Looking to sell your home? Here's how to get the best deal in the current market.
If you’ve been thinking of selling it’s likely you’ve been paying attention to the housing market recently, and so you'll know that it hit somewhat of a bumpy patch in the latter part of last year!
After years of booming prices and feverish bidding, things started to cool due to rising inflation and surging interest rates.
While there's still plenty of business to be done, the balance has definitely shifted; in 2022 demand for property far exceeded the supply, making it very much a seller’s market. However with the uncertainty felt by many towards the end of the year, many buyers took a step back and the scales tipped back the other way, meaning buyers now have a little more room to flex.
So, what does that mean for sellers? Essentially, there's no room for complacency, so focus on getting these four things right.
Make the effort to go that extra mile with the presentation of your property. Declutter and depersonalise (put family trinkets and photos out of sight). Dress rooms so buyers understand the function of each space (for example, a bedroom should have a bed in it, not a pile of gym equipment). It might seem like a lot of effort when you’re gearing up to move out, but you don’t want to miss out on attracting the perfect buyer because they couldn’t see the potential in your property.
With mortgage costs high, buyers and lenders are wary of over-valued properties. A good agent will advise you on price so you don't go too high (and scare off buyers) or too low (and sell yourself short). While you might be tempted to place the price high “to see how it goes”, going against your agent’s advice on a fair - and realistic - market appraisal is a bad idea for a number of reasons, including the taking longer to sell (up to 150% longer than a well-priced property, according to Zoopla) and sets the sale up for failure if a valuation survey is carried out by their mortgage lender, in which case a value significantly below the offer you have accepted means the buyer will need to negotiate a discount or pull out of the sale altogether.
Great marketing photos are a must, as is a multi-faceted strategy that makes good use of social media and email lists. The buyers may not be as numerous as they were, but they are still out there - the trick is having the correct strategy in place to reach them!
Many buyers, encouraged by recent events, are pushing for price reductions. An experienced negotiator can advise you on when to sit tight and when to compromise. As some buyers will be hoping for a speedy deal (so that their mortgage deal doesn't expire), there could also be room to move if you're flexible on timescale.
If you're thinking of selling, contact us today for a free property valuation.
How can Dylan Davies help you?
If you have a property to sell we would love to hear from you. Get in touch to arrange your no obligation property appraisal, or take a look at our free instant online valuation tool for an idea of what your property might be worth. On the other hand if you're looking to buy please make sure you register your interest early, plus keep an eye on our Facebook and Instagram stories for sneak peeks of the properties we have coming to market soon!
Postcode areas we now cover;
CF15, CF37, CF38, CF39, CF44, CF45, CF72
Posted on: 2 February 2023