High interest rates, and rising prices has led to a slower market where properties now spend an average of 92 days on the market, as opposed to last month, where it took an average of 85 days to sell a property. When selling property, be aware of the process and learn about ways in which you can maximise the sale.
1. Check the calendar
Unless you need to sell your property urgently, remember that the market is most active during certain times of the year.
- Winter - Christmas disrupts the market
- Spring - May and June are the most active times of the year
- Summer - slow market because of weather and holidays
- Autumn - active market before it slows down again in winter
2. Calculate the costs
Be aware of the real cost of selling property to ensure that you won't be surprised by hidden expenses. The main expense is usually estate agent fees which is normally based on a percentage of the final selling price. Another, more recent addition to the selling process are Home Information Packs.
3. Choose your approach
If you use estate agents or an online service to market your property, fees will apply. When researching local estate agents, it is important to remember that the cheapest deal may not be the best. Selling your home privately is an option if you want to cut costs - more work is required of you, but you won't have to pay any estate agent fees.
4. HIPs
Currently, you will need to provide a Home Information Pack if your property has three or more bedrooms. From December 14th, a HIP will be needed for all properties on the market. A key part of this pack is the Energy Performance Certificate which details the energy efficiency of your property. Home Information Packs only apply to properties sold in England and Wales.
5. Market your property
Get a property valuation report and research the local property market to see how much your property is worth. You can make some improvements to your property to increase the profit margin. Loft conversions provide the greatest increase in value, but you can also take on projects to improve your kitchen, or make your home more energy efficient.
6. Conduct property viewings
For viewings, the property should be clean and free of clutter. Ensure that the home is well lit - artifical light will help if it is a dull day. Maximise natural light by pulling up any shades and moving obstructions away from windows.
7. Negotiate the sale
Negotiations can be time consuming, but are important to make sure you get the most out of the sale while also considering the potential buyer. If you are thinking about pulling out of an accepted offer for a better one, make your intentions clear to the parties involved. Gazumping is not allowed if the property has already been taken off the market, which is something the buyer can request to avoid losing the property.
8. Get the legal work covered
You will need a solicitor or conveyancer for the legal work. If you are also buying a property, you may be able to negotiate cheaper fees that cover both the buying and selling process. Once you have signed the contract, it is legally binding and the sale of the property is complete.
9. Buying a new home
If you're buying a new home as well as selling, familiarise yourself with the process of buying so you can be organised for the move. Do some research on the local area if you're moving out of your current neighbourhood, and learn what potential neighbours could be like.
10. Move home
Moving home can be stressful, so be prepared with the moving checklist to help things run smoothly. If needed, hire a local moving company to help you with your move, and look up local storage facilities.
Related articles
Appealing to buyers
- 55% of buyers would be detered by an untidy house
- 75% of buyers are put off by cigarette and pet smells
- 90% of buyers are put off by bad DIY
- 80% of buyers look for privacy in the garden
- 82% are swayed by environmental features
- 54% believe that kitchens are influential rooms when considering property
Source: Nationwide, 2007
Useful links
- Average property prices - find out more about the local property market
- Estate agents - Find local estate agents in Barking and Dagenham
- Conveyancing - Get the legal legwork taken care of
- Storage - Find local storage for your goods
- Removals - Find removal companies in Barking and Dagenham
Cecile (Chichester), on 17/07/2008 at 17:02
I feel for Alison trying to sell her bungalow - but it is something you have to face - that for some strange reason young families simply do not want bungalows!! We had that same problem some years ago - ours was too big for pensioners too. However we eventually sold to a young couple with one child - but only because he was a music teacher and needed somewhere detached (for the noise generated!) and with plenty of drive for his pupils to park their cars - which we did have. The actual (lovely) property was not considered nor the sizeable, easily maintained garden!! Such is life!! But take heart Alison - if your bungalow still has not been sold (and I do hope it has) there IS someone out there who wants it - and he/she WILL turn up one day! Cecile
Ann in Cornwall (Penwith), on 16/04/2008 at 16:07
Perhaps it is time to use people with real industrial marketing skills to promote and sell houses. The way information is presented and illustrated often does little to sell a house When we bought this house in Cornwall the agent who sold it to us had already done so by the brochure before we ever saw the house. When we went to sell our house in Somerset we were dismayed by the old fashioned approach to presenting information that we had to pay the agent to produce. Perhaps all those agents who the press say are going to be made redundant should think about taking professional qualifications in Marketing in preparation for the financial situation to pick up. Also - if the best time to sell houses is during May and June - why are not all agents open on the two Bank holiday weekends instead of closing at lunch-time on Saturday and reopening on Tuesday.
Jenny (Southend-on-Sea), on 11/04/2008 at 12:26
Joanna (Derby), on 09/04/2008 at 20:23
HIP's are a great thing to have - it saves the time and inconvenience of having to have surveyors for every interested party coming round, poking their nose into every nook and then the time for their report to be produced. Plus with a HIP you know what needs fixing so you can change it, instead of having to renegotiate the purchase price because of what has been found.
And the "poor seller who wants to move on" is surely also going to be a buyer who doesn't have to wait for a surveyor to give him all he needs to know on a property he's interested in - it works both ways!
(And no, I'm not a surveyor!)
Marie (Colchester), on 09/04/2008 at 10:50
What a rip off are HIPS. Costs like leeches - HIPS, Estate Agents. Conveyancers... - on the poor seller who wants to move on, especially now when houses are falling. Who's making the money from HIPS? My friend lost a point on his Energy Report because he hadn't changed all his bulbs to energy efficient ones! (My old eyes can't read by the poor light they put out). What if one can't sell one's home for enough to move to another desirable home - then one's saddled with the cost of the HIPS. No-one can test the market without the cost. It's bad news no matter what way one looks at it...
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tony (East Dorset), on 09/04/2008 at 10:08
with house prices going through the floor, it helps to be prepared for a shock, my house was valued at 310,000 last year, I put it on at 299,950 no offers then 289,500, one viewing; 279,500 a few views but no offers, now I'm looking at 269,500, as I want to move to Spain, so we'll see, not optimistic though.
tony
Alison (Bassetlaw), on 09/04/2008 at 09:29
Someone must be selling fast to make the average time 92 days!! We've been on the market since June 2006 and only had 5 viewings in all that time. We've reduced the price twice now without success and are now on our 4th estate agent. Any tips - apart from halving the price??
It's no good telling how to present your home if no-one's coming to look at it.
P.S. We think we have a nice 4 bed bungalow near the best school in the area (and so do the estate agents) but all we get are pensioners for whom it is too big. Are there no families out there who can appreciate how easy it is to live in a bungalow?
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