Need to sell this winter?
Thanks to the current economic turbulence caused by the now departed Chancellors mini budget, there is a good deal of uncertainty hovering over the housing market at present. Mortgage rates have doubled since the end of September and demand has slackened off slightly, at least compared to the frenetic pace post pandemic. On the other hand, property supply remains very sparse across the city and we are now at the point in the year when many owners consider pausing their property marketing for the winter.
However, there are always owners who will need to sell and need an agent with the right experience in this kind of market to help them navigate through safely. Sales figures sourced via Rightmove currently show Madison Oakley as not only the No1 ranked agent in Bath for agreed sales over the last fortnight but also the No1 across the city for the whole of 2022 so far. We have also been listed in the Best Estate Agent Guide 2022 as a double gold winner for sales and lettings – only 1% of estate agents nationwide are scored at this level.
With this in mind, here are our top tips for sales success as we approach Halloween;
Adjust your pricing for the market – although its ironic to say given who caused the recent turmoil, conservatism is the order of the day in the winter if you want to secure a swift sale.
– Quite a few buyers at present are mortgage rich and cash poor – they have worked hard to save enough for deposits and can get the lending but don’t have much spare to do upgrades and repairs. Make sure you’ve done the best you can to get your house in tip top shape so they don’t think they have to spend immediately they move in.
Double check the marketing material for your home before authorising the agent to launch. We still hear far too many complaints from buyers about some agents using fisheye lenses, watermarking floorplans to oblivion, omitting crucial details or simply not showing off your home to best effect.
Mortgage lenders and surveyors are twitchy and will need hard facts about recent sales in order to justify prices so make sure your agent has plenty of comparison evidence and advises you how to price to attract the maximum activity from a range of potential buyers.
Having a choice of buyers means you can pick the one in the best position for you – check deposit amounts vs mortgage LTV, chain length and even which solicitor they are using to risk assess properly. Some buyers have secured mortgage rates before the recent changes so make sure you check when those offers expire.
If your home doesn’t get the activity you need in the first fortnight of marketing, react swiftly. Don’t wait to change what you need to to get the footfall.
Please don’t use a cheap online conveyancer and watch for offers from someone who is intending to use one. These firms are cheap because of the volume of matters they take; resulting at best in slow response times and delayed transactions.
If you have agreed a sale, keep on top of events and get regular updates from your agent and solicitor. Conveyancing a property is a series of logical milestones (searches, surveys, legal enquiries etc). Solicitors may not like being chased for progress but working with them on anticipating problems and then seeking solutions quickly will help stave off the threat of the sale falling down at an inopportune moment.