Selling Property In A Market Downturn
In periods of very strong demand, houses virtually ‘sell themselves’. But in a market downturn when the going gets tough you need to focus on the most important factors when selling a house:-
First impressions are vital because most buyers respond emotionally to a house within the first thirty seconds of arriving. It costs nothing to tidy up and get cleaning and polishing to make rooms look lighter and brighter. Decoration is the next most cost-effective thing to do.
* Price it keenly
A high price is not going to get potential buyers through the door, so don’t be too ambitious with your asking price. If it still doesn’t sell, it’s probably too expensive. The key thing to remember is that what you lose on your sale you should gain on your purchase. If it’s sticking, take the house off the market for a couple of weeks before launching it with a new agent at a price at least five per cent lower. By dropping the price substantially you can suddenly appeal to a whole new level of buyers. Or instead of setting a conventional ‘asking price’, try putting it on at a lower ‘guide price’ to solicit ‘offers above’.
* Focus only on your sale
Going into rented accommodation for a few months between selling and buying will boost the chances of a successful sale, because you can fit in with your buyer’s agenda. It also means that if your buyers muck you about, you won’t be stressed-out about losing the new place you want to move to. Also, having sold already, and with no chain, you should be able to negotiate an excellent deal on your purchase.
* Sell privately
In a quiet market there are fewer buyers out there, so you need to try harder to reach them. By all means appoint an estate agent, or more than one. But be wise to private selling opportunities also listing your home on the best private sellers’ websites.
* Pick the best
Make sure you select the best estate agent for your type of property. A lot of the ‘easy money’ brigade who set up in the boom years don’t know how to work a tough market to secure a sale.
Our next blog – coming soon …….
Deciding what’s included in your sale
Check out our Rightsurvey blog page for more industry tips and secrets written by property professionals to help put you in control.