The latest statistics from the National Association of Estate Agents (NAEA) indicate that competition in the housing sales market is increasing. In March, the number of homes for sale rose while the number of house hunters fell overall.*
Mark Hayward, President of the NAEA said:
“The housing market remains volatile, despite the raft of measures announced by the Government in the most recent Budget. For this reason home sellers may rightly be concerned about securing a good price for their property.
“With demand remaining flat and competition rising, it is essential that sellers make the most of their property to ensure they have the best possible chance of securing a sale.”
To help potential sellers make the most of their homes the NAEA has the following tips:
• Seek an accurate valuation: With competition on the increase, it is crucial to ensure that the valuation placed on your home is competitive in current market conditions.
As well as potentially decreasing the chance of selling your home, an inflated asking price may result in mortgage providers refusing finance for would-be buyers if they believe the valuation is not realistic.
• Energy efficiency: As heating costs rise, many households are making their homes’ energy efficiency a priority. Despite the return of warmer weather, some buyers may use an Energy Performance Certificate (EPC) as a bargaining tool when looking to negotiate down the price of a property.
Taking simple steps such as installing draft excluders or improving the roof or boiler insulation are a few simple ways of improving energy efficiency before a sale.
• Show off your property’s best bits: In NAEA members’ experience, it is regularly the smaller and often overlooked factors which actually help secure a sale. Often clearing up clutter is one of the best ways of increasing the saleability of your home. Making sure that the garden is well presented and redecorating are also factors which are likely to improve the attractiveness of your home to would-be buyers.
An open day is another useful way of showcasing your home to several buyers at once, which minimises disruption and also presents a great opportunity to display your home at its best.
• Refresh, review and repair: If necessary, re-paint key rooms like the lounge and kitchen. Neutral decor generally appeals to buyers as they can project their own vision for the property on to this ‘blank canvas’. Cleaning marks from worn walls, re-grouting bathroom surfaces and replacing any broken fixtures can really help to perk up a property. It is also worth taking the time to ensure things like door bells and light bulbs function as they should.
If you have a viewing in the evening, think carefully about how best to light each room – while natural light is usually a good thing, too much artificial lighting can seem stark.
• Choose the professionals: When deciding on the estate agent to sell your home always use an NAEA member, who will be able to provide the knowledge and professionalism required to give you peace of mind throughout the sale process. All members are also signed up to the NAEA’s client money protection scheme.
Selling your home can often be a stressful experience, as well as the biggest financial transaction of a person’s life. An NAEA agent will be able to guide you through the process and provide their market insight to help inform any decisions you make.
