10 October, 2019
Whichever side of the debate you are on, almost everybody will agree that the uncertainty caused by the referendum in 2016 has not been beneficial to the UKís housing market.
In spite of the fact that the much predicted and much feared crash if we voted leave never happened, the market has been subdued since with more modest price rises than we had seen in previous years. Whether this was a direct result of the vote, or a natural and inevitable fluctuation in the market is anybodyís guess and often the answer will depend on which side of the Brexit fence you sit on!
But as we approach yet another deadline, things are toughening up. The Royal Institute of Chartered Surveyors (RICS) questioned agents in 547 branches and were told that both seller and buyer enquires had slowed. Stock levels and general buyer activity has reduced (although this often happens at this time of year anyway).
However, amongst the speculation about the market, there is one undeniable fact...
People still want to sell property!
Whether it is a job move, one of the four ‚ÄėDísí (Death, divorce, debt, downsizing), a move overseas, a bigger home because of a new baby ‐ whatever the reason ‐ there is still an enormous demand for buyers.
But when there are fewer buyers the competition between sellers hots up. Purchasers have more time to decide on a home, have more ability to negotiate and can walk away from a transaction without the same fear of missing out.
Ask any estate agent what can be done to find a buyer and you will generally get one answer. "Reduce your price.‚ÄĚ
Now that is in many ways, good advice if the house is stuck on the market or overpriced in the first place.
But it is not the whole story.
Itís very easy for agents to discount using other peopleís money to get the sale, but careful advice should be given before you reach this stage.
For a start, why was the property overpriced in the first place? Could it have been genuine optimism or was it a ploy by the estate agent to get the property on their books, locked into a sole agency agreement with the intention to reduce later? If you think thatís the case, you are not with the right agent!
So what else can be done to attract an elusive buyer?
Well, every home is different so there is no definitive list but these are the kind of things you should be looking at;
Lean on your estate agent for advice and help and if they donít have any suggestions other than "drop the price‚ÄĚ, well you know what to do!
At GetAnOffer we try to make selling your home as quick and easy as possible. If you’d like to know more about how we can help you please give us a call, chat to us or read our FAQsRequest a callback