How to Sell Your Home in a Slow Market - London Property Newsletter - Oct 2017
Welcome to your October edition of the Fish Need Water newsletter!
Here’s what we’ve got coming up:
- How to sell your home in a slow market.
- All the latest need-to-know news.
- Top tool: get to viewings in double-quick time!
How to sell your home in a slow market
The news isn’t exactly unexpected, but that doesn’t mean we’re welcoming it with open arms: according to Hometrack, the London property market has hit its slowest level in eight years – with a third of owners selling their homes for less than their original asking prices. The average London discount was 7.24% – the equivalent of £52,457. What’s more, it looks like all boroughs are affected – from Richmond to Barking.
So what should you do if you want to sell up and move on? Here are a few tips:
1: Don’t wait to put your property on the market! (Unless you can…)
It could be a while before prices start rising again –
and in fact, it’s completely possible that things haven’t even bottomed out yet. So unless you’re happy to wait out however long it takes, get your property listed ASAP.
2: Price right in the first place
“Ownership bias” may cause you to place a higher value on your property than it’s actually worth, which is perfectly understandable: years of happy memories, interior decoration and getting the place “just so” lead you to slightly distorted view of what your property will actually go for.
In a fast-paced market, you may be able to get away with it – but that’s definitely not the case when everything’s slowing down. So before you even speak to an estate agent, compare your property to similar ones that have recently sold in the area: you need to be realistic with yourself before getting agents involved. (And when you’re comparing properties, don’t fall into the trap of thinking that yours will sell for thousands and thousands more because it looks prettier and you’ve spent lots of money on it over the years!)
Then speak to agents – and be immediately suspicious if they state a figure that seems too high based on your research. Even though we’re all aware of that tired old trick of luring us in with a high price only to reduce it after a couple of idle months, it’s incredible how often we fall for it.
3: Be flexible (within reason)
Separate research by James Pendelton estate agents shows that property owners in some boroughts are holding onto their homes for inordinate amounts of time, hoping to get their asking price eventually. For example, in Tooting Bec and Broadway, properties have been on the market for an average of 313 days (compared with a London average of 163 days).
If you want to sell and no one’s interested, you might want to consider reducing the price, or throwing some furniture into the deal, or offering some sort of other temptation to get people interested. (We can help advise you on the best strategy for your particular property – and we won’t suggest a price reduction unless we think it’s overpriced for the current market or you’re determined to sell quickly.)
4: Save money on agent fees
Don’t forget: Fish Need Water gives you the option to do your own viewings and save money on fees – which can have a significant impact on the final amount in your pocket after the sale.
We’ll still handle everything else, of course. We’ll market the property for you and negotiate with all your potential buyers to get the best possible price, and we’ll also do all the running around between solicitors to see the sale through to completion (ensuring that yours isn’t one of the almost 1 in 3 that fall through).
Click here or call us to find out more. And do get in touch if you simply want some advice on pricing and selling your home: 020 3199 3492
Here you go!
Property prices UK – mapped: THIS area of London will be the 2018 property hotspot. According to in-the-know landlords.
Plans for tougher restrictions on foreign buyers to help first-time buyers get on property ladder. Policies could be announced within weeks, apparently.
On the up: seven London postcodes where prices haven’t peaked yet, from Dartford to Camberwell. Maybe we were too hasty in referring to “all” London boroughs earlier: some areas are managing (for now) to register annual price growths.
Posh £1.7 million house in south London becomes UK first to be offered for digital Bitcoin currency. Is this the start of a payment revolution?
Our useful tool of the month
Waze is an app for planning your route that’s exploded in popularity recently. It allows users to edit the map and submit information about delays and police traps, so it’s more up-to-date than most other sources.
If you’re stuck in London traffic while trying to attend three back-to-back viewings, this could be a sanity-saver.
The end! (Until next month.)
See you in November!