There’s a lot to consider when it comes to getting the best price for your property, and the truth is, it will depend on your own unique situation. However, there are some common tips and advice which should apply to most situations and following these tips may ensure you secure the best deal possible.
Understand the local market
When looking to sell a property, you’ll want to get a solid understanding of the local area and what average prices are for similar properties to yours. It’s a good idea to investigate past sales and take note of how prices have appreciated over the years. You’ll also want to check houses that are currently up for sale to get a better idea of pricing.
One of the key things to consider when selling a property is how the local market is currently acting. When there are more houses for sale compared to the number of buyers looking, known as a ‘buyers’ market’, the prices of properties tend to fall as the demand is low. However, when there are more active buyers than properties available, prices tend to be driven up, and this is known as a ‘sellers’ market’. To recognise which type of market you’re in, you can check how long current properties for sale have been listed, if houses similar to yours haven’t been listed long, this is a good sign of a sellers’ market.
Pick the right time to sell
The right time to sell will likely differ from person to person, and it may likely come down to when you can get the most value for your property. It can be most valuable to sell your house once you have enough equity in your home to pay off the current mortgage as well as the cost of selling and buying a new place.
Springtime is often considered the best time of year to sell a house, with more buyers looking to move when kids are off school, and they have no other commitments to take care of. However, depending on your property type, the best time of year to sell may vary.
Choose the ‘right’ price
If it’s your first home you are looking to sell, it can be difficult to take emotion out of the transaction. There’s a good chance you’ve built up a lot of great memories in your house, but it’s important you value the property fairly when it comes to selling it. Many sellers make the mistake of overpricing their property, which can leave it on the market for a long time, leaving buyers to become sceptical.
It’s a good idea to compare your property to other similar properties in the area, and ones that have sold previously, and try to come up with a fair valuation range based on that. You can always seek advice from your estate agent when the time comes to setting a price for your home.
Understand associated costs of selling
If you’ve not sold a property before, there’s a good chance you may be underestimating the costs that come along with doing so. Of course, you’ll have to pay fees to the estate agents for handling the transaction and process of selling your property, which usually amounts to 5-6% of the sales price. You’ll also need to factor in any other costs, such as repairs & renovation, closing costs, relocating and seller concessions. If you need any other additional expert help and advice from solicitors etc, this will also need factoring into your costs.
Consider minor renovations that can positively impact value
Making renovations before you sell can help to improve the value of your home and can help net you a better offer from buyers. It’s important to be aware that not all renovations will be worth the hassle, so it’s worth doing some research to ensure you choose wisely.
Renovating rooms such as the kitchen or bathroom and giving them a modern touch can help to positively impact the value of your property, however, bigger scale renovations may not always be worth the time and effort, especially if you are looking to sell quickly.
Negotiate the best offer, not just the highest offer
Sometimes, the highest offer isn’t always the best offer. Whilst it may be tempting to immediately go for a buyer who has offered a higher fee, it’s important to look at the terms of the offer. Some buyers want to include contingency agreements, which may include the right to cancel their offer. This can end up wasting your time and result in you having to re-list your property.
It’s also worth considering who you are selling to. If the buyer who has made the higher offer has been difficult to negotiate with and has taken ages to get to the stage, it could be signs of a red flag. It may be less of a risk to go with a buyer who is keen to get things sorted quickly and has been prompt and clear with their communication from the off.