First it was the change in Stamp duty and Landlord Taxation taking a large chunk of Investors out of the buying market, then a Vote to leave the EU via Brexit causing many potential buyers and sellers question if now is a good time to buy, and just when everyone was getting past the hangover, now they call a General Election! What next?!
Despite all this, we’ve seen an influx in sales market activity over the past couple of months as people are seemingly bored of all the changes afoot, meaning it’s more important than ever to make sure your property is sell-able. It’s not all doom and gloom though, as research suggests that a spike in market activity will follow the election as it has done in previous years. If you’re thinking of taking advantage of the Spring market or selling after the election, you should start getting everything ready now. At Living in London, we’ve come up with some top tips to help you sell your home for the best price, in the best possible timeframe.
Whether you’re currently living in the property or it’s tenanted, it’s crucial that your property is looking its best before joining the market. Not only will your property be more appealing to buyers, but small renovations could even boost your property’s value and leave it looking fresh without necessarily burning a hole in your wallet. So, give the place a fresh lick of paint and be sure to tend to any repairs – fixing a dodgy cupboard and replacing bulbs isn’t hard to do but could make all the difference to potential buyers. Likewise, ensure any damp issues are dealt with and re-silicon the bathroom to give it a high-quality finish. If you don’t have the time, money or inclination to renovate the property, you may need to price it accordingly and be prepared to take a slight hit when selling.
If any works are required, speak to your agent to get the best advice. They will be able to compare your property to others already on the market and let you know which areas are best to focus on to achieve the highest possible price. Of course, any renovations you make must be profitable so be careful to ensure you calculate your return on investment before going ahead. It’s also important to understand your target market audience so your renovations don’t price you out of your market – your agent should be able to advise you on this.
At Living in London, we have a fleet of handymen and cleaners at our disposal to ensure your property is market-ready and ultimately, sells for the best possible price.
Price it Right
Pricing your property right first time is critical when it comes to selling your home. We’ve often spoken about the damage that overpricing does to the market overall, but what sellers don’t realise is that pricing a property too high will ultimately cost them more in the long run. An overpriced property will quickly go stale despite the agents’ best efforts to advertise and market the property, and the seller will eventually be forced to take the property off the market or reduce the price. Even with a price reduction, the length of time a property has been on the market can be a huge red flag to buyers – who in this market will be more vigilant than ever, noticing and questioning what’s wrong with the property to cause it to be on the market for so long. The seller may even need to consider reducing the price to below market value just to reignite interest – a huge waste of time and money.
“Which?” data highlights this, reporting that properties in 2016 reduced 5% or more due to initial overvaluing took an average of 64 days longer to sell and had an average final sale price of £20,000 less than properties that were priced more accurately to begin with.
At Living in London we offer accurate market appraisals to help you choose the optimum price to sell your property in the current market. That’s why we have the least price reductions in SE16.
Work with your Agent
As you’re probably not going to be selling your home yourself, it’s important that your estate agent is fully briefed on all aspects of your property in order to get the most out of viewings and make the right impression. You should have already picked an agent who’s a local area expert but they’ve never lived in your property – as agents, we don’t know the way the sun hits your balcony on a Summer’s afternoon making it the perfect spot for a glass of wine after work. The more you tell us, the more we can relay to potential buyers. Remember, we’re selling a lifestyle, not just four walls and a roof.
A good agent should get professional photographs taken to show your property in the best light and attract viewings. Always make sure your property is clean and tidy before a photoshoot. The last thing you need is to put off buyers by showcasing photos of your bedroom with dirty socks all over the floor and clutter everywhere.
First impressions really do count and a viewing is where a prospective buyer will be won or lost. At this point, a buyer has usually done their research; they know what they can afford, their ideal location and they’ve targeted your property as one they like enough to come and look at. So far, you’ve followed our advice; your property is looking great, it’s priced well, your agent knows everything there is to know and you’ve got interested buyers knocking on your door so don’t blow it at the viewing!
Make sure the property is clean, tidy and hide any clutter. Open curtains and turn on lights to enhance space. And for an old industry trick, why not try baking bread to fill the house with a gorgeous smell and creating displays such as a fruit bowl in the kitchen, fluffy towels in the bathroom and nice bottles of perfume in the bedrooms?
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