The property market has changed a lot in the last few months. We’ve gone from an intensely over-heated market that had buyers battling it out in property bidding wars, to one filled with caution.
If your property is currently on the market, or you’re planning to sell, you may be concerned about how long it will take to find a buyer. These top tips will help to maximise your chances of securing a sale before the Christmas slowdown.
1. Make sure your property is priced attractively
Property prices have already started to fall in the last few weeks, and experts are expecting further drops in the new year. Conservative estimates predict a 5% fall in prices over the next 12 months, whilst Lloyds Bank Group has predicted prices could decline by as much as 18%. Higher interest rates and inflation are having a big impact on buyer affordability, and even those who aren’t especially worried about their finances don’t want to pay over the odds for a property, only to find themselves in negative equity. Property firm Rightmove has warned that the era of historically lower interest rates is over, which will have an impact on property prices not just for the next buyer of your property, but for other future buyers. People are feeling cautious about the future, so your property needs to be priced attractively to tempt them into committing to a sale.
2. Is your home looking its best?
More expensive borrowing means fewer buyers are likely to want to take on a property that needs significant work. Make sure you carry out any required maintenance before putting your property on the market. It’s also important that you address anything that might come up in a property survey. Cautious buyers and lenders are more likely to walk away from a sale in the current market, so you want your property to be a safe choice.
3. Explore your options
If you’re working to a tight deadline or are keen not to miss out on your next property, it’s worth exploring your options. The UK property market is notoriously unpredictable, so those keen to complete a sale before a mortgage offer expires, or wanting to sell their property before prices fall further, might want to consider quick sale options such as property auctions and property buying companies.
In a tricky market, it’s important that you’re realistic about how long it will take to sell and how much your property might sell for. Compromise is key, especially if you’re keen for a quick sale. Price your property well, but don’t assume your asking price is the figure you’ll achieve. The market is still moving, especially for well-presented properties in popular areas, it just might require a bit more patience and flexibility than it would have done six months ago.
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