How to sell your house in an uncertain or buoyant market?
Published by Property Saviour
The UK's No.1 Fast House Sale Company
December 5, 2014 - Read time: 3 minutes
How can you sell your house in an uncertain or buoyant market? By using our handy tips you too can learn the secrets of how to sell your house fast, even in a slow market. We are happy to provide you with expert advice on how to achieve a quick sale for your property.
Selling your property is a huge milestone. Many owners will only sell or buy a property once in a lifetime. If you are lucky, you may buy and sell 2-3 times during your life.
How to sell your house fast in today’s market (Updated for BREXIT 2018)
So, how can you sell your house fast in today’s market? This is a question that many sellers ask us on a regular basis. Well, that can really depends on your market. It can make a big difference whether you are in London or the South East where the market tends to be fast, or whether you are in Yorkshire or the North East the where market can be quite slow.
To sell your house in a rising market, as witnessed in 2014 in London, all you have to do it put your house up for sale at a higher price than other similar properties have sold for. For instance, if a similar house in your street sold for £275,000 at some time in the last 3 months then your estate agent will probably recommend that you put it on the market at £325,000. In a rising market, you are likely to have a buyer come forward with an offer of £320,000 or perhaps even at your full asking price. If you are really lucky, you may find yourself in a position where two buyers are bidding against each other and you may even receive an offer above your asking price.
It is a simple case of supply and demand; if the demand is higher than the supply in a congested area, such as London and the South East, you experience a steady price increase over time. However, due to uncertainty within Europe and the fragile recovery of the economy in the UK, even the markets in London and South East markets have slowed down considerably.
If you live in the Midlands or ‘Up North’ near to perhaps Nottingham, Leeds or Newcastle you will find that property markets are generally rather slow and very seasonal. The mortgage market review (MMR) is now in full force, and the buyers are struggling to buy. Many first time buyers, who would have bought a two bedroom property, are now looking at the possibility of buying a three bedroom house for the same price. There have never been so many changes and challenges introduced to housing market so quickly. For instance, there is additional tax on landlords, new stamp duty, rise of interest rates (shock to the system after 10 years), BREXIT uncertainty, new holiday home tax, tax levied on foreigners buying properties in UK and London housing market cooling that’s affected sentiment across the nation.
Banks are really scrutinising each and every applicant who is looking to buy their first home. People who are regulars at local restaurants, who have gym memberships or who regularly buy a round of drinks, are not acceptable. Banks will label these types of spending habits as ‘discretionary purchases’, the purchases that you could survive without. A first time buyer must not have these transactions on their statements or it could ruin their chances of being accepted for a mortgage. Therefore, mortgage brokers are spending far more time ensuring that their clients, especially first time buyers, have compliant bank statements. They are looking for a good, ‘clean’ record of at least 3 to 6 months before they will invite them to apply for a mortgage on a house.
Best Tips on How to Sell Your House Fast
Here are our 4 best tips on how to sell your house fast:
• Pick a competent estate agent. Read our guide on how to select a competent estate agent.
• Set a realistic price for your property.
• Sell during the seasons when people are most likely to buy your property. If you aren’t sure, the best time is when the weather is good, Spring and Summer. Putting your house up for sale in November or December is pointless unless you are in an area of particularly high demand.
• Establish what sort of properties appeal to buyers and give it to them! If you are in area where 3 bedroom houses are less likely to sell whilst 4 bedroom houses are being snapped up quickly, you may wish to create a 4th bedroom with a loft conversion. Costs can vary from £10,000 to £40,000 depending on your location, the size of your property and how much work you do yourself.
• Finally, take your property off the market during the winter period and put it back up for sale in January. If your property appears to be ‘stuck’ on the market, you may attract lower offers. Properties that have been on the market for a year or longer may attract rather cheeky, low offers. Buyers can find out how long your property has been on the market for, using a tool called Property Bee, and may try to take advantage the fact you have been struggling to sell.
Naturally, we wish you every success with the sale of your property. However, if you are struggling or need to sell your house fast, perhaps it is worth giving us a call. You can also fill in the enquiry form and we will get back to you. Find our enquiry form here.