The housing market is facing a shocking slump due to a shortage of stock. And with rising mortgage rates, buyers may be hesitant to take the plunge now, which could be alarming for those considering the sale of their properties. However, there will be people looking to sell at a fairly decent price.
From the previous number of 1.2 million in-house sales in 2022, the authorities expect the number to drop further to about one million in 2023. However, there are sellers in the market who are adapting to the change with price readjustments and increasing their selling time.
How to get the best prices when selling?
There would still be buyers looking for spaces that will support their work-from-home requirement or retirement plans, or even energy-efficient facilities. Here are a few tips from Glentree to leverage the new age supply and demand climate in the real estate market.
- Choose a credible agent.
- Price sensibly
- Make your property presentable.
- Include relevant information.
- Get paperwork on track.
- Check on your mortgage. If it isn’t portable, you may have to pay a penalty for a transfer or additional purchase.
- Keep your next move ready. It may work best if you are ready to move to your next home immediately.
- Give priority to cash buyers, as they may make the transactions faster.
Choose an agent who understands the change in the market and the buyer demographic. He or she should be one who’s riding the social media wave to fuel engagements online for your property with potential buyers. Apt PR and professional images is key, so an agent who is willing to invest in these is ideal. You can even consider combining the assets of local agents with someone with international exposure to balance exposure and catching attention.
Competitive pricing is extremely important so that your property doesn’t look unattractive when potential buyers are scrolling through options. Opt for realistic pricing to attract the right buyers, not those offering lower quotes. Compare prices with those that are already in the market. If they have been listed for too long, that’s your cue that the pricing may not be right. It will also give you an idea of what you are competing against.
Illustrate your property at its best. Buyers may view it in person and through photos several times before choosing it. And they may be looking for defects to ensure they don’t get caught with surprises after purchasing. So ensure you tidy up and do the pending repairs, if any, before listing. Be it in person or in photos, your property should be attractive and free of potential issues every time someone views it.
Instead of making it sound fancy, include relevant information like proximity to a school or metro station, recreational park, wide and clean roads, access to healthcare, etc. Buyers may also look at the state of the infrastructure and future plans for the same.
Keep your paperwork in place to avoid delays once the sale is finalised. Keep your completion certificate, building regulations, planning permissions, listed building consent and other relevant documents ready. Also, check that your property is registered with the online registry and resolve pending legal matters, if any.
Here are a few additional quick tips-
Selling a property can be a complex and stressful process, so it’s important to seek professional assistance. Glentree is a trusted name in real estate with a wealth of experience and expertise in the selling process. Glentree can help you navigate the market, identify the right buyers, and negotiate the best deal for your property.