Tips on How To Sell a House in a Slow Market - Broke in London

Tips on How To Sell a House in a Slow Market

Guest post by Paul Gibbens

The UK has enjoyed a steady price increase in housing for the past six years. At present, experts are predicting whether or not house prices will fall in 2023. Karen Gilchrist at CNBC reported on 15 November that –

The U.K. property market could be on the verge of a major downturn, with some market watchers warning of a collapse in prices of up to 30%.

Even if there is no major downturn, the winter months are traditionally the lowest months on the house market. When the housing market slows down, it takes longer to find a buyer and they are more likely to make an offer below the asking price.

Learn the best tips on how to sell your home fast in a slow market – hassle-free and for the best price too.

Here we bring you our top 10 tips:

1. Get the price right

If you are hoping to sell your house fast in a slow market, getting the price absolutely right is key – before it goes on the market. If you price your house too high, you will not get no interest shown in your property. If this happens, your house will just sit on the market and will become stale and the only way to generate any interest will be to reduce the price.

It is best to complete some research when you are planning to sell your house. Check what the asking price is for similar properties in your area and speak to a couple of local estate agents who have an in-depth knowledge of the area.

In a slow market, it is very important that you price your house correctly from the beginning. If you list your home at a price higher than what buyers are willing to pay, they will not make an offer. If you price your house accurately, you will attract interest and potential buyers will have the confidence to offer you close to your asking price – if not the advertised price – as it will be seen as a fair price.

2. Tackle all the DIY jobs

Check that all the minor DIY jobs have been fixed both inside the house and outside – before you put your house on the market. Make sure there are no broken light switches, peeling wallpaper or cracked tiles. It is essential that your house looks in good condition to prospective buyers as this will help to sell your house fast in a slow market.

3. Prepare your house for the market

It is essential that you make your house attractive to potential buyers and that you sell them the idea that your house is clean and in good decorative repair and that all they will have to do is move in their furniture.

Tackle each room in turn and ensure that

● The decoration is in good condition. Paintwork should be good and no walls should be in loud colours – far better to repaint these in a neutral shade.

● Clear away all the clutter and pack away all the ornaments and personal photographs- clear bare surfaces look good and make a room look larger and brighter.

● Give each room a thorough clean including paintwork, carpets, curtains and soft furnishings.

4. Get your garden ready too

Once you have completed all the tasks on the inside, it is time to tackle all the outside areas.

● Improve your ‘kerb appeal’ by tidying your front garden. Cut the grass, prune any hedges and weed the flowerbeds. Add some colourful annuals for instant colour and check the paintwork on gates, the front door, garage door and windows is in top condition.

● Tidy the garage and shed well and get rid of all rubbish as this creates space.

● Sort the back garden by cutting grass, pruning hedges, weeding paths and flowerbeds.

● Try and create an outside sitting area and a small vegetable patch as these features are both very popular with buyers and add value to your house.

5. Choose the right estate agent & photographs

Picking the right estate agent will go a long way in helping you sell your house fast in a slow market.

Many prospective buyers do their research online as it saves both time and money.

Choose an estate agent that has a great online presence and an excellent website. The property on the website should have an accurate description, a comprehensive selection of high quality photographs and a 360º virtual tour. If the estate agency does not take a good array of photographs it may well be worth supplying them with more – good photographs on your agent’s website will increase traffic.

6. Keep your house looking great

This is definitely a challenge – especially if you have children-  but once your house is on the market, it is essential to keep it looking really good in case you get viewings at short notice.

7. Showcase the positive features in your home

Now that many people are working from home, try demonstrating how versatile your home’s living area is. If you can make a small office area under the stairs or in a corner of the hall, do so, as it will add to your home’s appeal. If any of your lamp shades or fittings are looking dated, it is well worth investing in new ones and while you are thinking about lighting, add some attractive outside lights too.

A popular asset in a house is a separate laundry room. If you have one, make sure it looks smart and tidy as this will make it look spacious too.

Make sure you are ready to ask any questions about local amenities such as sports centres, schools, doctors and dentists. Other useful information includes public transport and distance to airports.

8. Try and make the offer attractive

Everyone likes to get a good deal and this is no different for house buyers. If you are given an offer, don’t reject it, as it could take a long time to get another. It is best to make a counter offer to try and raise the price a little. Highlight any improvements you have made on the house and add some extras like ‘all white goods in the kitchen’.

9.  Get ready to make a quick decision

If you are made an offer, it is best not to hang around as you may lose it. When you are given an offer, if it is not far short of the asking price, accept it and don’t spend time trying to get more money from the buyer as this could put them off and they could pull out of the deal altogether.

A Final Word

Selling a house in any climate can be very challenging and even more so when the market is low.

We hope the tips provided have will help you achieve a faster sale and make your house selling journey an easy one!