A combination of rising inflation and the highest interest rates in over a decade has seen the housing market slow down considerably, with property prices dipping again last month.
The current landscape is posing unique challenges to sellers, and with the average home taking almost twice as long to sell in 2023 compared to last year, if you’re currently looking to sell a property then you might find it’s become a lot more difficult.
Having said that, selling your property in these times is still possible – it all comes down to having the right strategy. That’s why we’ve put together this list of essential tips to help you navigate this challenging market and make a successful sale.
Accurate Pricing Is Key
In a market with falling property prices, pricing your home accurately is crucial. You don’t want to put off potential buyers with unrealistic prices, but at the same time you want to avoid undervaluing your home as it could lead to serious financial losses.
Research recent sales in your area and consult with a reputable estate agents which should help you set a price that’s both realistic and competitive.
Increase Kerb Appeal
First impressions count, so make sure your property’s exterior is well maintained and inviting. If you have a lawn, make sure it's mowed and consider breaking out the paintbrush and touching up any paintwork that needs doing.
Address Repairs and Maintenance
Likewise, if you have any repairs or maintenance to address, now is the time to get them fixed up. Damage or disrepair could put potential buyers off right away, whereas a well cared for property is more likely to sell, even in a challenging market.
Home staging remains crucial. Consider professional staging services or use DIY techniques to present your home in the best possible light.
Neutral colours and decluttered spaces can also help potential buyers see the possibilities your property presents, increasing your chances of a sale.
In a buyer’s market, which many would argue we’re now experiencing, it’s important to stand out.
One way to do this is by investing in high-quality marketing. Professional photos, 3D tours and informative, well-crafted property descriptions can help make your listing more appealing online. So don’t miss the opportunity to stand out among the competition as marketing your property could make all the difference.
Flexible Viewing Schedule
Try to be as flexible as possible with viewing appointments. Offer evening and weekend slots to accommodate potential buyers' schedules and increase the number of people viewing your home. Selling a home is a game of numbers, after all!
Virtual tours can also provide convenient alternatives for showcasing your home, so speak to your estate agent about setting this up as it could really help speed up the process.
In a world that’s becoming increasingly eco-conscious (and increasingly concerned about rising energy costs!) it pays to highlight any energy-efficient features your home may have. These usually include insulation, solar panels or efficient appliances., which more buyers are looking for.
With interest rates high, chances are your potential buyers will be looking for ways they can save money on their energy, so don’t pass up the chance to make your home look as appealing as possible.
Know Your Market
Stay informed about local and national market conditions and trends. Understanding whether you're in a buyer's or seller's market can inform your pricing and negotiation strategies.
Be prepared for negotiations and understand that buyers may seek favourable terms in a buyer's market. While you don’t want to get low-balled, you’ve got to take into consideration market conditions and negotiate accordingly.
Being stubborn or too inflexible could derail any potential sale so be prepared to budge a little. Working with your agent to negotiate offers that align with your goals should help you strike the right balance.
Evaluate Your Timeline
Consider your timeline for selling. Do you need to sell right now? If you’re in no urgent need to sell up, you might want to consider waiting until market conditions change. Patience could pay off.
With that said, it’s difficult to know what will happen moving forward. Although we can be pretty confident the market will see a reverse in the future and a crash is unlikely anytime soon, nobody really knows when that will be. So if you need to sell quickly or you’re worried about waiting too long, be open to competitive pricing strategies.
Seek Professional Guidance
Working with an experienced real estate agent who knows your property’s value and understands the current market is invaluable.
A good estate agent can provide data-driven insights, offer guidance on pricing and negotiation, as well as handling all the complexities of the selling process. This can remove much of the time and stress, and by helping you achieve a fair valuation for your property, you could even save money, too!