The property market has been on a roller coaster for the past two years, presenting obstacles as well as possibilities for both buyers and sellers. For some, the open marketplace has resulted in many offers, competitive bids, and successful transactions. Some, however, have been dissatisfied since they have been unable to sell their home.
As well-known estate agents in Orpington, we’re offering some advice to sellers who already are present in the market. It’s critical to make the best of what’s going on in the local real estate market.
First impressions are crucial:
Pictures of your house play an important role in its saleability and are the first step in getting potential buyers to schedule a showing, especially for those who start their search online.
If your home is already on the market for a while, then you may also want to think about having new photos taken to showcase the seasons and avoid looking obsolete. Asking your realtor to modify the order of the photographs online is an easy method to achieve this.
Exterior photos of your home might work as well as the main photo. However, if your property includes elements that can be used seasonally, you may choose to have a warm lounge room during winter and a big garden in the summer.
Dress to please:
Well-presented properties can generate more attention. If your property is unfurnished, try having the rooms outfitted such that prospective buyers can get a sense of the scale of the bedrooms and how their own belongings might fit in.
If you do choose to decorate your house, make sure the furniture and furnishings match the design of your home as well as the sort of lifestyle you lead. Home sellers follow the basic rule of keeping things simple and avoiding clutter.
Make sure that the pricing is reasonable:
It’s critical to have your house evaluated and advertised at the correct price if you want to sell it. Well-priced houses sell faster and attract more competitive offers; nevertheless, aggressive pricing might turn homebuyers, particularly if they consider many houses at the same price point.
Some sellers may utilise the ‘offers in excess of…’ price tag, which is a more frequent strategy throughout the Scottish real estate market. This form of marketing a property is not for everyone, and it might be perplexing to some purchasers, but when done right, it can generate ambitious sealed bids and deliver excellent results for you.
Calculating a property’s fair market value is not a precise science. If you own a bigger yard, have more floor area, or have constructed an addition, it might be fair to request a premium price. The amount of noise in the surroundings and accessibility to decent schools, shopping, transportation, healthcare, and other important amenities are additional factors.
House Prices in the United Kingdom:
When the lockdown regulations were first relaxed, estate brokers around the UK saw a surge in demand for houses outside of major cities, as individuals grew acclimated to remote working and sought more space and gardens.
A further decline in the Base Rate, the continuance of government programmes like Help to Buy, and the exceptional economic stimulus all fueled the market.
According to Halifax and Nationwide reports, costs increased by up to 10% in 2021. This might be due to a shortage of supply or a “scarcity” factor driving up pricing. The prolonged Stamp Duty Holiday aided matters considerably. We anticipate an ever-increasing need for property as 2022 advances. There are also significant inflationary pressures, which might lead to interest rate hikes by the Bank of England.
How much increase happens depends on how quickly prices increase (and hence need to be managed), but it wouldn’t be surprising to see the Base Rate climb somewhere about 0.75 and 1% towards the end of the year. This, in turn, might weaken the market by increasing mortgage costs.
Uncertainties in the market:
The government’s objectives were obviously focused on containing the consequences of COVID-19 for the most of 2020 and 2021, as the epidemic dominated the headlines. However, now that Coronavirus has been contained, the problem of Brexit may be revisited — particularly while supply chain concerns continue to affect a number of vital businesses.
Despite the uncertainties that Brexit presents, the market could still gain traction given interest rates are at record lows, albeit this could take some time to trickle through.
If you want to sell your house this year, now would be the perfect time to take advantage of these market hacks.