14-12-07, UpMyStreet ©
Selling your home can be a long process at the best of times, but a quick sale has been even more difficult to achieve in the slower market of recent months. The time a house takes to sell has risen from 85 days in October to 92 in November, and the Council of Mortgage Lenders report that mortgage approvals are down by 10% - meaning less buyers are actively looking.
If you are still hoping for a speedy sale, there are steps you can take to attract a serious buyer and gain their confidence.
1. Research your local property market
Gauge how active your local property market is with some preliminary research. Check estate agent listings to see what similar properties are on the market for - and, more importantly, check recent property sales to find out the actual price they sold for. This information will help you decide on the price you market your property at.
The time of year will also affect how many buyers are looking for property. If you can, wait for the busier spring or autumn periods to put your home on the market.
2. Make arrangements for the paperwork
Put in place the professional services and paperwork you need during the selling process as early as possible to avoid time delays. Decide whether to use an estate agent or sell your home online and look into compiling a Home Information Pack - you can do this yourself, or get a professional to put one together. You will also need to instruct a conveyancer to help with the legal process of transferring ownership.
3. Set the right price
Putting your home on the market at the right price is key when it comes to making a quick sale. Use a valuation report (which values your property using the same technology as mortgage lenders) to help set a guide price for the property.
Couple this with several valuations from estate agents, and settle for a price somewhere in the middle - overvaluing your home will put off buyers, and undervaluing it may give you a quick sale, but leave you out of pocket. If you're willing to take a chance, set a guide price slightly lower than your ideal - it could spark buyer interest and a bidding war.
4. Prepare your property for viewings
Prepare your home for viewings to make a positive impression on prospective buyers. Focus your efforts on the key areas of the house. According to Nationwide, 54% of potential buyers view the kitchen as the most influential room when making a decision to buy. Create extra space by clearing clutter, and highlight areas of your home that will particularly appeal to your target buyer group.
5. Finish DIY projects
Whether it's finishing a simple paint job to completing an extension, make sure any DIY work is complete and done well. Nationwide research suggests that poor building work and shoddy or unfinished home improvement jobs are more likely than anything else to put off potential buyers. Follow our DIY tips for more advice, or hire a professional for a high quality finish.
6. Define each room
Each room in your home should have a clearly defined purpose to it, in order to appeal to a broad buyer range. If you have a spare room that you use for storage, for example, turn it into a bedroom or a study to show the full potential of the property.
7. Get your home smelling sweet
While you don't need to lure buyers with the smell of fresh bread during a property viewing, you should air out the property to give it a fresh and pleasant smell throughout. Open windows and burn scented candles for extra ambience. Nationwide research shows that 75% of people are put off by household smells caused by pets or smoking.
8. Work on the exterior
First impressions count when it comes to attracting buyers. Take a look at your property from the outside and refresh its appearance. Add potted plants, keep the front garden clear of dead leaves and weeds, and neaten any hedges. Replace broken or missing tiles and clear the guttering.
9. Be open to negotiations
The negotiation stage is key in ensuring you secure a serious buyer. If you can be flexible on price, get a secure commitment to a quick completion in return, particularly if your buyer has no onward chain.
10. Change your approach
If you have not managed to sell your property within a reasonable time, rethink your approach and consider changing estate agents or lowering your asking price. Check that you have taken adequate steps to maximise the positive aspects of the property, asking your estate agent to gather feedback from buyers who haven't made an offer.
Related articles
Average time taken to sell
- East Anglia: 8.5 weeks
- East Midlands: 10.4 weeks
- Greater London: 5 weeks
- North: 8.6 weeks
- North West: 9 weeks
- South East: 7.1 weeks
- South West: 8.3 weeks
- Wales: 9 weeks
- West Midlands: 9.5 weeks
- Yorkshire and Humberside: 8.4 weeks
- National: 8 weeks
Source: Hometrack, November 2007
What puts off a buyer:
- 75% are put off by household smells
- 70% are likely to be deterred by a rude seller or estate agent
- 90% would avoid properties with bad DIY
- 55% find untidy homes a turn off
Source: Nationwide survey, 2007
Seasonal changes in the market
- Spring - May and June is the most active time of year
- Summer - slow market because of weather and holidays
- Autumn - market picks up again before winter sets in
- Winter - Christmas disrupts the market
Useful links
- Average property prices - find out more about the local property market
- Estate agents - Find local estate agents in Petts Wood
- Conveyancing - Get the legal legwork taken care of
- Storage - Find local storage for your goods
- Removals - Find removal companies in Petts Wood
Your comments (17)
Cornishscot (Croydon), on 27/04/2008 at 12:55
Just wondering if anyone has managed to sell a house in reasonable shape without having first "neutralised" it to look like the home makeovers we all see on tv - my own feeling is that this treatment before sale could be just hype for the masses so many people are all to readily sucked into.
