It looks likely that 2018 will see a change in the housing market, I can’t see it falling flat on its face, but I can see a shift towards it becoming a ‘Buyers Market’.
What is a Buyers Market exactly?
Due to the slow change in the market place, there are now many more homes on the market currently ‘for sale’ and fewer buyers, which gives purchasers an advantage over vendors when it comes to negotiating offers.
The market place will still continue to function at an almost normal pace, it just means that the marketing prices will be lower than vendors were expecting.
Vendors have a choice of either selling at the current market value or waiting until the market place shift back towards a ‘Vendors Market’ – However if you’re in a situation where the luxury of choice on when you sell is removed, then read on and see if I can not only optimise your price but help your home to be sold quickly Too.
That’s right, time to get back to doing homework again! This time though it is all about your house compared to your competitors homes.
You will want to check not only the prices of these homes, but how they differ from yours. The prices will vary (in some cases greatly) is this because of the style of home or is there a difference in the size of the house such as extensions or conversions to lofts?
The quickest and easiest way is to do it from the comfort of your sofa with a glass of red in hand and ‘tablet’ in the other – here’s a guide to help you through.
If trawling websites are not your thing, you can always jump in your car and have a drive round the area and see what your competition truly looks like (after all photo’s can be deceiving).
You could even go into your local Estate Agents and have a chat with them and at the same time you would get a feel for how you would be treated as a client.
CHOOSING YOUR WEAPON:
In a ‘Buyers Market’ the days of putting a property on to a portal and a for sale sign outside and then just waiting for the phone to ring will be long gone – You will need to do a lot more to pull in the buyers.
Your weapon of choice should be your Estate Agent.
It is essential that you choose the right agent, you will need their expertise and guidance to ensure that your home sells and doesn’t join the ranks of the unsold.
A word of warning though: If you decide to test the market with a higher price or the Agents suggests that this is what you do, then be prepared for a very long wait – the market place is telling you that you must be realistic, so why ignore it?
FIRST IMPRESSIONS COUNT:
Preparation is always the key to selling your home, and whilst a good Estate Agent will point out everything you need to do to create the ‘WOW’ factor, as a vendor you need to know what you are looking for and start the process.
DECLUTTER – The more you put away in either the loft or storage, the bigger your home will look.
SPARKLE AND SHINE – It’s deep clean time ! Carpets, kitchens, bathrooms and your windows (inside and out), you’ll be surprised at the difference this can make, especially as buyers will look everywhere !
FIX IT – Maybe you have lived with a dripping tap for a number of years or your bathroom sealant has changed from the white colour it used to be, what ever it is if you can DIY it, give it a go – if your feeling nervous about it then get some help in. If a purchaser sees there is no work to be done, then you have less chance of them wanting to negotiate.
PAINTING – If there are areas that need freshening up then re-paint them in warm and light colours which will bring out the size of your rooms. If you need to spend hundreds of pounds on paint, then do so, those hundreds can net you thousands!
OUTSIDE SPACE – This can be a garden, balcony or patio, in fact anything that a purchaser will want look at in a view to being outside. Keep it clean of debris and if you have a lawn keep it mowed . After all this is an Extra Room.
HOME STAGING – If you have ever seen a show home for a brand new housing development, then you will have a good idea of what home staging is. It is an art form, that makes a property appeal to the masses, using everything from light fittings to children’s artwork to make a property refined yet inclusive. You can pay thousands for this type of service, but you can try it yourself too, saving the cost by Home Staging your own rooms.
NEGOTIATE – Today any buyer can go on line and do their homework too, which means they are armed with the facts before they even arrive to view your home. The first offer a buyer may make could be a “Cheeky Offer”, don’t discount anything (unless the equity in your home doesn’t allow it) instead see how it matches up to you needs – you see when it comes to Offers – The Price Is The Last Thing You Want To Hear.
YOU ARE ABOUT TO BE GAZUNDERED:
The chances are you are not, but who doesn’t like the sound of the word ‘Gazundered’, unfortunately it means that the buyer reduces the price of their offer, normally just before the act of exchange of contracts (the point it becomes legally binding).
I cannot stress the importance of the professionals that you will hire to aid you with selling, Financial Advisor, Solicitor and Estate Agent, these professionals can see when a buyer is about to Gazunder you, purely by how smoothly the transaction is going – and if they wave that red flag you have the opportunity of dealing with the matter before it rears its ugly head.
One thing I will point out during this process, if you are going to be buying a home after selling yours, then you become the BUYER in the ‘Buyers Market’!
If the market place does indeed change in your area, then I hope you find this useful and if you have friends selling in other areas, then why not share the love and help them to move too.