Mortgage rates have been rising and are set to continue doing so it’s no wonder Google searches for ‘sell my home quickly’ have risen by 3,400% in the past two weeks.
The average time to sell a property on the open market is six to nine months, so I’ve put together some top tips for selling your home fast, to avoid the mortgage rate increases.
Sell the lifestyle, not just the house
Remember to advertise the local lifestyle, not just the specifications of the property. Simply saying that the house is in a great area isn’t enough – talk about local attractions, beaches, restaurants and bars, best schools, shops, museums.
Talking about aspects of the local community can inspire potential buyers to imagine their life there, rather than just thinking about what colour to paint the bedrooms.
Price your property realistically
An asking price that is too high is one of the main reasons your house could take longer than necessary to sell.
Potential buyers will compare your asking price to others in the area, so you should do the same.
Overpriced properties take an average of 58 days longer to sell than homes that are priced realistically, and a fair price will attract more interest – and could even create competition leading to selling for more than the asking price.
Also, be willing to negotiate on price
With the mortgage situation as it currently is, expect potential buyers to haggle. If you want to sell as quickly as possible, you might need to be more fluid with your asking price.
The longer your house is on the market, the higher the probability is that you’re going to have to lower the price to attract more attention, so be prepared to negotiate with potential buyers to avoid wasting time sitting on the market for longer than necessary.
Also remember the highest bid may not always be the best offer – someone who is chain-free and less likely to pull out might offer slightly less than someone else. But, this could mean the difference between selling now, and selling nine months from now.
Make the buyer’s future projects easierÂ
If you have room for an extension, or a loft that can be converted, applying for planning permission before selling your house can add value to the property and attract more interest.
It takes away the buyer’s question of whether planning permission could be granted if they requested it in the future, and they can visualise the space and value which can be added.
A house with planning permission already in place will stand out on the market a lot more than houses without it, so can encourage a quicker sale.
Kerb appeal + a clean house = more interest
Improving your kerb appeal can add significant property value and increase the interest you receive from buyers.
A fresh coat of paint on the front door, a tidy front garden and clean windows and windowsills can make the house look much more attractive to buyers scrolling through pages of properties online and entice them to take a closer look.
But make sure you tend to the inside of the home as well, not just the exterior – studies have shown that a dirty bathroom and kitchen would put off over 50% of potential buyers.
Terry Fisher is a property expert for We Buy Any Home
