With the property market set to awake from its summer slumber, we provide advice on selling your home in the busy autumn months.
You might have heard stories that we’re now inside a buyers’ market, with auctions struggling to get properties off their books and wary would-be buyers staying put amid economic uncertainty.
But while it’s correct that parts of the marketplace tend to be more price-sensitive than ever before, sales continue to be moving – using more than 99,000 residential transactions dealing with in July.
Market experiences summer slowdown
Asking prices have came by 2.3% so far this month, with the biggest falls taking place working in london and also the East of England, based on data from the property portal Rightmove.
This may appear significant, but once we take away the two worst-hit regions from the data, the drop is a more sensible 1.5%.
Rightmove says this fall is primarily down to lowered buyer affordability, with house prices increasing by 32% since 2010 while wages grew more slowly.
And there has been signs that estate agents have reacted accordingly. Connells recently relaunched 5,000 properties with ‘meaningful price reductions’, with sales decided on nearly another.
Is now the time for you to sell your house?
This all might sound a bit worrying if you’re looking to sell your house, but there’s you don't need to panic.
Transaction levels have remained fairly steady over summer, with data from HM Revenue & Customs (HMRC) recording a small amount of just 0.8% drop between June and July.
Bear in mind that this data reflects a record-breaking summer of sunshine. Because the temperature falls and individuals return from their summer holidays, the marketplace has a tendency to enjoy certainly one of its busiest times.
Last year, September, October and November were three of the most popular months for sales, using more than 100,000 transactions recorded by HMRC every month.
How long will it decide to try sell a house?
Buyers have a tendency to get eager when autumn begins, as they face a race against time for you to complete on new properties prior to the festive season.
Rightmove claims that properties generally take 8 weeks to get a deal, and then a further 13 weeks for that sale to undergo once that provide is accepted.
To stand the best possibility of getting the transaction through more quickly, both buyer and seller need to be fully prepared. For buyers, this could mean securing finance with a mortgage in principle, while sellers should ensure they've all of the legally required documents in easy reach.
How to get the best price for your home this autumn
While this summer’s market slowdown shifted the total amount of power towards buyers instead of sellers, there are ways you can improve your chances of selling your property.
The small number of buyers in the market in some areas mean sellers need to price their houses competitively – especially at higher levels.
With this in your mind, don’t get caught up over how your house is worth, and ensure you get a minimum of three independent valuations.
Don’t make excessive alterations
It is sensible to get your home in tip-top shape before you list it available on the market, but keep it simple and don’t overspend.
Buyers want a clean, tidy and light space that they'll consider like a blank canvas, so this isn’t the time for your gaudy feature wall.
If you’re confident regarding your home and wish to demonstrate how great a condition it’s in, you could consider getting a survey of your property done to show buyers its quality.
Shop around for the right agent
Take tips about local agents and speak to at least three before selecting who will sell your home. Seek information and read reviews before jumping in.
It’s also worth weighing in the pros and cons of both traditional high-street agents an internet-based agents prior to making a decision.
Once you’ve narrowed down your selection, be prepared to haggle on fees and tie-in periods.
Get your paperwork in order
Cut recorded on the likelihood of a hold-up by getting your money and any relevant paperwork so as ahead of time.
For example, you can save money and time by checking if your property requires a new energy performance certificate (EPC) now.
In most cases you’ll be getting to a brand new property, too, so make certain there are no financial issues at your disposal that could hold up the sale.
Now’s additionally a great time to speak to a whole-of-market large financial company to ensure you’re well set financially for your forthcoming step-up the ladder.
Choose the best buyer
In the present market, buyers will be thinking about how they can knock the price down and get a much better deal – so it’s extra important to check you can take your buyer seriously.
Find out where your buyer is within their chain and whether they’ve had a mortgage agreement arranged already. For those who have more than one buyer competing, inquire making a judgement on who you think will stay the program.
Your home might be repossessed if you do not keep up repayments on your mortgage.