Updated: August 2023
Selling a house is never a simple task; it gets even more challenging when you're looking to sell your house fast in a slow market that is struggling.
So how do I sell a house fast in a slow market?
Below, we'll dive into some of the best tips and tricks & expert advice to help you achieve a quick house sale!
Did you know that the average house price in the UK housing market has steadily increased since 2013? In January 2022, the average cost of a home in the United Kingdom was £274,000, marking a 9.6% increase from the previous year!
Both over-pricing and underpricing are prime examples of how you can slow down a property auction. So whether you're selling a newer home or an older fixer-upper, it's essential to know your home's actual fair market value and the cost of other similar houses in the area.
This is especially important if you want to sell your house fast in a slow market.
Not only does knowing the market value for your property type help when it comes to setting realistic expectations. But it can also help you choose an appropriate asking price for your house.
Setting an appropriate asking price will help attract the correct type of buyers to your home, ensuring the property will sell faster, even when dealing with a slow market.
Speaking to estate agents can help you learn what similar properties are selling for in your local area. Be sure to contact an estate agent who is a member of The National Association of Estate Agents (NAEA).
Here are some tips on how to determine the right price for your house:
Research Comparable Sales: Look at recent sales of similar properties in your area. This will give you a good idea of the current market value of your home.
Consider the Market Conditions: In a slow market, there may be fewer buyers, and properties may take longer to sell. This may necessitate a more competitive pricing strategy.
Get a Professional Valuation: A professional valuation can provide an objective assessment of your property's value. This can be a useful benchmark when setting your asking price.
Be Realistic: It's natural to want the highest possible price for your property, but it's important to be realistic about its value. Setting an unrealistic asking price can deter potential buyers and result in your property sitting on the market for an extended period.
Be Flexible: Be prepared to negotiate on price. In a slow market, buyers may have more negotiating power, and being flexible on price can help secure a sale.
Remember, the goal is to sell your house, not to get the highest possible price. Setting the right price from the outset can help attract potential buyers and increase the likelihood of a successful sale.
If you want to sell a house quickly, you must ensure the property is as presentable as possible. After all, 82% of buyer agents believe that staging a property helps potential buyers visualize it as their future home.
Estate agents also believe that staging can increase the sale price by up to 10%.
The most important thing you can do is ensure that the property is clean and tidy inside and out. But you can also do a few other things to stage your home and help potential property buyers see themselves living in it.
For instance, we recommend removing as many personal items as possible, including family portraits and other personal memorabilia.
In terms of minor home improvements, a fresh coat of paint is another relatively cheap, quick, and easy way to make the home more appealing to potential buyers. On the outside, you should also ensure the lawn is neatly trimmed and that any garden beds you have aren't overgrown with weeds.
Gone are the days of listing your home for sale in a newspaper ad and waiting for the right people to see it. Today, you can market and sell houses directly to the right people in many different ways!
After all, it's estimated that roughly 97% of home buyers use the internet to search for houses for sale in their local area.
So, if you want to sell your house fast in a slow market, you should get a bit aggressive with marketing the property for sale.
Of course, if you're working with an estate agent, they'll take the necessary steps to list your home for sale on the market. But the online property market is another excellent option to help you sell your house fast.
In a slow market, effective marketing is crucial to attract potential buyers and secure a fair deal. With fewer buyers actively looking, your house needs to stand out from the crowd. Here are some tips on how to market your house effectively, both online and offline:
High-Quality Photos: Invest in professional photographer to showcase your property in the best light. High-quality photos are essential for online listings and can significantly impact a buyer's first impression.
Virtual Tours: Offer virtual tours of your property. This allows potential buyers to explore your home from the comfort of theirs, which is especially important in the current climate.
Highlight Unique Features: Emphasize any unique or desirable features of your property, such as a recently renovated kitchen, a large garden, or proximity to local amenities.
Use Multiple Channels: Don't rely solely on traditional estate agents. Utilize online property portals such as Home.co.uk, social media, and local classified ads to maximize your property's exposure.
