Tips to help you clinch a sale in a slow market
Nathan Walker, Sales Director, provides a few tips to help you successfully sell your property during times of slow sales...
Many markets ebb and flow, with periods of high activity and periods of lesser activity. The property market is no different - you may have heard the term “it's a buyers/sellers market”, and this is often in reference to the state of the property market at that particular period of time. If you happen to find yourself trying to sell your house during a slump in activity, you may feel that you've found yourself in a helpless and unlucky position.
Though a dip in market activity is unfortunate, it's not the be-all and end-all. Hopefully these tips that have been highlighted below can help you influence a positive outcome when it comes to selling your house in a slow property market.
Choose an experienced estate agent
It can't be expressed enough, but the importance of choosing an experienced estate agent cannot be understated, especially during a slow market. You need a reliable agent who has expertise in selling properties along with a fantastic knowledge of your local area. You want them to be proactive, positive and determined to put the required effort in to help find a suitable buyer for your property.
Market the house with a realistic asking price
A few weeks ago we explained why it's crucial to list a property with the right asking price, and when the property market has taken a dip in activity this makes it extra important. Your estate agent will be able to help you set an appropriate asking price and this will involve taking current market conditions into account. It's tempting to push for a higher value to maximise profits, but during a bad climate this can result in your property languishing on the market for many months as it's during these times that prices are typically forced down. Take your estate agents advice on board.
Gain an understanding of the property cycles
Remember that these property cycles affect everyone, so if you feel as though you're having to think about selling for a lower price than you had hoped for, so are the sellers you'll potentially be buying your next property from. All homeowners will be faced with the same dilemma. There is often room for sensible negotiation, and this can especially be the case if you notice that the particular property you're interested in has been on the market for an unusually long period of time - though be sure to check for any other factors that may contribute to why it has yet to sell. You should also be well prepared for some tough negotiation from potential buyers of your property as well.
Invest in sprucing the property up
Ensuring your property is in great condition, clean, tidy and with no obvious signs of immediately required tlc will give you the best opportunity of leaving a positive impression on potential buyers who come to view. A home that has suffered obvious wear and tear and that needs some degree of attention is always likely to be less of an attractive prospect when compared to a property that has received a recent makeover and is well presented. With that in mind, it's important to work any sprucing up into a budget so that your investment makes sense. You may want to spend a certain amount to make the property more presentable, such as painting and decorating, but there will come a point where the cost of your improvements will eat into your profits - so be mindful of this.
Be well prepared
Along with ensuring your property is in fantastic condition when it goes to market, you may also want to get all of your paperwork, fees and other details in order and accounted for as early as possible. All paperwork that contains information about the property itself is most useful when it's easy to hand. This information may be things such instructions for things inside the property, product and maintenance guarantees, codes for any alarms etc. The better prepared you are and the more you can show a buyer you're ready to sell, the more likely you are to clinch a timely sale.
Get in touch with us to learn more about how the expert sales team here at CPS Homes can help sell your home. You're welcome to call us on 02920 668585, e-mail enquiries@cpshomes.co.uk or pop into one of our three Cardiff branches.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
