Written by Lisa Proffitt | 19th July 2022
House prices in the UK are still on the rise. If your home is already on the market or you are wondering whether the time is right to sell your property now, following this advice will put you in the best position to take full advantage of the summer market:
In the current housing market sellers are in a strong position. The gap between supply and demand is dwindling but there are still more potential buyers than there are homes available. If you are ready to sell, start looking for a property to buy or to rent. If you can’t find anywhere to move into then you may be forced to let your buyer go.
The housing market is buoyant and now is certainly the time to sell at a premium, but don’t be tempted to list your home at an overly high price. In the prime country market setting a realistic guide price can often result in competitive bidding and a higher selling price. Also consider the quality of your potential buyer and whether they are in a realistic position to proceed with the purchase. Beware of only focusing on who is offering to pay the highest price.
The usual sticking point in the sales process is conveyancing, so appoint a lawyer as soon as you list your property for sale. Have your home “contract ready” with searches and all paperwork done when you go to market. It can cut completion times from six to three months.
Once you accept an offer on your property, most buyers will ask for all marketing and further viewings to stop. That is all well and good as long as the buyer is in a position to progress with their purchase. Make sure that your estate agent has made it crystal clear that if a survey hasn’t been booked or a solicitor instructed within an agreed time frame, usually two to four weeks, your property will be re-listed on to the market.
A long-term effect of the pandemic is that buyers remain focused on outside space and are willing to pay more for a well-maintained garden. A trip to the garden centre for some colourful plants and an hour or two power washing the terrace will be time and money well spent.
Misunderstandings over fixtures and fittings often cause deals to fall apart. You may think it’s obvious that you’ll be keeping your red Smeg fridge freezer but the buyer may be under the assumption that it comes as part of the kitchen they fell in love with. When negotiating the offer, be very clear about what you are leaving behind and what will be loaded on to the van on removal day.
In the current market, bricks and mortar bargains are few and far between. With any property that you view, be realistic about the selling price. Going in with a low offer may alienate you from the seller who is likely to have plenty more viewings booked with buyers ready to make a serious offer. When you fall in love with a property don’t let it get away. Make a sensible offer and have documents ready to prove that you have funds available to seal the deal.
We’re prepared for another busy summer here at Michael Graham and whether you’re buying, selling or renting, we would love to help you put your moving plans into action. You can book a valuation of your home, or contact one of our local Michael Graham offices where one of our friendly team will be delighted to offer their no obligation help and advice.