Selling Your Home in an Economic Downturn
What with one thing and another – mainly Brexit, Covid, the war in Ukraine and the ‘mini budget’ introduced during Liz Truss’ brief period in office – the last few years have been somewhat turbulent for the UK’s finances.
As a result, we have seen a weakened economy, rates of inflation not seen for generations, higher mortgages, lower house prices and people with less money in their pockets and without the confidence to commit to long-term financial decisions. Not to mention banks and building societies being less willing to lend at the levels they previously had been doing.
If you’re looking to sell your house under these circumstances, it can all look like the worst possible set of circumstances. But don’t despair, because with a bit of planning, making the best use of the tools at your disposal and engaging the services of reliable and professional estate agents, it is still possible to come out the other end on top.
This month, to help you through these difficult times if you need to sell your home, we’ve put together a brief guide to selling a property in an economic downturn.
Remember that prices are going down for buyers as well as sellers
If you’re selling your home in order to buy another, don’t get too hung up on the fact that your home is suddenly worth less than you had been hoping for, because where you’re losing out as a seller, you might well be gaining as a buyer.
Yes, some areas are performing better or worse than others, but overall the general trend across the country is going to be similar, so the news shouldn’t be all bad.
Present your home in its best light
With fewer buyers around, it’s more important than ever that you do everything you can to catch their attention and stand out from the crowd. At the same time, don’t waste money making upgrades and improvements that may not be to the taste of others. If there’s something you think is worth doing that might add value, make sure your viewers’ attention is drawn to that potential.
Decluttering your home before putting it on the market has been shown to be one of the best ways of making others see your home in a positive light. Not only does it give the impression of being larger than might actually be the case, but having less furniture and less junk lying around also makes it much easier for viewers to assess how they might fit their own belongings into the space.
Be realistic about your selling price
Remember that – unlike the professional valuers at Robert Ellis – not all estate agents are going to be completely honest when it comes to their valuations. Some might give a lower price than a house is worth to try and get a quick sale with the least amount of effort, while others will overinflate their valuations to make homeowners think they’re going to get more from the sale than is realistic.
We’re used to shopping around when we’re looking for our next home, but it can be just as important when selling. So do your research into recent sales in your area to get a good idea of what your house might be worth before inviting anyone in to provide a valuation.
Make the most of modern tools to reach the widest possible audience
Don’t be afraid to try different things to bring people’s attention to your home. Social media isn’t just about funny cat videos and pictures of your dinner – you can also use it to promote your listing, especially on platforms that are predominantly visual in nature. If you have plenty of friends and followers in the right area, it should be relatively easy to reach lots of potential buyers.
Sites like Rightmove, Zoopla and onthemarket.com will be drawing in the active hunters, but the vastly bigger numbers on social media give you the chance to be seen by people who may not even know they’re ready to start looking for their next home yet.
Use a reliable estate agent with proven local knowledge
Choosing the right estate agent can be half the battle when it comes to selling a house. Someone who will not only give you a realistic valuation (as already mentioned), but will also understand the local property market, be prepared to take the time to give you practical advice and have the reach and nous to get your property in front of as many genuinely interested pairs of eyes as possible.
In the same way that you should do your research on house prices, it’s also well worth taking the time to research potential estate agents. By reading their reviews, finding out what proactive steps they are going to take to sell your property, and seeing how well they are showing off other homes they’re trying to sell will all give you an idea of whether they are to be trusted to do a good job.
Here at Robert Ellis Estate Agents, we’re proud to be Nottingham’s Number 1 Estate Agent. Despite the economic downturn the country has been experiencing, we’ve continued to have a high turnover of properties across all the areas we work in, from Arnold and Stapleford to Beeston and Long Eaton.
Discover why we’re so trusted by sellers across Nottingham by getting in touch with our friendly and experienced team today.
