There is no doubt that the last two years have been a seller’s dream, with houses selling within hours and multiple offers often happening. Yet this bubble has been burst: the days of bidding wars due to the lack of available homes have gone, and there is a new era beginning in the housing market. Since the mayhem caused by the mini-budget, property prices in October saw the biggest fall for 12 months as confidence in the market starts to dive. Therefore, to achieve a successful sale, you need to rethink your selling strategy, which is why it is now time to break some rules when selling your home.
Price it high
The lack of properties on the market over the last couple of years sparked bidding wars and often saw homes selling above the market value. Prices and demand were high then but, as research from Halifax shows, things have certainly changed. Halifax report that there has been a third month-on-month drop in property prices, with the average three bedroom semi now valued at £292,598 – that’s a fall of 0.4 per cent.
“While a post-pandemic slowdown was expected, there’s no doubt the housing market received a significant shock as a result of the mini-budget, which saw a sudden acceleration in mortgage rate increases. It’s likely that those rates have peaked for now following the reversal of previously announced fiscal measures. But it appears that recent events have encouraged those with existing mortgages to look at their options and some would-be homebuyers to take a pause.
“Understandably, we have also seen consumer caution grow as industry data shows mortgage approvals and demand for borrowing declining. The rising cost of living coupled with already stretched mortgage affordability is expected to continue to weigh on activity levels” said Kim Kinnaird, Director of Halifax Mortgages.
Pricing your property high in this market will only lead to heartbreak. You need to listen to your agent who will be able to advise you on the best strategy to sell your home. You may decide to wait and see what the future brings, or your circumstances or desire may push you to take a leap of faith. Whatever you decide, at NEXA Properties we will provide you with the clear and honest advice, even if we feel that you should wait for a more robust market.
It’s not worth staging
Staging your home for sale has its advocates but also its doubters; many sellers feel that their property is fine to sell as it is, and potential buyers will be able to “see through” any flaws. Over the last couple of years, because of demand, investing in staging a home was not seen as the priority we believe it is today. Buyers wanted to get into homes whether they were ready for sale or not, whereas now it will take something really special for them to make that move.
You need to make your property irresistible: there should be no doubts in a buyer’s head that your home is what they want and need. There should be no sign of forgotten repairs or dodgy DIY clouding their judgement as they ponder what other issues could be lying in wait for them when they move in. The décor should be flawless, no marked walls or tired looking skirtings, every room, wall and door handle should be freshened and, where needed, replaced.
Staging a home isn’t about creating stark soulless rooms – you want buyers to feel a sense of warmth and welcome as they enter each space. You want a room to be clean and tidy, but it also needs personality and homely finishes that give it that little something extra. Think about properties you see in magazines or on one of the many home programmes: finishing touches bring life and make a house for sale into a home.
The road ahead
There will be some challenges ahead, but there are also some positive signs too. Moneyfacts reported that they have seen a gradual increase in the number of mortgage products to 3,220 deals as of the 7 November. One thing we are certain about is that when you decide to sell your home, it is essential to have the right local estate agent on your side, give our team a call today to see how we can ensure the road to your move is as smooth as possible.