With rising interest rates, home introduction packs, as well as the effect of Northern Rock’s recent difficulties, the housing market seems to be cooling in a number of areas.
The Telegraph recently reported that sellers in some areas are being forced to reduce the prices they are asking for their houses. In some cases, sellers are cutting asking prices by as much as 20%.
The newspaper contacted estate agents around the UK, and found that the market has “ground to a halt” in Leeds, Birmingham and Nottingham.
According to Mike Evans of Kent estate agents Ibbett Mosely:
“Even where deals are being done, we’ve had several buyers pull out at the last moment, because they have become afraid of higher repayments or that prices might fall and they are paying too much. All of this means that sellers looking for a quick sale on their houses are going to find this more difficult if they choose to sell their house by the traditional route.”
Selling through an estate agent can take a while anyway, recent research showed that this can take 16 weeks from listing the property for sale to completion, while there is always the risk, as mentioned above, that buyers will pull out at the last minute.
If you are looking to avoid this kind of hassle, or you need to sell your house quickly to relocate abroad, avoid repossession, or some other reason, then listing through an estate agent may not be the best answer. In any case, you may be forced to cut the value of your house anyway.
A property cash buyer like Molae Properties may be the best solution for you. Molae typically pays between 80%- 85% of the market value of your property, and you will also avoid paying estate agents and solicitors’ fees.
Molae can complete the deal within days, and save you a lot of the stress of selling your house via an estate agent.