Tips to get a sale at the right price in the current market
The escalating cost of living and a rise in borrowing costs have compelled some prospective buyers to halt their moving plans momentarily. Despite this, a robust market of individuals selling their homes remains buoyed by buyers seeking larger family living spaces, home office provisions, retirement options and energy-efficient properties.
For those considering a move in the prevailing climate, we offer the following guidance to help you navigate the process.
Identifying your target buyer and choosing the right time
The initial step towards a swift, hassle-free property sale involves understanding your target market. In your estimation, who would be the perfect buyer for your property? Tailor your space to appeal to this demographic but without alienating other potential buyer groups. For instance, if you believe your property would best suit a professional couple, consider transforming the second bedroom or office back into a bedroom while creating workspace elsewhere in the house.
This ensures the property remains appealing to young couples with a small child. Typically, the most favourable times to sell your property are spring (February/March) and autumn (September), when demand often exceeds supply, leading to potentially higher property prices.
Streamlining and neutralising your space
Potential buyers need to visualise themselves residing in your property. Therefore, personal items such as ornaments and photos, particularly posters in children’s bedrooms, should be removed. Everyday items not in regular use, along with large pieces of furniture, should be stored away to create a sense of spaciousness.
Pay special attention to areas like the hallway (remove any clutter), bathroom (conceal all products) and kitchen (clear bench surfaces of appliances, jars, tins, etc.). Replace any worn-out tea towels or odorous bins.
Revitalising your property
A fresh layer of neutral paint, new tiles or other flooring, or even a few new kitchen cupboard doors can significantly enhance a tired-looking property. If re-tiling the bathroom isn’t feasible, re-grouting could give it a fresh look.
Other simple improvements include installing matching chrome fittings, replacing broken light bulbs, repainting the front door, ironing bedroom sheets, removing heavy dark drapes, installing subtle up-lighters in the living room and strategically placing flowers throughout the house.
Ensuring cleanliness
Even if redecorating isn’t on the cards, cleanliness is paramount. If you don’t have the time, consider hiring professional cleaners to clean your property deep. This could prove a worthwhile investment. This includes cleaning the carpets, sofa covers, oven and windows. Extra attention should be paid to the kitchen and bathrooms, which must appear inviting and sanitary.
Finish up with a new toilet seat, fresh white towels and perhaps a pot plant or two. Don’t overlook overfilled wardrobes – prospective buyers often check them for storage space. Lastly, treat your garden as an additional room, making it a welcoming space for relaxation and entertainment.
Spreading the news
Ensuring that your property’s availability is well publicised is crucial. Make use of local networks—you never know who in your vicinity might be on the hunt for a new home and eagerly awaiting your property to hit the market.
Preparations for property viewings
It’s no secret that first impressions are crucial. Your aim should be to make your property appealing to a broad audience; the more people interested, the higher the potential selling price. Therefore, ensure your front garden and entrance hallway are tidy and inviting.
It might be a good idea to leave pets with a neighbour and clean up any pet hair, as this can trigger allergies in some people. Turn on lights and heating, air out the house and avoid cooking strong-smelling foods before viewings. If parking is available, leave the space free for potential buyers, enhancing their overall experience.
Conducting a property viewing
You may have hired an estate agent for this task, which is recommended; if, however, you find yourself conducting the viewing, plan the sequence of showcasing the rooms beforehand. Guide viewers around once, either beginning or ending with the best rooms. Avoid overwhelming them with minute details like boiler size or neighbourhood cat issues.
Maintain a professional demeanour during the initial viewing; personal interactions can follow during subsequent ones. Remember to underline positive aspects like a south-facing garden or convenient parking. Encourage viewers to take another tour independently while remaining nearby to address any queries.
Selecting the right buyer
The highest bidder may not necessarily be the most suitable buyer. Heed your estate agent’s advice regarding potential buyers and get as much information as possible about their circumstances. Factors to consider include financing the purchase (cash buyers are the most desirable), whether they are first-time buyers needing additional assistance and whether they have a related transaction.
If they have a property to sell, ensure it is under offer before taking yours off the market. Be aware of any forward chains that could complicate the completion dates. Buyers who are additional purchasers, returning to the market or represented by a professional home search consultant are usually promising as they tend to have their finances in order and can expedite the process.
Embracing the offer
Your estate agent is a crucial intermediary responsible for presenting every offer that comes your way. They will be well-versed in all the relevant information about the buyer’s position and capacity to expedite the process and will typically insist on receiving offers in written form.
The amount a buyer is willing to offer hinges on several factors: market conditions, competition and their emotional attachment to the property. Similarly, the lowest price you’re willing to accept is influenced by these same market conditions, the speed at which you need to sell and the size of your relocation budget.
Compromise and negotiation
Securing a deal often requires compromise from both parties. Maintaining a flexible stance can help facilitate negotiations. Additionally, consider whether you plan to retain all your furnishings, curtains and white goods. These items might not suit your new home, but they could be used as effective bargaining tools to achieve the desired selling price.
Open communication a key to success
Once an offer has been accepted, the real work begins. The longer it takes to finalise contracts, the higher the risk of the deal falling through or the buyer ‘gazundering’, that is, reducing their offer. Therefore, maintaining regular contact with your solicitor and estate agent is crucial to ensure open lines of communication.
Staying informed about the status of the conveyancing process and understanding your buyer’s feelings about the transaction’s progress is vital. Knowing whether they remain committed or are exploring other options provides valuable insight.
Ready to discuss your mortgage requirements?
Should you require further information or assistance, we’re here to guide you through every step of your property-selling journey and mortgage process, ensuring a smooth and successful experience. To discuss your mortgage options or for more information, contact our team.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
