June, 2022
A turbulent 24 months for the property market has created opportunities for buyers and sellers alike.
For some, the buoyant market is resulting in competing bids and multiple offers leaving many feeling disappointed and unable to find what they are looking for.
We have put together some tips to help buyers and sellers in the current market place.
If you are thinking of selling this year, now is a good opportunity to benefit from the current levels of competition.
Photographs play a pivotal role in the sale of any home and are the first step in attracting potential buyers to book those all-important viewings, particularly as most people begin their searches online.
If your property has been on the market for a while, you may want to have new photographs taken so that they are in keeping with the season. Your agent should be liaising with you on this to help boost your properties exposed, if they aren’t, maybe it is time to use a different agent? Preferably one that is proactive and not reactive.
For a simple refresh, ask your agent to change the order of the image carousel online. While exterior shots traditionally work best as the lead image, if your property has a cosy lounge or a lovely kitchen then this may work better over the winter months.
Well-presented properties can attract more interest than those that aren’t. If your home is unfurnished, consider having some of the key rooms dressed so potential buyers can gauge the size of rooms and envisage how their own furniture might fit into place.
If you decide to dress your home it’s best to ensure that the furniture and furnishings are in keeping with the style of property and the type of lifestyle that it might offer.
Keep things relatively simple and avoid clutter.
Having your property valued and marketed at the right price can be crucial to the sale of your home. Properties that are well priced can often sell faster and lead to competitive bids, while very ambitious pricing can deter buyers, especially if they are looking at multiple properties at the same level of the market.
On a few occasions we’ve even seen some sellers test an ‘offers in excess of’ price tag which can spark competitive sealed bids and has produced some great results.
In order to keep up with the pace of the current market and likely competition in key markets, it’s important to be open-minded with your property search and understand that most buyers will end up making some compromises. Instead of having an extensive wish list, work out your must-haves and have one or two deal breakers to help keep your search focused without losing sight of what you want from your next move.
With increasing competition, being in a position to transact quickly, particularly if the sellers are also looking to buy, can benefit you. Ensuring that your finances are in order and that you have a reliable solicitor will stand you in good stead if other parties are offering on the same property. Having your mortgage agreed or being a cash buyer will also play to your advantage, as will flexibility.
It’s not uncommon for properties to sell for their asking price or above in the current climate, so if you are finding yourself being outbid, then consider looking at properties a few per cent under your maximum budget. By doing so, you’ll hopefully avoid the disappointment of missing out if it’s definitely the one for you and you will be in a position to place competitive bids.
Now is a great time with many properties receiving multiple viewings and multiple offers, and in many cases, sales are agreed for significantly more than the asking prices.
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