4 July, 2019
With the recent slow-moving housing market, you may have experienced the frustration of trying to sell your home with little success. The uncertainty of Brexit initially played a big part in cooling the market as many potential movers decided to sit tight and ‘wait and see’.
You can take heart that if you were one of the unlucky homeowners in this situation, then you were not alone. According to the property software firm Reapit, the majority of properties taken off the market during late 2018 and early 2019 were done so because they couldn’t find a buyer, rather than were actually sold.
The good news is that since April, we are noticing an upturn in the market, with those wanting to move deciding to wait no longer. The widespread recognition that Brexit isn’t likely to be resolved soon seems to have released some pent-up buyer demand.
Bank of England data shows the number of mortgages being approved rose by almost 6 per cent in April and mortgage providers are reporting prices starting to increase at higher rates. Furthermore, The Mortgage Advice Bureau has claimed that first-time-buyer rates are on the up, which will provide a stimulus to the market.
If you have had to withdraw your property due to the lack of a buyer or because a deal fell through, our tips should give you every chance of success when you do decide to re-list.
Top tips for getting the deal done second time around
Most experts agree that simply sticking a home back on the market for the same price, with the same pictures and in the same state, is unlikely to give you a different result, even in a more buoyant market. The golden rule is to treat the property as if it were new to the market.
- Re-evaluate the price. Take a good look at what properties are actually selling for in this area, in comparison with the asking prices. Online tools can provide you with a certain amount of data or we can give you advice on what homes like yours have recently sold for. There is no point trying to price a three-bedroom house the same as a typical four-bedroom just because it has a sunny garden or fresh decor. If you feel you were previously priced too high, even a small reduction in price could significantly expand your pool of potential buyers. A good agent will be able to provide you with a realistic figure rather than an aspirational price.
- And be clever with pricing. Don’t be tempted to think like a retailer and put a £99 at the end of the asking price to soften the blow. If somebody searches on the portals for a home priced between £300,000 an £350,000, they will miss out on those listed at £299,999. Round-figure prices are known to get more hits.
- Determine why your home didn’t sell. Now it might just be down to bad luck, but it pays try and look at your property with a buyer’s critical eye. If nothing is immediately obvious, try comparing it to other homes in the area that are priced at a similar level. Is the property significantly different in some way, and could this have resulted in a lack of interest? While it may not be realistic to make dramatic changes at this stage, small and relatively inexpensive projects such as freshening paintwork or smartening up the garden can make a big impact.
- And follow our top tips for selling your house quickly. You may well be able to improve how your home is ‘staged’ for potential viewings. We recently covered a whole host of ways to help you get under offer as quickly as possible, ranging from de-cluttering, spring-cleaning, improving lighting and more. Read more about the best ways to prepare your home for sale
- Consider picking a new agent. If you feel your first agent might be disillusioned with not being able to sell the property, then it might be worth getting a fresh, enthusiastic company on board. If you were previously just using an online service, you might find that by switching to a more traditional agency, who will be more involved with progressing the sale, that you can help avoid a deal collapsing. Our experienced team would be delighted to advise on how we can help.
- Don’t rush the property back on the market. Taking a break between listings, as with choosing a new agent, can help your property appear to be a new instruction rather than a re-list. You will get a much more positive reception than if your property appears to have languished on the market for a long time or looks like a price reduction.
- Take a whole fresh set of photos. This is essential regardless of whether you switch agent or stay put. Even if you were happy with the first set of photographs, it can be obvious that the property has lingered on the market if they were taken many months ago. For example, if they are portraying an Autumnal garden, when we’re now heading towards mid-Summer. A set of high-quality professional photos is an absolute must for showcasing your property in the best light.
You should also consider other ways to make your home stand out. 3D video tours are increasingly popular as is the use of imaginative photography. Elevated shots, clever angles and dusk photography can help attract the attention of buyers searching through online portals. At Michael Hardy, we use the services of a professional photography agency to ensure your property is marketed to the best of its potential.
To discuss re-listing your property or to get further advice on buying or selling, call us on Wokingham 0118 977 6776 or Crowthorne 01344 779 999. We would be delighted to provide a no-obligation valuation on your property or to provide you with information on the latest market conditions.