Staying in the property market loop: a guide for future sellers from House Buyer Bureau
Maybe you've outgrown your current space, or maybe you're planning to move to a new town. Whatever the reason, selling your property is a big decision, and it's essential to stay informed about the ever-changing property market. Chris Hodgkinson, Managing Director and property expert at House Buyer Bureau[1] gives his tips for keeping track of property trends and what alternative ways there are to sell that give you more certainty and control.
Keeping Tabs on Property Trends
Why You Need to stay up to speed: Chris says, "You might think that sticking a 'For Sale' board up is the first step, but most people will have been checking out the property market for months beforehand." Being well informed means that you will:1. Know your 'best price': Knowing the current market value of your property will help you set a realistic asking price. Look at how much properties like yours have 'sold' over the last 6 months.
2. Understand demand for your type of property: Understanding market cycles helps you identify the best time to sell, e.g. family homes are best listed early in the new year as people want to move in before new school terms start, whereas flats often sell well during Autumn when people are back from summer holidays and motivated to move before Xmas.
3. Know the local factors that will impact your sale: National statistics are often misleading when looking at a specific 1/4 mile radius.
Schools, amenities, employment, transport links, and local competition will all impact on your 'for sale' price more than how the average house price has changed across the UK.
So How Do You Stay Informed?
1. Online tools: Sites like Zoopla[2] and Rightmove[3] provide simple tools to give you an estimated value for your property, but you'll often have to give your email address to get information.
Free sites like Home[4] and The Advisory[5] have great tools that don't need you to sign in.
2. It's good to talk: Chat with local estate agents. They have their finger on the pulse of the market and can provide valuable insights.
But be a little wary of their valuations as they're main objective is for you to choose them (so they may value your property higher than it may sell for!)
3. Check out Social Media: There are lots of so-called "experts" offering advice, but two commentators who are well respected are Chris Watkins[6] and Russell Quirk[7].
Alternative Selling Methods
Chris says, "For most people, selling via an estate agent is the best way to go.It is likely to get you the most money if your property sells and if you can afford to wait months for the sale to go through. Many people don't realise that only about 50-60% of properties listed by estate agents actually sell[8]. Many properties are withdrawn after struggling to find a buyer."
If you need more certainty that your property will sell and/or more control over the process, then you might want to look into alternative ways to sell.
1. Property Auctions: Auctions are exciting! Your property goes under the hammer, and if the gavel falls in your favour, you've got a buyer.
Auctions are swift, and completion usually happens within a couple of months, but you must do your research to make sure you a) choose a good auction house, b) set the right reserve and guide price and c) know the risks involved if your house doesn't sell (hint: it's future value will reduce considerably!)
2. Property Buying Companies: Companies like House Buyer Bureau[9] specialize in providing a quick, easy sale. They buy properties directly, side stepping many of the delays that can happen.
If you need to sell fast, this could be your solution.
Final Thoughts
Chris says "Selling your property is a big deal and involves so much more than just putting up a 'for sale' sign.Stay informed, explore alternatives, and be open to choosing the route that suits you best.
As with most sales processes, knowledge is key!"
To find out more about House Buyer Bureau click here[10]
References
- ^ House Buyer Bureau (bit.ly)
- ^ Zoopla (www.zoopla.co.uk)
- ^ Rightmove (www.rightmove.co.uk)
- ^ Home (www.home.co.uk)
- ^ The Advisory (www.theadvisory.co.uk)
- ^ Chris Watkins (youtube.com)
- ^ Russell Quirk (www.youtube.com)
- ^ 50-60% of properties listed by estate agents actually sell (www.homesellingexpert.co.uk)
- ^ House Buyer Bureau (bit.ly)
- ^ here (bit.ly)