To sell your property fast, you must ensure that potential buyers know about all the features that make your property stand apart from others in the same area. That being said, remember that some home features are more sought-after than others.
For instance, did you know that a completed laundry room, exterior lighting, and interior ceiling fans are among the most in-demand features potential buyers want in a new home?
So when listing your home for sale or speaking directly with prospective buyers, always focus on the property's most notable selling features.
If you're looking to sell a house fast, especially in a slower market, you must do everything to expedite the house-selling process. In other words, you must be ready and ensure that no loose ends might hinder the closing process.
You'll want to ensure that your mortgage payment is paid in full, that there are no outstanding balances, permits, or taxes past due on the property, and that there are no other factors that might delay completion dates.
Always remember that there are many market forces that house sellers can't control.
Negotiating offers is a crucial step if you want to sell your house quickly, especially in a slow market where buyers may feel they have the upper hand. Being prepared and strategic in your negotiations can help you secure a fair price for your property. Here are some tips on how to negotiate offers effectively. These tips can work whether you are negotiating with a real estate agent or a house buying company.
Be Prepared: Before you enter negotiations, make sure you are well-prepared. Know the minimum price you are willing to accept and understand the current market conditions. Research recent sales of similar properties in your area to have a clear idea of what your property is worth.
Stay Calm and Professional: House negotiations can sometimes be stressful, but it's important to stay calm and professional throughout the process. Avoid showing desperation to sell as it can weaken your negotiating position.
Be Flexible: While you should have a clear idea of the minimum price you are willing to accept, it's also important to be flexible. Be prepared to make compromises to close the deal, but also know your limits to avoid accepting an offer that is too low.
Consider All Aspects of the Offer: The highest offer may not always be the best offer. Consider all aspects of the offer, including the buyer's financial situation, the proposed closing date, and any contingencies included in the offer.
Respond Promptly: Respond to offers and counteroffers promptly. A timely response shows that you are serious about selling the property and can help keep the momentum going.
Seek Professional Advice: If you are unsure about any aspect of the negotiation process, consider seeking advice from a real estate professional or a solicitor.
In a slow market, buyers may feel they have more negotiating power, and it may be necessary to make some concessions to close the deal. Being flexible and open to negotiation does not mean accepting any offer that comes your way, but rather being willing to make reasonable compromises to facilitate the sale. For example, you may need to be flexible on the closing date or be willing to make some minor repairs before the sale. Ultimately, the goal is to strike a balance between being accommodating to the buyer's needs and securing a fair price for your property.
In a slow market, sellers often find that no matter how fast they can prepare and list their home for sale, it sometimes takes weeks or even months before adding the SOLD portion onto the sale sign.
On top of finding and meeting a good estate agent, showing the home to prospective buyers, and signing off on all the documents, there's also cleaning to be done, boxes to be packed, lawyers to contact, and a million other tasks that need to be completed before you can sit down and relax.
That said, even during a slow market, it's a FACT that houses still sell. And the good news is that it doesn't always take weeks or months to sell your property at the right price.
We're confident if you follow some of the tips we've listed above, they will go a long way in helping you sell your house for market value, even if the market is struggling!
Working with an estate agent is undoubtedly a great way to sell your house fast in a slow market. But estate agent fees can often put a massive dent in your profit, and going the traditional route usually takes more time than you'd like.
Fortunately, there's an easier way to sell your house quickly!
Housebuyers4u is a property-buying company that will buy your house fast, even in a slow market.
Of course, you always have the option to work with estate agents and wait months to find the right buyer for your home. But a cash-buying service is often the best choice for a fast sale when the market slows.
So why not get a firm offer on the table in 24 hours or less?
We are a genuine house buying company so if you're wondering how to make your house sell fast, you'll be glad to know that we offer a guarantee of completion, no estate agency fees, and we buy AS-IS with no questions asked, which means that selling your house fast is entirely hassle-free.