Autumn traditionally lifts the property market out of its summer slumber.
Around a third of the homes listed for sale each year go on the market in autumn, as would-be movers dream of being in a new home by New Year.
But this year’s “back to school bounce” was one-sided. Lots of sellers, not so many buyers. Rightmove data shows the number of homes for sale is at a 12-year high, while demand from buyers is down 9 per cent compared to this time last year.
Some would-be buyers have been put off by the rising cost of borrowing, others by uncertainty about what this week’s Budget might bring.
Once the Budget is out the way, some of that suppressed demand will be unleashed. People who need to move, whether for work or to downsize, should start househunting in earnest.
For sellers, this could mean a brief window of opportunity: finding a buyer in the seven or so weeks before the Christmas shutdown needn’t be mission impossible.
But selling in a buyer’s market is tough. If you’re serious about selling, it’s reality check time. You’ll face intense competition, you’ll need to price your home carefully and you may have work to do to make it more attractive to potential buyers.
The price has got to be right
The first step is to acknowledge that your home may not be worth as much as you aspire to. After all, every home is only worth what someone is prepared to pay for it.
Don’t let your emotional connection to your home cloud your judgment when it comes to setting the price, and try to put yourself in the mind of a prospective buyer as they view it on a property portal and compare it to other places nearby.
Right now buyers are spoilt for choice and this is not the time for sellers to “test the market” with an ambitious asking price. Start too high and you may struggle to get viewings, let alone offers.
If your house languishes unsold for months, prospective buyers might start to assume there’s something wrong with it – forcing you to reduce the price. So being overly ambitious at the start can backfire, potentially causing delays and yielding a lower price in the end.
Human nature is to regard your home as better than the comparable places for sale nearby – and to then ask for a slightly higher price. But doing the opposite can sometimes work; listing your home at slightly less than your competitors can make it stand out and attract viewings that lead to offers.
Remember, not all estate agents are created equal
Picking the right estate agent can mean the difference between selling your home quickly and months of anxious waiting as it goes “stale”, sitting unsold on the shelf.
Interview several competing agents but don’t judge them solely on the commission they charge, or the valuation they give your home. Picking the agent who gives the highest valuation might even be a risk in the current market; focus instead on how tenacious they will be to get a sale and how their valuation compares to those of similar properties nearby.
Agents who are proactive and demonstrate clearly all the steps they’ll take to sell your home are the most likely to get you the best deal.
It also helps if they’re part of a professional organisation like Propertymark, as this is a sign they have suitable qualifications and provide a high standard of service.
Clear the clutter and clean, clean, clean
Some of the most popular pages on my Move iQ website are those giving tips on how to prepare a property for sale. They’re more important than ever right now, and you will need to roll up your sleeves to make your home stand out from the crowd.
Outside, you can optimise kerb appeal by giving the front door and railings and fresh coat of paint. Check the gutters and clear the front garden and any paths.
Do a deep clean inside, so your home looks and feels fresh – with no pet smells. Most buyers decide whether or not to make an offer after spending only 10 minutes in the property. You need to make that time count, and ensuring your home is sparkling clean is the first step to impressing potential buyers.
Remove any knick-knacks, photographs and other personal items that make the home look cluttered. Potential buyers will want to imagine themselves living there, and it’s hard to do that if the property looks a little too lived in. That’s not to say you need to depersonalise, but removing clutter and making everywhere tidy will get every viewing off to the best possible start.
Once your home is in tip-top condition, try to get the sales photographs taken before the days get darker and wetter. This can be tricky at this time of year, but your agent should be a pro at making your home look as good as possible in the photos.
Paperwork matters as much as paintwork
Around a third of property sales collapse part-way through, often when buyers discover problems or get cold feet.
Make sure you gather together important documents like planning consents, building regulations completion certificates, roof and window guarantees, boiler servicing records and party wall agreements. Having them to hand can help you reassure buyers and their conveyancers before niggling questions become an issue.
If you’re selling in order to buy somewhere else, sort your purchase paperwork too. Getting a confirmed mortgage offer as early as possible indicates that you’re keen to move, and so may encourage your buyer.
Go the extra mile
Finally, be flexible to accommodate a buyer’s timetable. You could do this by telling your estate agent that you’re willing to rent temporarily if a buyer needs to move before your own purchase is lined up.
It sounds a hassle, but it could help you seal the deal.
Your agent may have a lettings team that can find you a temporary rental if needed. Moving into rented accommodation would also make you a chain-free buyer, and thus more appealing to whomever you purchase from.
Agreeing a sale before Christmas will require a lot of work. But thousands of sellers will manage it, and if you’re one of them you’ll have a lot to toast with your turkey.
Phil Spencer is a property expert and co-presenter of Channel 4 show Location, Location, Location. He is also the founder of Move iQ