publication date: Sep 21, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Residential Property Sale
Selling a home in the post credit crunch era is not an easy task for vendors. Residential property sales normally hit 1.2 million annually, but are currently down around the 600,000 mark. So if you want to sell your residential property in today’s market it is vital to understand the current market and make sure you do everything you can to prepare and research selling your property.
The key things to know about property sales in these tough market conditions are that buyers split into two groups at the moment. The first want to buy a property ready to move into that needs no work whatsoever. The second set of buyers want to purchase a residential property that is a wreck, and they hope to buy it for a bargain. So you need to make sure your property fits one of these criteria.
The second thing that is key to viewings when your residential property is up for sale, is to make sure you pick the right agent. Not all agents are the same, some are certainly much better than others and it is vital you pick an agent that:-
- Has sold properties similar to yours in the last six months/year
- Has buyers looking for your type of property in your price bracket
If you don’t choose the right agent for residential property sales, it is likely they will price it incorrectly and by doing this your property will stay on the market for years.
Kate Faulkner, independent property consultant and author of the Which? Essential Guide to Buy, Sell and Move House, explains “Many vendors don’t realise that pricing their property too high at the start often leads to them taking up to five months longer to sell their home and that they will also sell it for around £8,000 less than they could have done if they’d priced it fairly in the first place”.
Kate’s third piece of advice is that if you are selling your residential home in a tough market, you need to consider options that will make your sale process less stressful, particularly if you are trying to buy another home. “There just aren’t enough buyers or really enough homes available to find your dream property at the moment” says Kate. “With half as many homes being sold, most people in nice houses are just staying in them unless they are forced to move”. Kate recommends considering selling up and renting first, then buying a home when you find what you want. Alternatively if you do find a home that you love, then think about renting your home out if you are struggling to sell it and this allows you to move on.
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