The property market has changed a lot over the last few months. Prices are beginning to fall and there are predictions of more extreme declines next year. Buyer numbers have also dropped off significantly, with figures showing a ten percent fall in mortgage approvals over the last month. So, what does that mean for those hoping to sell their house? It can mean a lot of things, but by the end of this article, you should have a better idea on how you can sell your house for a good price.
There are still buyers around, albeit more cautious ones, so would-be sellers need to adapt their sale strategy to fit current market conditions. We’ve teamed up with property experts Quick Move Now to bring you top tips that will help you secure a fast house sale, even in the most challenging of circumstances.
1. Be realistic about your price
Data from Rightmove suggests that 23 percent of properties on the market last month had undergone at least one price reduction. Pricing your property correctly is crucial if you want a quick house sale. Properties that are initially overpriced can become ‘stale’ very quickly and are much more difficult to sell than those that are priced appropriately from the start.
Prices and demand are falling as a result of rising interest rates and the cost-of-living crisis. The market is no longer overheated and, as a result, ambitious pricing strategies used over the summer months now need to be reconsidered.
2. Prepare your house for sale
Increasing financial pressure means more discerning buyers. House hunters are increasingly cautious and may be less tolerant of required work than they would have been during the highly competitive property market we saw in the aftermath of Covid. It’s important that your property is presented well and that any required work is carried out prior to putting your property on the market, in order to avoid any question marks for buyers or mortgage lenders.
3. Go into a sale with your eyes open
The process of buying and selling a property in the UK is notoriously unpredictable. Neither party is tied into the sale until the exchange of contracts, which happens right at the end of a process that takes an average of five to six months. Unfortunately, this means that roughly a third of property sales will fall through before completion. It’s important that you’re on the look out for any potential risk factors so they can be addressed and mitigated, if possible.
Chain-free buyers are highly desirable for good reason, with lengthy property chains making sales much slower and more vulnerable to collapse. If your buyer or seller are in a chain, communication will be key to maximising your chances of a successful sale. Your solicitor and estate agent are your eyes and ears in a house sale, so it’s important that you choose professionals who will represent you well and be proactive in keeping your move on-track.