Buyers are calling the shots these days, thanks to Brexit worries, economic concerns and dropping house prices. So what can you do to sell your house fast when the market is dragging its heels?
Less homes on the market
A recent article in the Financial Times attested that high-value vendors are being forced to lower their prices in order to attract buyers. Wrongfooted by the sudden changes in the UK property market, sellers are having to reconsider what their homes are worth – and many decide not to sell at all.
Thanks to political and economical uncertainty due to the upcoming election and the continuing effect of Brexit, buyers simply aren’t buying. Demand is way down, coupled with a reluctance to sell meaning a distinct lack of houses on estate agents’ books.
In fact, Mr Scarisbrick of Property Vision estimates that the number of £5m-plus properties being bought and sold has dropped a massive 65% in the last three years. But it’s not all bad: less transactions means a potential cushioning of prices as sellers wait to put their homes on the market, hoping to ride out the dip. Still, it’s not great news when you need to sell a property in a hurry, with no guarantee of an interested buyer – or achieving what your house is really worth.
Buyers get savvy
As buyers become more ready to challenge vendors on price, it becomes increasingly difficult to reach an agreement. Factors like uncertainty over Brexit, slowing house price growth and rising transaction costs are giving buyers the courage to haggle hard.
Stuck with a handful of reluctant buyers, it’s a long slog to sale for many vendors. Do you drop the price drastically and hope for the best? Or stick to your guns and absorb the cost of your mortgage for longer, hoping you’ll get a better price? Capitalising on the current value of your property now – and for instant cash with no risk of the chain breaking down – could be the sensible solution.
Estate agents are suffering
Granted it’s hard to choose a price to sell at in this kind of market – after all, your house is only ever worth what someone’s willing to pay for it. And estate agents are struggling with a deficit in properties to shift, making them desperate for a decent sale.
Yet sticking a hefty price tag on to a property can put any potential buyers off further, so sellers need to step up and take on buyers at their own game. Ed Mead, an independent property expert, and founder of Viewber, says you need to grill your estate agent aggressively.
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