me, 'where would be the safest place to put your money rather than leave it in the bank or in the stock market?'  Wait for it ...... shock, horror ........ property!!!
'What?' I hear you say - you must be mad (well I am but that's another story).

Think about it, the Government are guaranteeing £50,000, if you had say £150,000 in the bank and the bank collapsed you'd lose £100,000   BANG, GONE, never to be seen again. However, buy a property for say £140,000, rent it out and get an income, but here's the rub; even if the value dropped to say £110,000 you would still own the property, still be getting an income and over the years, capital appreciation (price increase to you and me). 

9th September 2008

So the price of crude oil has come down to $107 a barrel, mortgage fixed rates are coming down, the supermarkets are having a price war and the American Government are bailing out the two biggest mortgage lenders in the States ....... all good news! But do the media make a 'big issue' of it ....... of course they don't ....... it's all 'doom & gloom' particularly where the national pastime (the property market) is concerned. 'The Market' could fall by 20,25 or 30% ..... possibly - 'it could take 10 years to get back to pre credit crunch days'. The fact is nobody knows and we have already lost 10/12% off the values since last summer.

Peversly it's a great time to buy, if you buy at the right price by bargaining hard with the Agent/vendor - it's not uncommon to get another 5-10% off the asking price. So here is our prediction, inflation to peak at 5%, and then start to fall, interest rates to start to fall in the new year, banks will slowlystart to lend to each other in 2009 and people will still want to move .......... but what do I know and anyway, I thought the credit crunch was a cereal!!
Paul Dettmer, Director

11th August 2008

Currently, there is a lot of press speculation that the Government are going to introduce a 'stamp duty holiday'.  We are not convinced this is the way forward.  For those who can remember back to 1996 when we had the last stamp duty holiday, we had a brisk market for the first 8 months of the year and next to nothing for the remaining 4 months.  Would not intorducing a 'holiday' now have the same effect, delaying this current slowdown to the end of the holiday?  Being cynical that would be closer to the next General Election and would the Government want a slow housing market at that time?  Our view is to raise the stamp duty thresholds reflecting current prices rather than those from way back when house prices were considerably lower.

Jeff Shorter, Director

3rd June 2008

To Buy to Let or not? Now may not be the ideal time to talk about 'Buy to Let' as some of the media predict the demise of the Buy to Let market - but what do they know?!

In fact with the 'buyer's market' we are experiencing now and rents rising, the time could be ideal! As with any investment - always take the long term view - property will always remain a good long term investment if you buy the right property, in the right area, at the right price. The days of short term capital growth are over - and perhaps that's no bad thing. We are experiencing very strong demand for all types of rental property, from studios to 4 bedroom houses. So if you thought the Buy to Let market was dead - think again! As long as you have a decent deposit and buy the right property, you won't go far wrong. Alternatively, you may be trying to sell - you could rent out your property and wait until the market improves. If we can help, please call us.

30th April 2008

31st Jan 2008