In times of recession, selling property is never easy. The property market shows little signs of recovery and house sales continue to fall. Many estate agents are still struggling to sell even one property a week, and homeowners are finding it difficult to attract buyers in a stagnant market.
We have put together ten top tips to help you sell your house quickly.
1. Make sure you choose the right estate agent
Make sure your estate agent works for his money, and ask up to three agents to provide a free valuation and explain their fees. Never make the mistake of simply choosing the agent who gives the valuation. This could be a ploy to get your property on their books, but your house could stay unsold for years if it is overpriced. Check how much the agent has sold similar properties in the area for recently.
2. Think carefully about selling options
Estate agent´s fees range from 1 to 2.5% of the property´s selling price. This may seem high and you may be tempted to sell the property yourself. Remember, however that in a difficult market, estate agents are more likely to achieve a sale, as they earn nothing until they shift the property. You will also have the benefit of wider advertising.
3. Understand the market
Make sure you research similar properties that have sold in your area and make a note of the prices. There is no point pitching your house at the same price as the one next door if your neighbour has been asking an unrealistic price and his house has been on the market for two years.
4. Keep it real
Always be realistic about your selling price and in a difficult market, drop your price slightly lower than other similar properties in the same area or on the same street. A realistic price at the outset will look much better than a slashed price later on that wreaks of desperation.
5. Bending over backwards
If you are lucky enough to find a strong buyer with funding, you should bend over backwards to accommodate them during the sales process (not literally of course). Your house will be more attractive to buyers if you can move out quickly so consider moving into rented accommodation if this helps the buyer, and you are still looking for another house to buy.
6. Fresh and clean
As obvious as it may seem, make sure the outside and the interior of your house is neat, tidy and clean when prospective purchasers come to view. If you can afford it, have the door, guttering and facade painted and also the interior, to help you achieve the best price possible. First impressions count for a lot and can make all the difference. Also remove clutter where possible so viewers can see clear lines, and can foresee how the house will look when they put their own furniture in.
7. Play to your strengths
Emphasise the best points about the location of your property, such as it being close to schools, having good transport links, within walking distance of the pub and shop etc., You can also work things into conversation like the view from the bedroom window or the extra storage space being useful if the viewers have children etc.,
8. Watch out for the gazunders
Gazundering is the word used to describe home buyers who slash their offer price just before contracts are exchanged, in the hope the sellers will accept it. When sellers are so close to completion they often accept the price, even though it is much less than they originally wanted. Ask your agent how they can minimise the risk of this.
9. Pull out if you are not happy
As much as pushy estate agents will try to convince you there are hundreds of buyers waiting in the wings to buy your house, if there is little interest shown after it goes on the market, consider taking it off again. It may pay you to wait if you are not in a hurry, until the market improves, or even to consider renting out your property to increase your income until the time is right to sell.
10. Improve don´t move
If you are only moving because you need more space, it may be worth looking at the options to extend your current home. This could save you time and hassle, so get a reputable firm of builders in and see what they can do for you. Also, consider a loft conversion which, if used as a bedroom, could add up to 12% value to your home.
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