How can you speed up your house sale? Sellers’ guide to the property market in the UK
With house prices predicted to fall in the new year you might be thinking ‘how do I sell my house quickly’.
The quickest way to sell is to use a property buying company like House Buyer Bureau. House buying companies will buy your house quickly and for cash, but the offer they make you will be below the market value of your house. If you need a quick sale though, they are the only guaranteed way to sell.
Chris Hodgkinson, Managing Director of HBB said: “Most people can and should sell their house on the open market. I’ve worked in property for over 20 years so I know the tricks that agents will use to win your business. If you want to sell your house quickly you should follow these simple tips, but it will still be six months before you see cash in your bank. If you need to sell more quickly, talk to us to see what we can offer. ”
According to Zoopla the average house takes six months to sell, and for many people it will be considerably longer.
According to Estate Agent Today the longer it takes to sell, the less money you will get for your house. Their analysis shows that ‘slow to sell’ properties sell for -17% less than the average.
Chris’ nine top tips for a quicker sale are;
- Price your house correctly from the start
If you want to sell fast then you have to be prepared to set an asking price that is going to make your house attractive to buyers from the very start. The majority of interest in a house comes in the first three weeks after it goes on the market. If your house looks expensive compared to others, then you risk missing out on this key period.
Rightmove identified that houses are twice as likely to sell if they are priced correctly the first time.
- Choose your agent carefully
Let’s face it, we all want to sell our houses for as much money as we can get, so it is no wonder people tend to choose the estate agent who gives the highest valuation, or the agent who charges the lowest price.
But the agent isn’t giving you an honest view on what your house will sell for. They’re giving you a sales pitch and an optimistic price so they can win your business.
Whatever valuation the agent gives you make sure you ask them to back it up with evidence of other properties like yours that have sold recently or are ‘under offer’.
And don’t fall into the trap of just choosing the cheapest agent. You want an agent who is incentivised to get you the best price for your house. If you choose one based only on cost, you might save £1k in fees but cheaper agents tend to be less proactive and you could end up selling for £10k less – and those maths really don’t work!
If you want to sell fast, then be prepared to pay for a better agent. Sites like GetAgent can help you find the best agent for you.
- Stay up to date with local property market trends
The property market is like an over-active child; it never stands still. And in reality, there isn’t just ‘one’ property market. Across the UK there are thousands of local markets where prices move based on local factors and competition.
If you want to sell quickly then researching your local competition is essential. The internet is awash with property information but some of the best free resources are Rightmove and Home and Hometrack. You can focus on your local area and find out what properties like yours are selling for.
- Get organised early
The usual advice is to wait until you find a buyer to appoint a solicitor but there is so much paperwork involved that it can easily delay things by two – three weeks.
If you are serious about selling fast, then find yourself a solicitor as soon as your house goes onto the market and fill in all the paperwork straight away.
Moneysupermarket has a useful tool to help find the right solicitor for you. Ideally you will want one who has dealt with lots of house sales (not all solicitors do). Make sure you read their reviews before choosing one.
The other important step is to make sure your house will look attractive to potential buyers. There is loads of advice on the internet about the best ways to do this but three important things to do are to declutter, depersonalise, and clean.
You want your property to be attractive and first impressions count. Spending time and money on repairs, a lick of paint, and a tidy house (and garden) will definitely boost your chances of an early sale.
- Don’t be greedy
It is very easy to ignore any early offers you get in the hope that a bigger offer is just around the corner. But if you are looking to sell fast then be prepared to compromise and accept an early offer that is near your asking price.
- Reduce the price if things aren’t working
If your property is priced right then you should be getting at least one-two viewings a week. If you get to four weeks with no firm offers or viewings, then be prepared to drop the price by £5,000-£10,000.
And then repeat this every four weeks – after all you want to sell quickly don’t you?
If your house is a little bit unusual, rural, or in need of repair then be prepared to wait a little longer – maybe review every 8 weeks, and be prepared to consider alternative ways to sell (like house buying companies and auction).
For your FREE cash offer, visit housebuyerbureau.co.uk/sell or call free 0800 880 3232
- ‘Cash offers’ are ‘chain free’
One of the biggest causes of a slow sale is if you get stuck on a chain with multiple buyers. A property chain happens when one buyer is dependent on the sale of their existing house before they can buy another.
Chains are very common and can be the cause of extreme frustration and delay with regular stories appearing in the press (like the Express) talking of a ‘broken’ system leading to record delays.
Rightmove report that it takes an average of 150 days from accepting a buyer’s offer to completing the sale. Imagine how much more complicated things can get if there are multiple buyers and sellers connected in a single house chain.
With rising mortgage rates, talk of a recession and economic instability we’re going to see lenders’ becoming more cautious. This will make it harder for people to get mortgages and the process will take longer.
This will all add pressure, stress and strain on property chains.
It is no wonder that as many as one in three chains collapse sending you right back to square one.
If you are looking to sell fast, you can side-step all of this by advertising that you are only interested selling to a cash buyer. It will limit the pool of potential buyers and you will likely have to negotiate the selling price, but it will save you months of worry and stress.
- Single vs multi-agent agreement
Most people sign up to a ‘sole agency agreement’. This gives your chosen agent a period of exclusivity to sell your house (usually 12 weeks, but can be negotiated to six or eight weeks). One you’re signed up you can’t approach another agency until the end of this period – so if your chosen agent turns out to be useless you have lost valuable time.
If you want to sell fast, then you could opt for a ‘multi-agent’ approach.
Put simply, ‘multi-agency’ is where you have more than one agent trying to sell your house. You will pay more for this approach. Zoopla estimate you’ll pay between 2% and 3.5% for this approach vs 1%-2% when just using one agent.
More agents trying to sell your house might find you more buyers more quickly, but it might also be more chaotic with different agents’ conducting viewings and fighting with each other to sell your house.
- If all else fails be open to alternatives
If you’ve tried everything and your house still isn’t selling, then maybe it is time to consider alternative ways to sell?
Selling to a house buying company is the quickest and most certain way to sell. A genuine buyer can buy you house in as little as a week, so could even have cash in the bank before Christmas.
For your FREE cash offer, visit housebuyerbureau.co.uk/sell or call free 0800 880 3232