When selling your home you will expect to have viewings, and hopefully a sale as soon as possible, which is why you will be pleased to hear that new research suggests that there are a number of house hunters for each property. However, we would advise you to beware.
Recent research by the National Association of Estate Agents (NAEA) found that the number of potential buyers registered with each UK estate agent was 10% higher in January than December. “Competition is rife, with an average of 11 buyers chasing each property,” said Mark Hayward, Chief Executive of NAEA Propertymark. Buyers may be plentiful, but they are also incredibly cautious.
This means that if you think you can cash in on a seller’s market you are very much mistaken. Research by Rightmove found that if a property was priced 5% or more too high, it struggled to sell. Miles Shipside, Rightmove Director says, “The majority of the market is price sensitive, with most agents we surveyed reporting that possible buyers are reluctant to enquire about a property just a few per cent too high, so it’s vital to get the price right.”
At Hathways, when we value your property there are a number of things we take into consideration, including the current property market, the condition of your property, how it is presented and most importantly the location. You could have two identical properties, but if the condition and presentation of one is better than the other, it will achieve a higher sales figure. It is in everyone’s interest to value your property realistically, as if we price it too high it could sit for months without getting a viewing or an offer, and in the end force you to reduce the price. In the meantime you have lost faith in the agent and become frustrated with the whole process.
Although there are apparently 11 house hunters per property on the market, buyers are rigidly sticking within their budgets, leaving very little ‘wiggle room’. Brian Murphy, Head of Lending for the Mortgage Advice Bureau, said, “It’s likely that this is due to stricter lending criteria, and suggests that buyers are getting their ducks in a row financially before they start their property search, in terms of applying for their mortgage, to understand how much they can spend.”
With this in mind, if you want to sell your home it is essential you listen to our advice on pricing it for sale. It is also essential that you put in the time and effort needed to ensure that your home is presented in a way that will attract potential buyers, so that when they view it they simply can’t resist.
If you’re looking to sell your property, contact our sales team for a realistic valuation so your home is not left on the shelf.