Whilst house buyers often wrestle with the problem of finding the right home and a mortgage, property sellers at the moment are having to cope with a slow market that means a fast sale is pretty difficult to achieve.
Even in the current environment, however, there are some key ways in which you can boost your chances of a fast sale.
The housing market that practically slowed to a standstill in 2014 has actually started to pick up, but the growth is slow. With people feeling a little more punch in their pockets after the falling cost of food and petrol prices, consumer confidence has been given a lift since the turn of the New Year. Despite this, the underlying problems are still there – first time buyers are potentially being priced out of the market and the impact of any new stock being built has yet to be felt, despite projects such as the one in Newton Heath in Manchester.
So if you have a house and you want to sell it, is there any way you can make the deal go through quickly and still net a decent profit? Here’s our quick guide to how to sell your house fast in a slow market.
The Price is Right
With so much capital tied up in any property, most of us want to get the best deal possible when it comes to selling a house or flat. Dramatically slashing the price you want is, of course, the quickest way to get a fast sale. For most property owners, though, it is simply not an option. You have a mortgage to cover, not to mention the purchase of your new home.
Having said that, you need to make sure that you are asking a reasonable and competitive price for the property in your area and you will be able to gauge this with the help of a reputable estate agent and by checking out house sales in your local area.
Attract the Right Potential Buyers
There may be plenty of people who want to view your property but perhaps not that many who want to put in an offer. You need to decide on the type of buyer you want to attract and gear your advertising to them. For instance, if you are looking to attract a professional couple you might like to highlight how close to some great amenities you are and the fast broadband connection your property gets. If you live in a family area then the local schools and play areas could well be as important as the number of rooms you have or the potential to expand.
Introduce an Aspect of Competition
Running an open house event is one trend that has taken hold in cities such as London. Basically you have a limited time when your home is open for viewing with a number of people arriving in a short period and then leaving sealed bids for the property. It is touted as being the main mover for a quick sale and is a prime way for sellers to get their property sold over and above the asking price.
The whole process creates a sense of competition but there are some caveats to be aware of – not least that the highest bidder will be more likely than not to back out before the sale is completed. It also works better if there is a high demand which is not a problem in areas such as London but may be more problematic in other parts of the country.
Front of House
First impressions count for a lot and many home owners forget about one of the most important parts of their property. Front of house appeal is vital if you want any hope of a quick sale. Many sellers will spend money doing up their home to make sure it has extra selling power for potential buyers but quite a few ignore the outside appearance.
A potential buyer may not be that interested in the shape of your windows but he or she will almost certainly be wondering where they are going to park their car. That aside, making your front of house as attractive as possible can make a big difference and can even influence buyer opinion once they are in your property.
De-Clutter and Create Atmosphere
There are big things and small things that you can do if you want to sell your house fast in a slow market. One area that people also often forget is to make their home look as de-cluttered as possible. The last thing a potential buyer wants to see is your personality scattered all over the place. They actually want to be able to impose their own personality on the property and you can help them visualize all the possibilities by reducing your own impact.
The balance is a difficult one to achieve especially if you are still living in the property as most people are. Remember, a good number of people are looking to move to a larger property and if your house is cluttered then it may not look as roomy as they would like.
Instruct the Right Property Agent
One of the most important ways to get a quick house sale is to actually employ the right property agent. As with most industries, not all estate agents are made equal and selecting the right one is always an imperative. There are some who are prone to bad practices and others who will always have your best interests at heart – obviously you want to choose the latter. That’s why you shouldn’t settle on the first estate agent you come across but shop around, as with most things, for the best deal.
Make Sure Your Solicitor and Paperwork Are Ready to Go
Finally, make sure you have everything in place that you need for when the sale is about to go through. Many a house sale has floundered because the sellers have not been prepared and the buyers have given up and found somewhere else to live because there have been too many delays. Make sure you have your solicitor on standby and your paperwork ready to go.