How to sell your home in a buyers’ market

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14 Aug 2018

Selling your home in a buyers’ market

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Selling in a buyers’ market can be a tough task. With potential buyers looking for value for money and higher levels of stock hitting the market, it can be difficult to stand out from the crowd at a price that’s right for you.

In a recent report, Rightmove advised that the number of new-to-market properties is up 8.6 per cent on this time last year and estate agencies across the UK have more stock to sell than they have since last September. With this indication of a competitive market in mind, sellers can be forgiven for feeling somewhat nervous, but they needn’t be.

Presenting your property to the market at the right price is essential, but making a successful sale is down to more than that. Take a look at our top tips on how to seal a deal and get your home sold!

Knowing the competition

Familiarising yourself with similar properties to yours is a great starting point. If a property bearing resemblance to yours is struggling to sell, its price could be the problem. You’ll get a true reflection of what buyers are looking for by keeping an eye on how the market moves, so setting up Rightmove and Zoopla alerts could be a great start. You’ll then be notified when new properties come to the market and also when properties are reduced in price.

Talking to your local estate agent will also help give you inside information of what those in your area are looking for.

The price is right

With price being the first thing potential buyers see, coming to market with a realistic value can be the difference in getting them through your door or losing them to a competitor.

As a strategy, this beats coming to market with a high value only to reduce it when viewing numbers dwindle. Getting more people through the door from the start will not only provide you with accurate, real-time feedback, but you also stand a much higher chance of making a successful sale at a price you’re happy with.

With current economic uncertainty and bigger demands from mortgage lenders, it is becoming increasingly obvious that buyers are unwilling to pay over the odds for a property – even if they like it. Work with your estate agent to find the right balance between good value and a fair price.

Ensure a good first impression

With potential buyers now able to see your property on the internet, making sure your property looks its best will really help to drive interest.

Making sure you have great photos of the property, capturing all the unique points, will help give you an early step in standing out. Don’t forget your house is not the only one they will be able to see so this first impression is very important.

Adding small ‘touch ups’ before the photos are taken can add real value – have a quick spring clean, add fresh flowers to the rooms or mow the lawn. Also ensure the things people don’t need to see are hidden, such as your washing, the dog bed and all your toiletries! If you’re selling over the Christmas period, ensure your estate agent returns to take fresh photographs once the festivities are over.

60-minute makeover

Once your estate agent has confirmed some viewings, prepare your property for judgement with one final check. Applying a touch of paint to scuffed skirting boards and window ledges can help to re-liven a room, as can other exercises like replacing the door mats, adding new wall art or painting the fences.

Remember - a little can go a long way here.

Giving your property small unique touches can help buyers see that it is welcoming home, but be careful not overdo it, as people want to see the potential to put their own stamp on a home and may not have the same quirky taste as you.

Keep it simple

Many sellers feel like making lots of changes to their home will add more value. This is often not true. Fitting a new bathroom or kitchen can be expensive and may not be recouped in the sale price.

Instead, it could be more worthwhile to allude to the potential your property provides its new owners, and allow them to make larger changes instead – after all, you could go to the extent of replacing a kitchen, only for buyers to dislike the theme you’ve chosen anyway.

If you have always thought about extending your property or adding new features, make them aware of this. If you have been granted planning permission for a particular project, make sure prospective buyers are made aware. Not only can this add value to your home, but it will reinforce the fact that your property has potential.

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