What should you do right now!
Are you buying or selling your home right now? Are you planning to? I have prepared a blog talking specifically of what may happen to the economy and property prices but what should you do now and in the near future?
What would I do now if selling my home?
If you are currently on the market, I would advise to remain visible and not withdraw your listing as buying interest might be gathering during this period of lockdown and translate into physical viewings when it is finally allowed.
Are you happy with your current marketing and your agent? Is your agent still currently answering phones and emails?
Should you wish to change agent, do check your contract, don’t forget to give them written notice and start planning for your next agent to capture better marketing reflecting the current season.
As the market becomes more difficult, the better agents will greatly increase your probability of achieving your expected outcome!
Are you with the best possible agent? This is a question you need to ask yourself now.
What should I do later if selling my home?
I strongly believe that the housing market will be under price pressure and if we only take what happened during the last recession you should project an 18% price drop in the next 18 months!
This shows very simply that any delay in selling will translate in losing 1% per month!
What would delay a sale? First of all factors, the main reason a house does not sell is due to overpricing.
Second of all factors, a house does not sell because it is under-marketed and does not reach enough potential buyers.
The best agent will quite simply give you an accurate estimation of the marketing price, produce the best possible marketing, reach an optimum amount of potential buyers and help you negotiate a selling price as close to the initial marketing price as possible.
Realistically, when the property market is price neutral, assuming the marketing price is correct, the agreed selling price should be within +/- 3 %. On average at Home Domus 360, we achieve 0.3% above the initial marketing price as shown on getagent.co.uk
Data correct as off April 23rd, 2020
Overpricing a property when it is a buyer’s market will bring you even more delays and will cost you money at the end!
An estate agent who wrongly tells you that the property market will be fine and gives you an inflated estimation for your house will be greatly responsible for your potential losses if you fail to sell at the promised price.
You need to receive the correct advice for your home and seek a “dynamic” marketing plan.
If you do not receive this kind of advice from your current or new agent, you will need to dictate yourself a more aggressive marketing price.
I can demonstrate to you that Home Domus 360 is the best possible agent to give you the best possible outcome but I am happy to advise you if you choose to remain with somebody else, free of charge!
What should I do if I am looking to sell my home?
Because of a difficult incoming market, timing will be crucial as delays can be costly.
First of all, do you really need to sell? Is it right for you to sell? Could you possibly wait another couple of years when prices may have recovered?
If you are upsizing, the market is probably going to be in your favour: you have more to gain from buying than you would lose from selling, as a price variation. Time is therefore not only in your favour but you will have a greater choice of properties to buy. You should however remember that in order to buy, you will need to sell your property and all the advice above will apply.
If your final decision is to put your home on the market, please contact a few potential agents as soon as possible, make a decision and plan to be on the market as soon as possible.
What should I do if I am looking to buy a home?
You are in the best position if in order to buy you don’t need to sell or if you are simply upsizing.
You will need to establish your affordability and arrange finance for the purchase. Lending criteria have already changed in the last few weeks and will keep on adapting to what happens to the economy and property prices. If you need a mortgage I would strongly advise to seek an agreement sooner rather than later.
As a buyer, time will be in your favour and establish how many properties do tick your boxes, is that number increasing at time goes on? Do you see many more price reductions on the market? Do you have a plan in place to negotiate the best possible price for the best possible home? Do you have a quantified idea of the correct price?
As an estate agent, I act in the best interest of my vendors but I always believe in choosing the right price, the right price strategy and approaching my buyers with the truth as I can explain the number.
If you are looking to buy a property not listed by ourselves, I can work directly with you and for your absolute best interest.
Being a buyer’s agent might be more popular in other countries like Australia but it may bring you many immediate benefits:
- Helping to choose the right home for you
- Explaining the potential buying price
- Laying a negotiating plan to achieve that price
- Price negotiate directly with the selling agent
Once you have agreed the selling price, we may also help you with:
- Choosing the right conveyancer
- Appointing the right surveyor
- Progressing the agreed sale to completion
Can I help you?
I hope you would have seen the benefits from talking to me but I must stress that each home is unique and I will happy to listen to your questions and objectives.
Selling a £200,000 flat is different from selling a £2,000,000 mansion but do not be worried to approach me because our marketing looks fantastic and maybe more suited to more expensive properties! Your property is your home and I always deliver the best possible marketing regardless of the property price. Arguably an average property will benefit even more from our tailored marketing because you will have more properties to compete against, you need to shine!
I want to help you, please call for chat or email me
Would you like a free consultation and check out our bespoke valuation? We'd love the opportunity to get to know more about you and your home
Call me on 01206 377 888