Are you selling your home this summer, in the hope that you’ll be settled in your new place by Christmas? If so, your wait could be longer than expected. Research carried out by Rightmove’s property experts has shown that the average time from listing a home to completing the sale is over seven months.
Selling a house can be stressful and finding a buyer can take longer during the summer months, when we usually see a slowdown in the UK property market. That’s why our estate agents in Ilford have come together with our estate agents in Wanstead to help you fast-track your property sale.
Before you list your property
Actions taken and decisions made before you list your home for sale can speed up the process of finding a buyer.
Set the right price
You may be tempted to test the market with a higher asking price, but an overpriced property could take longer to sell. Data from Zoopla shows that properties take an average of 70 days to sell (which is twice the UK average) when home owners are forced to cut the asking price by 5 per cent.
If, after a few weeks on the market, buyer feedback suggests that the asking price is too high, quick and decisive action can fix the problem. Property experts recommend making a single, substantial price cut rather than a series of smaller reductions. A reputable estate agent will always provide a valuation that reflects current market conditions, so consider their advice when pricing your home to sell.
First impressions
Home buyers can be quick to judge a property. According to one study, buyers searching online take between five and ten minutes to decide whether or not to request a viewing. On average, buyers viewing a house in person will judge whether the property is right for them in just eight minutes.
In a competitive marketplace, first impressions really count. That’s why it’s important to present and market your home effectively.
Mindful marketing
Does your house have any energy-saving features? An interesting history? An unusual garden? Describe your home’s unique advantages to your estate agent, so they can incorporate that information into the sales details and mention those key selling points during viewings.
Make sure your home looks clean and tidy for the listing photos and keep it that way for all subsequent viewings. Be as flexible as possible when agreeing to viewing times. The more viewings you allow, the higher your chances of selling your property.
When you’re ready to accept an offer
Once you’ve accepted an offer, it’s easy to think ‘job done’, but in fact it’s just the start of a long, and often complex, process. Here are some ideas to keep things moving along.
Prep the paperwork
There is a mountain of admin to go through when you sell a property, so make sure you have all the documentation to hand. This should include anything from damp and woodworm guarantees (relating to work carried out on your home) to personal identity documents.
Choose a conveyancer
There Hit the ground running by putting a conveyancer in place before you make an offer. A conveyancing solicitor is a professional who specialises in the legal aspects when you transfer ownership of a property. It’s important to engage a conveyancer with a good track record if you want to minimise delays. We can recommend efficient local conveyancers who have worked with us to oversee property sales and purchases.
Keep talking
Property transactions can be complicated, and you may face unexpected issues along the way. It’s therefore important to keep channels of communication open between yourself, your solicitor and your estate agent so you can reply quickly when a response is required.
What’s happening in the UK property market?
The Bank of England recently cut the bank rate – which affects the cost of mortgages – from 5.25 per cent to 5 per cent. Since then, major mortgage lenders have been busy reducing the cost of their mortgage deals. Mortgage rates have now dropped to around 4.5 to 5 per cent, and this should encourage more buyers to come forward.
Following a long period of uncertainty before the general election, the country can now look forward to a more settled phase, with a new government in place. Stability is always good for the property market, and as a result we expect to see confidence building over the next few months.
House prices across the UK have already risen by 2.2 per cent over the year to May and it is likely that they will rise further and faster as we move into autumn. If you are considering selling your home, we would love to help by providing a free, no obligation valuation.
Simply get in touch and we’ll arrange a convenient time to call at 0203 972 7341 or email info@oaklandestates.co.uk.
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