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2024 has proven to be a very buoyant year for the property market in Telford so far. We have seen lots of properties coming on the market which is great if you’re searching for a new home. However, what does this mean if you are trying to sell your property this year?
We have put together some of our frequently asked questions to help you decide if now is the right time to put your property on the market.
I Keep Hearing That We’re Moving From a Seller Driven Market to a Buyer Driven one. Will this Impact My House Sale This Year?
During the pandemic house prices rose dramatically as demand was greatly outstripping supply. However this year we are definitely in a flux as buyers now have much more choice when it comes to buying their new home.
As a seller, if you want to ensure your house sells in 2024, you need to make sure that it goes on the market at a competitive price. Whereas a few years ago buyers might have had only three properties to choose from in their price bracket, they now have as many as 20 to choose from. If your home is priced slightly higher than other comparable houses, then you could find it sitting on the market for longer than you might like.
However, please don’t feel discouraged from selling your house this year. If you price your home sensitively and with today’s market in mind, then there is a very good chance your house will sell.
How Can I Ensure My Property Stands Out From the Crowd?
We really cannot stress the importance of doing your research before you put your property on the market. Make sure you look at similar properties in your price range online and see how they have been photographed.
Also, think about all aspects of your property before you sell it: does your driveway or front door look inviting to buyers? Could your garden do with a little TLC (such as mowing the grass or planting some seasonal flowers)? Do you have too much stuff in your property which doesn’t let potential buyers see its full potential?
If you have lots of large pieces of furniture which could make your rooms look small, then consider moving them into a garage or shed. Another thing to consider, especially if you’re selling a large property, is to try and make your home appeal to as many people as possible. For example, with the rise in home working, is there a small bedroom or a section of your living space which could be turned into an office space?
Remember: buyers need to be able visualise themselves living in your property in order to make an offer. So the more things you can do to make it appealing the more people you will get choosing to view your property.
Should I Put My House on the Market for Lower Than the Market Price in Order to Achieve a Quicker Sale?
A lower market price does not always mean that your house will sell quickly, especially if your home is purchased by someone in a chain. You could get around this by only selling to cash buyers, or those not in a chain (such as first time buyers), but you would then be restricting the number of buyers for your property.
It is also worth remembering that the market is still catching up from Covid and the backlog that this caused. We used to work to a rough time frame of about 12 weeks from sale to completion; this then went up to about 18-20 weeks during Covid as solicitors struggled to keep up with the demand. Now we’re still averaging about 16 weeks from start to finish and that is without being in a large chain.
Whilst a lower price might mean you get an offer quicker, you still need to be aware of all the other things that need to be in place before a sale can be completed.
The EPC Rating of my House is a D, Will This put off Potential Buyers?
No, in our experience buyers are rarely concerned with the EPC ratings of the properties they are viewing. In many cases it is quite often the last thing people think about as they are more concerned with price, location and room size than they are EPC ratings.
The one exception to this is when people are buying an older house, then they might ask about the EPC rating as they may need to factor in spending additional money to make it more energy efficient.
Houses are likely to be the biggest financial commitment we will make in our lives. However it is a decision which is almost entirely led by the gut and the heart. An EPC rating of D won’t matter if someone has fallen in love with your property and can visualise themselves living there.
Is it OK to Get Valuations from Several Different Estate Agents?
Yes, absolutely, especially if you think someone is valuing your home for far higher (or lower) than equivalent properties on the market.
If an agent claims they can achieve a higher value for your property then you really need to ask them what they are basing their valuation on. Have the properties you are being compared with actually sold? And if they have, did they make the full asking price?
Here at Foden Property we have to make sure that we really take all of these factors into consideration when we are valuing your home. If we are not offering you a price sensitive valuation then there is a chance your property will not sell, or at least not as quickly as you would like it to.
The market is really good and buoyant and prices are still higher than they were pre-Covid BUT we hit a price peak in the summer of 2022, so if the comparables that people are using to value your property are based on those figures, then in our opinion, and our experience, they are slightly higher than they would be now.
Should I let People View My Home if They’re Not Ready to Proceed with a House Sale?
Over the last few years we have had lots of sellers asking us not to show anyone around their home unless they were in a position to proceed with a house sale. At the time this was absolutely fine, however, in this market we would not advise you to take this approach.
If someone wants to view then let them view, as you don’t know how quickly their property will sell and how soon they can proceed. Someone who has had a house on the market for three months is not necessarily a better bet than someone who is just about to put their house on the market. The newer seller could sell their home quicker than you expect putting them in a much better position to buy your home. Be open and let as many people view as possible as this will increase your chances of selling your home.
Contact Foden Property For Your Expert Valuation
We hope you have found the above answers useful with helping you to decide if 2024 is the year you decide to sell your home.
Please don’t hesitate to contact us by phone or email if you have any other questions you would like us to answer. Or if you have already made the decision to sell and would like to receive an evidence-led, knowledgeable valuation, then please get in touch!