Every estate agent you meet will promise you the world, however, if their promises don’t materialize into offers then whats the best methods to try and sell your property, quickly.
With the average sale time going up over the past year by 17% from 2017 to 207 days, what’s the best way to sell your property if you don’t want to wait seven months to complete? Below is our guide as to how to do exactly that.
Don’t Bank on it!
When you are shopping for your next property try not to predicate the sale price of your property. If it goes on the market for say £250,000 which is a punchy price and alongside this, you are banking your next purchase on achieving full market value you may be in for a tricky few months. It can be very easy to fall for the estate agents pitch of ‘We have people queueing up to buy houses on this street’. However, don’t forget they are salespeople at the end of the day. The more instructions they have the more shots on goal! If you have set your heart on a house already then it may be in your best interest to price your house to sell.
According to Scott from Home House Buyers “When you’re looking at your next purchase, think very carefully about how it works out if you accept a lower price than your asking price.” That’s really important and it catches a lot of people out. Work out your sums on a worst case scenario and make sure that if your house doesn’t achieve asking, then can you bridge the gap?
Viewings
If you have a viewing, head out of the door. Feel free tidying up, but try and make sure the property is empty for the viewing.
Don’t strip the heart and soul out of your property for viewings. It is always good to declutter but try not to take it too far as your house should look like a home.
Let the estate agents do their job in regards to viewings, however, it is very important that you get feedback and ACT on it. If you have several viewings, but no offers try and find out why the buyers didn’t want to make an offer. There will always be the buyers that ‘don’t like the area’ however some may have some useful feedback. Things like ‘it felt small’ so declutter and add mirrors or ‘it was dark’ so a fresh lick of paint and draw the curtains back.
Be realistic about your asking price
Agents will be quite “punchy” when they value your property – that’s great because they obviously want to get you the best price, and if they can achieve that then great. But realistically they’re going to value your property at an asking price and you may or may not achieve that so you must bear that in mind. When your property hits the market, unless it’s priced attractively or in a competitive market you will more than likely be in for some negotiating.
Make sure that that price is achievable of course. Take your agents advice, but speak to a few so you know that you aren’t getting lip service. It’s also helpful to do a little bit of your own research too. Have a look at portals such asRightmove, Zoopla, and NetHousePrices – have a look, see what’s available that’s like the property that you want to sell and then you can decide whether or not your asking price is going to be achievable. Its also good to see how many similar properties have sold in a 1/4 mile to your property.
Have a look to see what houses have actually sold for in your area and you can do this by typing in your postcode on this link.
The Facts
According to data from HomeOwners Alliance, agents with an average selling time of 12 days achieve 100.89% of their stated price. So its always worth putting the property on the market at its correct marketing price.
After three months on the market, however, sellers receive an average of £13,603 below their asking price, and over £30,000 in London. What this screams to us is that if your price is right, then it will sell. But (and this is a big but) if you have time on your hands and like us you are a bit of a chancer then it may be worth a shot a high price. Our advice is though is that if your house doesn’t get a good offer within the first few weeks then consider putting your property on the market at a sensible price.
6 Quick Tips to Sell A Property Quickly For A Good Asking Price
Get a good agent: To get started, you’ll need a reliable and experienced estate agent (Homeowner’s Alliance has a handy guide on how to choose an estate agent. Look at reviews online and don’t be afraid to compare prices. Also, ask them for their performance figures.
A Fresh House: Clean windows inside and out, and replace any broken light bulbs. Making the place feel light and airy makes rooms feel bigger and the property more attractive. Likewise, declutter. Try and create as much a space as possible.
Make it Easy. Homes that don’t get appointments don’t get sold. So try and make your home as accessible as possible for viewings.
First Impressions. The entrance is the buyer’s first experience of the property so, try and make it a memorable one for them. Neat garden, well-painted door and as little clutter as possible once they enter.
Spring clean: Remove limescale, clean and repair tile grout, wax the wooden floors, get rid of all bad odours, hang up fresh towels. This will make the place more appealing and allow viewers to imagine living there. If there is a smelly dog, then put away their bed and take them for a walk.
Make any minor repairs necessary: This includes holes in walls, broken door knobs, cracked tiles, torn or threadbare carpets. Many buyers want to move in without making changes,
Alternatives Methods of Selling
If speed is paramount then you can look into the two main alternatives to selling:
Auction Houses: We have all watched at least one episode of homes under the hammer, so we have a basic understanding of how it works. Most auction houses will require a 28 marketing period and for you to guide the property low to generate a good level of interest.
Pros – If it sells on the day then you are pretty much guaranteed a completion within 28 days.
Cons – If it doesn’t sell then you may have tarnished your properties value and you may still have to pay fees.
Sell Property Fast Companies: These are companies that will offer to buy your house within a few weeks. Most fees are normally paid for and they buy the house no matter the condition.
Pros – Guaranteed sale and your fees are normally paid for by the buyer.
Cons – you will normally be expected to take a lower price than the properties market value.
