So, you need to sell your house but viewings are scarce and no-one has seemed remotely interested. You’re at your wits end and desperate to sell – and the economic meltdown is not making things easier. What can you do to help this situation?
Read On to find out just how to secure a sale in a market that is stagnant.
1 Check Out Your Situation
If your house has been on the market for sometime, and you’ve had no new viewings for some time and no offers, it might well be worth taking it off the market for a month, sorting yourself out (see what we suggest below) perhaps going back to the start, even finding a new agent. This will give everyone a fresh approach to marketing the house.
If you are even thinking about trying to sell your home in a flat market, don’t even take that first step until you’ve read our tips below.
2 Sort Your Finances
Getting yourself 100 per cent sale ready in advance is a must if it is to proceed smoothly once you have an offer, so line up your solicitor and get your mortgage and finances organised.
3 Get A Proper Valuation
Start by calculating or even re-calculating your property’s value and what you may need to do to change that. This may not be as simple as finding three estate agents to give their valuations- this is obviously advisable, but bear in mind that you may have to do some maintenance, too.
4 What Needs Fixing?
Not sure what needs fixing? When the estate agents come round to value your property, ask them for a brutally honest appraisal of what to get rid of or change, and whether there are any major flaws. You might be able to improve some easily.
5 Be Ready For That Sale
Get the house 100 per cent sale ready. Declutter, consider putting some pieces into storage to make the house look bigger. Don’t spend out on fancy decor which new owners may well want to change. Spend your money wisely on necessary repairs, and if any of your colour schemes are glaringly bright, redecorate them with neutral shades. Tidy up outside – a new coat of paint for the front door if necessary, some instant ‘potted colour’ from the garden centre and so on. Make sure the house is kept clean.
6 Sort Your Home’s Kerb Appeal
First impressions are important, so check your kerb appeal: tidy the garden front and back, paint window sills and the front door, make sure the house number or name is visible. Ensure the view through the front windows is appealing too. Rooms inside ought to be kept tidy (even when you aren’t expecting a viewing- do not be surprised if people stop and have a good peer into your home to see if it might suit them).
7 Research The Local Market
If you have done any improvements since the last valuation, get the agents round again to value the property. Once you’ve got those valuations, research the market yourself for similar properties nearby, either through agent windows, local property supplements or property websites,to see what price they’re on at. If a similar house to yours in your street is on at £350,000, marketing yours at £345,950 (for example) could get you more viewers and a quicker sale.
8 Find Out What Homes Nearby Sold For
Then, research the exact house prices being achieved by these properties – This will give you valuable intuition so that when you do get an offer, you will know how to pitch your response.
9 Check Out The Competition
Get an idea of the quality of the competition – what other properties are your potential purchasers viewing – how does your home stack up against these? Don’t forget, viewers will be comparing your home to every other one they’ve seen in the same price bracket, so aim to make yours the best.
10 Do Your Homework To Find The Best Agent
Clearly it is always tempting to grab the agent offering the highest valuation, It is not certain that you will achieve that asking price. Instead, compare fees, ask what they’re offering, check testimonials and, importantly, check the contract – it may try to tie you to the agency for too long a period.If you decide not to go with one particular agent, be aware that you may still have to legally pay their fee. Bear in mind that if you go for multiple listings, you will be liable to pay more than one fee, so check the contract fine print.
11 Use The Best Estate Agent For You
Check that the agency your home is on with deals with other, similar homes. Buyers who know an area well will concentrate on targeting estate agents whose properties suit their pocket and style.
12 Decide On The Asking Price
We all want to achieve the maximum price for our property, but if priced too steeply, it will be passed over as too expensive. Research is key, and it is imperative you take your agents advice on this matter.
13 Actively Market Your Home
Get advice from your agent as to how you can get your house in front as many potential purchasers as possible – make sure your home is constantly prominent in their window, on their website, will they set up an ‘open-house’ day to get lots of people through the door on one day.
14 Don’t Settle For Less
Ask to preview and go over the details they are going to send out, Could the pictures be better – for instance, if your house first went on the market in winter, are they still using wintry pictures, which are clearly out of date? Are they selling the house’s best points, including nearby amenities.
15 Know Your Buyer
Your research and information from your estate agent should give you an idea of your target market – retired, family or young couples. This will help you talk about your home in a way that’s relevant to the individual viewers. It will also help your estate agent to send round the right type of people – there’s no point in large families coming to view if you’re selling a one bedroom flat.
16 Get Your Energy Performance Certificate (EPC) Ready
The Home Information Pack may have bitten the dust, but you must have commissioned your Energy Performance Certificate when you put your house on the market. It’s designed to tell buyers how energy efficient your home is, but don’t worry if your period property doesn’t fare well – most older homes aren’t particularly energy efficient, and most buyers know that.
