Selling Property in a Falling Market

It isn’t easy trying to sell any property, but there are things you can do that will make all the difference. Learning what sells and understanding your customer are key.

The property market certainly isn’t what it was, but it is still possible to secure a sale. Ed Mead, sales director at Douglas and Gordon, says that “The two most important factors when selling a house are presentation and price”.

House Price
Do some research to find out what comparable houses are selling for. There is no point in advertising your home for £172K when a neighbour in the exact same type of house is offering theirs for £25K less. Price sensibly, but don’t get into a price war.

Help the Buyer Avoid Stamp Duty
The Chancellor recently raised the stamp duty threshold meaning that buyers don’t have to pay this on properties selling for £175K or less. If you are selling at just over this amount, consider reducing the price as not paying this will definitely attract more potential buyers.

Modern and Clean
People rarely have the inclination to spend countless hours decorating and cleaning their newly purchased house. The key to getting that sale is making the property look contemporary and clean. Simply cleaning the windows can make a huge initial difference.

Listen to What the Buyer Says
Before embarking upon a tour of your home, take a bit of time to talk to the buyer and find out what interests them. For example, if they have a fascination with gardening draw their attention to your amazing garden and the possibilities it has.

What if There is Still No Sale?
There are a number of things that can be done to help sell your home if you are still struggling to do so. You may need to sell because you have spotted your dream home or because you can’t afford to pay the rising mortgage rates.

Price For a Quick Sale
If you cannot sell your home within a few months, the chances are that the price is too high. Try getting a new agent and reducing the price by 10% to attract fresh interest.

House Auction
If your home is in need of modernisation and you need a quick sale, you could consider placing your home in a property auction. The fee is roughly the same as an estate agent (1.5%) and there will be an additional catalogue fee of between £375 and £700.
You are unlikely to get the amount you would have on the open market, but it can provide you with a way out if you are struggling to pay the mortgage.

Sell to Rent Back Schemes
There are a number of private companies that will buy your home for about 80% of market value and then rent it back to you. This can be useful if you have financial difficulties but want to remain in the same home.