12
Aug
A message to Serious Sellers
Nick Churton of Mayfair Office considers the
best moves a seller can make in the current market, in light of the
recent reports from institutions such as the RICS.
"It was all going very nicely really. Contrary
to expectations, the property market throughout last year and over
the first half of this year was rather good. The reasons for
this are now clear to everyone. Low numbers of available
property and keen cash buyers made for an active sellers’
market.
But all that has now changed. The end of
Home Information Packs ushered in a large number of speculative
sellers, encouraged by the promise of a demand-led surge in house
prices. Also those fortunate to be cash buyers or those only
needing very low mortgages were never going to be an endless
resource.
The result is a market loaded with
property. Added to which dwindling numbers of non-cash
buyers, many hampered by lenders’ very harsh lending
criteria, have become increasingly concerned by reports of
austerity, public sector lay-offs and the spectre of rising
interest rates.
This may seem gloomy but forewarned is
forearmed, and those that react quickly to the market will be the
winners. So what is a seller, who was expecting a quick sale
at a full price, to do with this rather sudden reversal of
fortune?
Two speedy actions are important to help along
a move before the New Year. The first is pricing. It is
now essential to price for viewers. Viewers mean buyers. No
viewers means no buyers. An unrealistic price will put off
viewers. Do not price for a miracle buyer – that is so last
year! Forget the practice of pricing above your reasonable
expectations because “people will make a lower offer if they
are interested” - not if they haven’t viewed they
won’t!
Second, to ensure that a property is the pick
of the bunch it must look the best it ever has. Cleaning and
de-cluttering should be carried out as though a sale depends on it
– because it does. Both these actions are easy and cost
free. Decorating and refitting a dated kitchen and/or a
bathroom to attract a buyer is more serious but in the right
circumstances can win a buyer and even return a profit.
Please ask your local Mayfair Office member if
you feel you would like fresh selling advice. Getting these
issues right now will save a great deal of time and money
later. If prices remain stable then the best-presented
properties will sell first. If prices are going into another
period of correction then the clock is ticking.
Either way we urge sellers to take some
affirmative action today."
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