17 Get Regular Feedback About Viewings
Once the house goes on the market, keep in touch with your agent, post viewings it is a good idea to phone for feedback, take note, if anything can be rectified make sure you act upon it (ie, a potential purchaser may have been put off by a dire bathroom)
18 Know Home Inside Out
Measure the rooms, find out about local amenities, such as schools, public transport, hospitals, play centres, shops… and be prepared to brag about them to potential buyers.
19 What Added Benefits Can Buyers Get?
It’s all about making your home seem like such a good bargain, if there is a decent set of swings or climbing frame in the garden and you would be happy to throw them in as part of the asking price, make sure you tell them. Same thing goes for first time buyers and curtains –
20 Work Your Space
A double bedroom has more value than a single, and a single bedroom has more value than a study, so show the rooms off to their best use to maximise their appeal.
21 Dress Your Home For A Viewing
It’s all about staging on the day. It goes without saying that the house should be spotless, but there are a few other things to consider that are easy to fix. Got lots of family photos on show? Your buyer needs to visualise themselves living there, not you, so put them away in a drawer for the viewing. Get some fresh flowers for the dining room and put on the coffee maker… Need ideas? Developers spend thousands of pounds ‘dressing’ show homes, visit a couple of local developments for some ideas of ways to show your rooms to the best advantage. Remember these show homes may be your competition.
22 Clear The House For A Viewing
If you’re desperate for a sale, desperate measures are called for, so if you’ve got pets, ban them from the majority (if not all) of rooms while the house is on the market, make sure you neutralise their odour (even if you can’t smell it, others will and it can be very off-putting). Last but not least, turf the pets, kids and other half out during the viewing – there’s nothing worse than trying to view a house that’s full of people and noise.
23 Get An Experienced Agent To Show Your Home
Your agent should be present, ideally, but check that the person they’re sending knows the house and can really sell it. It’s no good a junior with no real knowledge turning up, and if this is the case, you should be there to market your house yourself. If, however, a senior team member can be there, your presence could hinder rather than help if you are not careful. If in doubt, check with your agent.
24 Get Your Sales Pitch Right
If you’re showing people round your home yourself, decide in advance what order you’re going to show the rooms in. Allow viewers to enter the room first, then follow them in. This lets them see the room from a better vantage point, if the room is on the small side, it can make it feel more spacious. Keep doors as wide open as you can, this also gives a feeling of space. Think about the benefits of each room and share them with viewers. Then let them walk around on their own. Disappear into the garden for 10 minutes so viewers can talk without you milling around.
25 Don’t Look Desperate
Be cool, calm and positive about your home, have all information to hand, such as utility bills, guarantees and notes about maintenance work. Enthuse about the plus points of living in your area, such as good schools, a local swimming pool, good commuter links, etc. Give the viewers time on their own to walk around inside and out. If you’re nervous about viewings, get the estate agent to do it – though no one knows your home better than you do to show off its strengths.
26 Be Positive
Don’t give away information to your purchaser that could be used to the detriment of the sale price. Obviously, if there are major problems, such as subsidence or damp, you will have to be honest. If you inform your buyer that you need to sell as quickly as possible and can’t wait to get out of the place, you are asking for a low offer. It is always a good idea to have an informal chat with your viewers to find out their circumstances.
27 Consider On An Offer
In advance know exactly the lowest figure that you would be prepared to accept for a sale in advance will help you make a decision when you do get an offer. Get as much information as you can about the buyer’s situation so you know the relative strengths of yours and their position, ie, do they need to move quickly? Are they chain-free, cash-buyers? And if you are paying for an agent, use them to deal with the buyers. Your Conveyancing solicitor will also be able to inform you of these details.
28 Start A Negotiation
Never start a negotiation by asking the price you want, since the buyer will just assume they have to negotiate you down from there. Don’t dismiss a low initial offer out of hand, either, even if it is far too low. Inform them of the range that you are prepared to go within, and wait for the purchaser’s response.
29 Take The Offer And Run!
After a successful offer, don’t dally on getting the move underway. Contact your mortgage lender, organise your survey, notify utilities and arrange final readings, arrange mail redirection, and book a removal service. Keep on top of your solicitor to ensure the transaction moves forward with great pace and speed. Don’t let a sale fall through because of delays you’ve caused.
30 Keep Your Sale Active
Even once the offer has been accepted you do not have to take your property off the market. Whether you do so or not is up to you, but you must advise the estate agent as to what you want to do. The estate agent is legally obliged to tell you of new offers, right up to the point when you exchange contracts, though you risk upsetting your buyer as he or she will have already paid out for legal and valuation/survey fees. The system is different in Scotland. This is not good practice (morally), but in a flat market when you need to sell your house for as much as possible, keeping your house on the market while your sale starts to go through is often a sensible option.
Why not speak to trusted conveyancing solicitors today to get the advice that you need.