2020 has been a year unlike any other. A global pandemic, a national lockdown and unprecedented economic measures from the government.
Whilst life is still far from ‘business as usual’, industries are having to discover new ways of working to keep businesses going. That includes the property market.
Though many predicted a post-lockdown property market crash, economic measures seem to have -at least for now – kept the market buoyant.
In fact, many areas have seen a property market boom, as buyers rush to get their move completed before the 31st March stamp duty deadline.
If you are hoping to move to a new house in 2021, what should you consider? Danny Luke, managing director of home buying company Quick Move Now, gives us his top tips for selling a house in 2021
If you’re planning to move before stamp duty measures come to an end, move quickly
Property transactions are currently taking a month or longer than you would expect, so if you’re hoping to complete a house move before current stamp duty measures end on 31st March, you’ll need to get the ball moving quickly.
If you’ve found the property you want to move to, but are struggling to sell your current property, you might want to consider alternative methods of sale such as property auctions or a cash home buying company.
If you choose to sell to a home buying company, it’s important that you ensure the company has its own cash funds and will be purchasing your property directly, to ensure they’ll be able to complete the sale as quickly as they say they can.
A genuine cash home buying company should be able to complete the sale on a day of your choice, to tie-in with your onward move.
Carefully consider the right time to move
Many property professionals believe that we will see a price correction in 2021, as a result of current economic measures like furlough and stamp duty changes coming to an end.
If you’re considering moving in the next year, it’s important to think carefully about whether you should rush a sale through in order to benefit from temporary stamp duty changes, or wait to see whether the predicted price correction materialises.
This will be dictated by your personal circumstances and the motivation for your move.
Get everything in order before you make an offer
In recent months, we‘ve seen many house sales fall through because would-be buyers have found they’re unable to secure sufficient mortgage finance.
The current economic climate means many mortgage lenders are being more cautious with their lending and with their property valuations. If you’re planning to move in the next year, it’s advisable to get a ‘mortgage in principle’ before making an offer on a property.
This will help you to formalise your budget before you begin the house buying process and reduce the chances of you having to deal with the disappointment of a failed sale.
Make sure your property is well presented and priced competitively
The next year is likely to throw significant challenges at the UK property market, so it’s important that you think strategically if you want to move house in 2021.
There are currently lots of stories in the national media about a property market boom and rising house prices. Although that is true in some areas, it’s not the case for everywhere, so it’s important that you consult a local property expert about current market conditions in your area.
When selling a property, it’s really important that you price the property correctly from the start. Over-priced properties tend to sit on the market for far longer than is desirable, and quickly become ‘stale’ in the eyes of would-be buyers.
My advice would always be to price your property competitively and ensure it is well presented and in ‘ready to move into’ condition.
It doesn’t matter how difficult the market is, if your property is well presented and priced according to market conditions, you will find a buyer.