Rising interest rates and a cost-of-living crisis mean the property market is currently going through a bit of turmoil. Property prices are falling and there are fewer buyers around, which means properties are sitting on the market unsold for considerably longer.
If you’ve got a house to sell, you’ll want to take every opportunity to maximise your chances of a successful sale. Danny Luke, managing director at property firm Quick Move Now, has given us his top 5 tips for a quick sale in a tricky property market.
1. Be realistic about price
With less demand from buyers, property prices are falling. It’s important to be realistic about that. Unfortunately, you won’t get the same sort of price for your home as you would have last summer.
We’re seeing a trend at the moment of homeowners trying to cling to the record-high prices we were seeing early last year and requesting to put their properties on the market at unachievable prices. Unfortunately, what happens in that situation is that those properties then stay on the market, unsold, for an extended period of time and very quickly become ‘stagnant’ in the eyes of potential buyers. Sellers will often then end up achieving less for their property than they would have if it had been priced correctly from the beginning.
2. Be realistic about timescales
Property sales are slower than they have been. These tips will help you maximise your chances of a quick and successful sale, but it’s important to manage your expectations about what currently constitutes a ‘quick’ sale. It currently takes an average of 7 months to sell a property on the open market.
3. Present your house well
In a buyer’s market, it’s important to ensure your home is as well presented as possible. You’ll be competing against other properties for an offer from buyers, so you need to give your property the best chance of winning that competition. You can do this by ensuring your home is looking fresh, light, bright, and clutter-free. Make sure you refresh any areas of your home that are starting to look tired and tackle any maintenance you’ve been putting off before you put it on the market.
4. Be ready to negotiate
The days of offers at the asking price and above are over, at least for now.
In a buyer’s market, it’s important that you’re ready to negotiate on price and are realistic about the fact that your asking price is likely to be several thousand pounds higher than your final sale price.
5. Consider all your options
If you need a quick or guaranteed house sale, it’s important to consider all options available to you.
Property auctions offer an attractive alternative to the open market, especially if your property is unusual or would appeal to investors. Taking into consideration pre-auction marketing, it usually takes around 2 months to sell a property in this way, so it’s considerably faster than the open market. It is important to note, however, that around 30% of properties that go to auction fail to find a buyer, so it’s not a guaranteed way to sell. You also won’t know what price you’ll achieve for the property until the auction has ended.
If you’re looking for more certainty, or need to sell more quickly, a genuine cash home-buying company like Capstone Homebuyers, who state “we buy houses as-is“, can offer a property sale that can’t be matched by any other method of sale. As a business, you’ll get less for your property than you would by selling on the open market, but the sale is guaranteed and can be completed in as little as a week if required.
If you’re considering moving house, current headlines may be making you feel a little anxious. Although the property market has changed considerably over the last 12 months, there’s no reason why you can’t sell successfully, as long as you’re aware of current market conditions and realistic about price and timescales.