How to sell a property in a falling market

publication date: Aug 16, 2010
 | 
author/source: Kate Faulkner, Author of Which? Property Books
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How to sell a property in a falling market

Expert Top Tips to help you sell your Property in 2010

Selling your home in the current tough market conditions can be a difficult task, depending on how you approach it and how desperate you are to move. But don't dispair, Kate Faulkner and the Designs on Property team are here to help you to sell your home as quickly and for as much money as possible. 

Selling your home from Today! 
If you are trying to put your property on the market during the month of August 2010, then it's likely you'll have a tough time for the first few weeks unless your local market is unusually buoyant. To make sure your property sells during one of the worst property recessions we've ever seen, follow our top five tips:-

Top Five Tips to Selling in a Tough Market

Top Selling Tip One: Know your market
Makes sure that you checkout the local market for your property type (for example, flat, character property, new build) are properties selling fast (ie within six weeks) for the asking price or a lot less? and how many viewings on average does it take to sell a property? To find this information for yourself, visit Hometrack.

Top Selling Tip Two: Find the best agent
Don't choose your agent based on a 'gut feel' of you 'liked them' or because they gave you the highest or even mid range price. Checkout how many 'sold' boards versus 'for sale' there are for properties similar to yours. Then ask the agents that have actually SOLD properties recently to come and value your home.

Top Selling Tip Three: Have a minimum and maximum price in mind
A property rarely has 'one value', it just depends on local competition and how confident buyers are at making offers. Ask your agents for three property prices: a price to sell the property in six weeks, one to sell it within four weeks and what price to drop the property to for an urgent sale within two weeks. This will help to give you a minimum and maximum price for your property.

Top Selling Tip Four: Choose your buyer!
Currently buyers are dividing into two groups, either they want to buy a wreck or a beautiful home to move straight into. Which is your home? It's essential to make sure that on-line photos and the outside of the property meet one of these two descriptions. If you have a fab looking property and front garden, but inside it needs lots of work, just take pictures of the work to be done, otherwise you won't attract the right buyer.

Top Selling Tip Five: Be prepared to accept offers
You may not get the offer you want, but it is still worth considering if you receive one. Don't hold out for the highest price in this market, it will often back fire and many people who rejected offers last year are really regretting it now. If the offer allows you to move on, or means you can negotiate hard on the next property, then it's still worth considering.

Need help on choosing the right agent? Then email enquiries@designsonproperty.co.uk

What to do if your home has been on the market for months or more
If your property has been on the market for six weeks or more and you have had no viewings it's likely to be price or a problem with the photos on-line and the proeprty's description details. It is essential to find out what is putting buyers off. Talk to your local agent ask them for feedback. If you don't get any, go to other agents that have sold property similar to yours recently and ask them why they think it hasn't sold.

Make sure that the property is priced lower than similar properties, if buyers think you've overvalued the property, they just won't visit. They also won't visit if they want to do up a wreck or buy something that is 'ready to go' and yours is half lovely and half needs doing up as it won't appeal to either buyer.

It may just be that there are no buyers currently looking to buy your kind of property or in your property price bracket. It's essential to know this as you may be better taking the property off the market until buyers come back onto the market post the summer.

Need help to know if your property is going to sell? Why not let us have a look and send your property details to  enquiries@designsonproperty.co.uk

See our related article on 'Top Five Ways to Sell your Home Fast'



Need help with a property problem? Have a question? Why not call Designs on Property on 0845 838 1763 or Contact Us via email.
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