A guide to selling your home at the right time
OnTheMarket.com looks at why autumn is the perfect time to sell your property and highlights what potential buyers and sellers should consider.
Generally the market tends to be stronger in the spring and then picks up again in the late summer and early autumn. The UK’s largest independent estate agent, haart, explains that your property will obviously sell more quickly when the market is strong and demand is high. Therefore keep an eye on the property market and remember to check out prices.
House sales are also affected by interest rates. Few people are willing to take out a mortgage when the Bank of England has voiced intentions of raising interest rates. Look out for what is happening in your local area. Ask estate agents what they are selling and search online property transaction databases such as OnTheMarket.com for sales in your area.
If you are looking to buy a new home as well as sell your own home, it is recommended that you put your house up for sale before you start looking for new properties. Some buyers even wait until they have had an offer made on their property before they start looking. You will then be able to time the process more effectively because you will have an idea as to how quickly you can sell and then you can estimate the price of what your new home can be.
Estate agent, haart, suggests what potential buyers and sellers should consider below.
Negotiate the right price
Your negotiating power as the seller will be affected by the following factors:
– Amount of interest in your property – if offers are flooding in, you pick and choose as you wish, however if your property has been on the market for some time with no real interest, the weaker your negotiating position is as a seller.
– Current market conditions – if demand exceeds supply, then you can expect to receive a favourable price for your home. However, if the market is slow, you will not have the same negotiating power.
– Condition of the property – you will find it harder to negotiate if repair work is needed on your property.
– Time pressure – the tighter your time scale to move, the weaker your position in negotiations.
– Sentiment – selling your home can be a very emotional time but you are selling it, so try to keep your emotions out of negotiations.
The negotiating power of the buyer will be affected by the following:
Chain or no chain – buyers who are not involved in a chain are in a better negotiating position than those who are.
Look for those who are:
– First time buyers.
– In-between homes (might be renting now).
– Buying with cash.
– Investing (this won’t be their residence).
– In a good position with their mortgage – buyers whose mortgages have been pre-approved will be a better position, than those who have to wait for the paper-work to be processed.
– Under time pressure – as with the seller, the tighter the time scale to move, the weaker their position in negotiations.
Role of the estate agent
– The estate agent works for the seller and they will try and get the highest possible price for your property.
– They will know the condition of the market in their local area and the features of properties that make them more attractive to buyers.
– Knowing their local market well, they should also be able to identify key factors in the local area that potential buyers may be looking for, such as local schools and transport links.
Take a look at the OnTheMarket.com website here to find out more about how you can arrange a valuation for your property.
Please click here to view the full report with haart.
Content provided by OnTheMarket.com is for information purposes only. Independent and professional advice should be taken before buying, selling, letting or renting property, or buying financial products.