Susan (Congleton), on 26/04/2008 at 00:39
We've been on the market for 11 months and have had 5 viewings in that time. The house is lovely, pre-war with a large extension and although it's on a road, it's not a mega busy one and it's 5 mins walk to the high school. We've put a new drive in (10K) and everything is spotless, neutral and fresh. I don't think we've got a hope in hell of selling in this economic climate but one lives in hope.
Jane (Richmond upon Thames), on 17/04/2008 at 13:47
We have done everything possible to sell our house including reducing the price by a staggering amount of money which means we are now trying to sell for less than we purchased the house for originally.
After doing all of this! still the property as been on the market for over a year. no closer to selling than we were a yr ago.
i know how you feel as we need to relocate.
the house is in cornwall by the way
Sue of Dorking (Mole Valley), on 11/04/2008 at 22:30
Solditatlast wrote:
De clutter.most important means de personalise..make sure everything is spotless, beds are made...lighting on in darker corners, sweet smelling...always allow viewer into room first so you do not block his first view of the rooms..make sure everything is tidy outside in garden etc...it took my daughter over eighteen months to sell but this wasnt helped by the interest rates..and of course it depends on your location...take the viewer tour of house and then advise they can look around on their own if they wish and answer any questions they ask..if you have room for an extension suggest this, have the council tax banding available they may want to know how much it costs to heat etc. electric. gas..how near it is to schools, stations, sell your home by advising about the characteristics of your house (if old property promote how well built it is..advise quality of building) or how good public transport is to nearest large town etc...the sale is to a degree down to your sales pitch as well as the estate agents...Good Luck and I hope this has been helpful ....do let me know if you can reply via this site...
Been on the market a year now with our apartment in an old country mansion. Being on the Gatwick flight path is a deterrant for some people but we hardly notice the planes.
Have decluttered somewhat but could do more.Your advice Solditatlast sounds very good especially about answering the viewers questions and having a good sales pitch.
oxon (South Oxfordshire), on 11/04/2008 at 15:06
oxon - been on market 1.5 years. 4 double bed detached. Decorated everywhere. Spent 14K on new bathrooms. 3 Estate Agents and about 15 viewings later still no joy. Now off market and spending about 4K on landscaping the garden. There's a road, runs along the side of the house - yeah you can hear traffic on and off. Can't move the house have lived there 8 years love gardening and being outdoors. What next - giving it to the first person who doesn't mention the road in the first 5 mins of a viewing?!!!!!!!!!!!! Selling a house is worse than having teeth pulled.
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TJH (Hertfordshire) (Stevenage), on 10/04/2008 at 12:06
We had done all of the above and sold our 3 bed mid terrace 4 weeks ago after a day on the market to the first viewer - who then decided to pull out 2 weeks later. We have since had several viewings and no negagtive feed back in our control; general feedback has been that we have a beautiful home. I have been checking what else is available for around our selling price in our town and there is a lot, I think the main problem is that it really is a buyers market at the moment and for the most part they have a lot of choice and from what I can see a lot of very similarly decorated properties - neutral uncluttered interiors etc, so I guess it's hard picking one out from the other!!!
dotty (Bury), on 09/04/2008 at 12:12
Don't know if this is any help but what we did was to get an auctioneer to give us a guide price for selling at auction. We then got estate agents "valuations" and set the asking price between the two. This gave us a realistic asking price, the house has been on the market for two weeks with 3 viewings so far but no offers. It is not the best time to be selling but we hope this might work along with the usual preparation etc. Fingers crossed !
dotty (Bury), on 09/04/2008 at 12:08
Don't know if this is any help but we got an auctioneer round to give us a guide price for selling at auction. We then got estate agent "valuations" and set the asking price between the two. If you can afford to sell very cheaply or the house needs lots of work the auction route is a possibility. For us it wasn't really an option so we went with an estate agent but at a realistic price. It was just another tool in finding the correct valuation.
Jennifer (Bridgend) (Bridgend), on 06/04/2008 at 12:20
We are having a similar problem. We need to relocate to Oxfordshire from Bridgend. We have a beautiful 1 year old 4 bed detached house with a fantastic large garden, with great local amenities (and we have been told many times that the house is beautiful). Unfortunately we are the nearest on the area to a pylon. Although it cannot be seen from any window on the house it is obviously visual on the approach. As you can imagine, it has put many people off viewing. We have two young children and my husband now has to travel home to see us all on weekends. I'm not looking forward to the following months hoping people can 'see past' the 'imposing neighbour'in a worrying financial time for all!
Sue (Selby), on 11/03/2008 at 12:00
We've had our house on the market for 2 yrs and have had around 50 views. We have decorated all of the bedrooms again, the hallway and kitchen plus had a brand new kitchen put in, but our problem lies with the railway line right at the back of our house. We've lived there for over 16 years and have brought three children up there, but most feedback is they dont like the railway line. We've had no problems with the line and there are fields beyond this and at the side of our house. Its in a lovely close and is very reasonably priced. Anyway im at the point where ive just given up and will probably stay!
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