To get the maximum sale price, the optimum time for a house to be on the market is fourteen days – and the price received steadily decreases over time.
Homes sold after being on the market for two months only achieve 91% of the asking price, which can cost homeowners an average of £20,000. With a third of Brits planning to move home in 2023, the experts at We Buy Any Home explain the six mistakes your sellers are making when trying to sell their house.
Selling at the wrong time of year
Choosing the right time of year to list your clients home increases the chances of selling quickly. Research shows that March is the month that sees the most success. With Spring comes better weather, and more natural sunlight that will make a clients home look its best, after a grey and cold winter. Plants and flowers start to bloom, which increases curb value, and will make gardens and outdoor space more desirable to buyers.
The best time of year might also depend on the actual property. One or two bedroom flats are popular with young couples and first time buyers, and they might be more interested to buy in January and February, after being motivated to have a fresh start after the new year. Larger family homes might quickly in the spring or autumn, but may not do so well in the busy summer holidays, as families will have less time for viewings.
Asking price too high
Asking for too much is one of the top reasons a client’s home can sit on the market for longer than necessary. It’s important to know the realistic market value of the property – buyers will be comparing
it to other properties in the area so make sure you do too. It can be difficult to price it realistically, rather than how much you think it’s worth, but try changing your mindset from that of an advisor to a buyer.
Homes realistically priced in line with market values sell an average of fifty-eight days quicker than overpriced properties – and the longer it’s on the market, the less you’ll get, and seventy percent of interest comes within the first three weeks of a property being listed. Also, on average, overpriced properties can sell for £12,000 less than the asking price.
Not being prepared
Preparation is the most important thing for a quick sale. Make sure your client gathers all the relevant and necessary paperwork, ready for a speedy sale. Proof of identity is an easy one, but other documents might be harder to find if they are not so organised.
If your client bought the house within the last ten years, they’ll need their Energy Performance Certificate, and for new builds or properties under ten years old they’ll need their Buildmark or other new home warranty documents.
Gas checks need to be carried out by a Gas Safe certified engineer, and if the current homeowners have altered the wiring in the property since January 2005 they must, by law, obtain a Part P Building Regulation Certificate, which proves that electrical work meets standards, so your solicitor can pass it onto the buyer.
If the seller had new windows fitted since they bought the property, they’ll need to prove that they comply with building regulations with a FENSA or CERTASS certificate, and if they’ve made other changes to the property, they’ll have to show evidence that they’ve obtained proper approval with planning permissions, building regulation approvals and completion certificates.
Ideally, the client has kept all necessary documents together in a safe place but ensuring that you track them down before they’re actually needed can help speed up the sale and minimise delays.
Not tidying up
It takes only a few seconds to make a first impression, and the first thing buyers will see is the photos listed online. High-quality images, with plenty of natural light will help to attract potential buyers.
A house full of clutter can stop buyers seeing the full potential in the property. Even things like removing family photos when doing viewings can help buyers imagine themselves there.
If the client smokes in the house, encourage them to stop. Non-smokers, in particular, will be put off by a house that smells of smoke, so air out the property and remove ashtrays when doing viewings.
Tidy up outdoor spaces; you don’t need to do a full re-landscape but mowing the lawn and cutting back overgrown hedges can make the house seem much more desirable to buyers.
Painting walls a neutral colour can showcase your home in the best way, as it gives the impression of a blank canvas for buyers to create whatever they like.
Not accepting the best offer
When faced with multiple offers, it might seem that the obvious choice is to take the highest bid. But there are other factors to consider when choosing the ‘best’ offer. Advise your client on how choosing a buyer who doesn’t have a chain and is least likely to pull out, and be able to move the quickest, might be a better offer, even if their bid was slightly lower.
Your highest bidder could be a nightmare who is impossible to get hold of and pulls out at the last minutes because they don’t have the money to back up the offer, so take a minute to think about your options rather than automatically going for the top offer.
