It’s common knowledge that the property market is cooling. There’s nothing too much to be worried about at this stage – after all, house prices are still rising (evidence suggests that the rate of growth is what’s slowing… we’re nowhere near some of the property horrors seen in past decades). And there’s still a good demand for homes, both from people looking for somewhere to live and investors after property for rent.
But unlike when you sell property while demand is going off the scale, you’ll find the going a little tougher right now. Don’t let that put you off – get armed with some information so you can work the market.
Here’s our assessment of the current situation and what you should do to maximize your chances of getting the best price for your home.
Get the value right
When buyers are fighting each other to get the right home, you can afford to put a small premium on your house price. But not when it’s a buyer’s market. To ensure you will sell property within a reasonable time you need to put a very realistic value on your home. The easy way to do this is get as many estate agents as you can to value your house for you, and go for the average valuation. Be very wary of going for the highest valuation, as flattering and exciting as it may be. The higher your price the less appealing your home may be. And it’s not smart to adjust the price down the line – some buyers are wary of a house that has had its price dropped. They will be asking themselves what’s wrong with it. If you need to sell property very quickly, set the price slightly below market value. It could be a sensible strategy that will ultimately save you a huge amount of hassle and expensive time in the long run.
Find a hungry estate agent
We don’t mean one that hasn’t sold a house for ages, and is in need of food! We mean an agent that wants your business badly and is prepared to work hard for it. Ask all the agents that value your home what their plan is to sell property. Keep an eye out for an experienced agent that excites you. Remember, all agents put the details of homes in the windows of their shops, in newspaper adverts and in the major online portals. What else can they bring to the party? Don’t be scared to ask tough questions and demand innovation.
In this kind of market, you can’t expect to sell property quickly. You should do whatever it takes to make your home attractive to buyers, but be prepared to sit there for a few weeks. Keep on top of your agent to get as many quality viewings as they can. If the viewings are high but the house isn’t selling, get feedback from the agent – what’s wrong with your home? They’re the experts so trust their judgment… they’ve probably seen it before.
Position your property well
What is it that gives your home the best chance of selling? For example, if you don’t have a chain, that will make the speed of your transaction much faster. For a buyer looking for a new home in a hurry, that will work to your advantage. Identify the position and push it.