There is no doubt that we are living in rather troubled economic times. Now that the Brexit vote has been passed, many London property owners are wondering if the economy is soon to enter into bearish territory. In fact, firms such as Hermes Investment believe that we have already entered into this environment. Assuming that this is the case (or that a bear market is just around the corner), what are some ways you could speed up any home sale? Let us take a look at some top house selling tips.
House Selling Tips in a Bear Market: What You Need to Know
The first (and arguably most important) area to address is the predicted fall in London housing prices. Whilst no one can be sure how far prices might drop, many firms are predicting tough times ahead. Respectable speculators such as finnCap predict up to a 20% drop in houses prices by the summer of 2017. So, if you’re a seller, you’ll need to take such predictions into account during any valuation. Not only must the asking price reflect market sentiment, but it will also help to satisfy what could prove to be the very conservative outlook of the potential buyer.
The Cold, Hard Facts
Speculation aside, Halifax has recently released a report observing that housing prices in London fell by a single percentage point immediately following the Brexit referendum. We may already be feeling the effects. However, fear should never supersede logic and pragmatism. The very same house selling tips in even a mild bear market will still apply now. A handful of tried-and-true suggestions include:
- Understand the current prices found within the housing market index for your specific location.
- Try to find an estate agent with the most agreeable fees.
- Minimise your spending on large home improvement jobs such as remodelling a kitchen or improving an existing extension.
On a final note, it is wise to speak with a number of different estate agents to find one with the best terms and conditions. Another option (perhaps suited for a number of quick sale needs) is to choose a third party such as Molae Properties who are able to offer a rapid turnaround while avoiding estate agents and property chains entirely.
Knowing the Competition
It’s no secret that no matter what the state of the economy, one of the top house selling tips is to be completely aware of your competition. This is even more relevant when a bear market seems to be looming just around the corner. Underpricing a property by as little as a thousand pounds could make it appear as a bargain for those who are on a limited budget. This is also quite relevant, for it is unclear just how far the London property market will fall.
Whether the Brexit will cause just short-term woes or if we are in for a recession for the next five years is still unclear. What is currently clear is that investors and buyers alike are already taking a very cautious stance. These suggestions can help to speed up a property sale even if the mood continues to sour.