Mistakes sellers make in the property marketfjpinvestment
There are many mistakes sellers make in the property market, largely fuelled by the mixed emotions it brings to most. The excitement of selling property at a great price is a high, but the fear that you will not find a buyer is the obvious low.
However, these fears can often be mitigated if you know what you are doing when selling property. Many sellers fall into common traps that hinder their chances of a sale. Below, we discuss the common mistakes sellers make in the property market and what can be done to improve your chances of selling property in this turbulent market.
Do not over personalise
Many sellers fall into the trap of making the property ‘feel like a home’, but this is not always the best thing to do.
Sellers often prefer to visualise how they can use a space to fill with their own possessions. Having a house of flat that you are trying to sell full of your items, particularly when the property is over personalised with pictures or unique furnishings as an example, sellers are less likely to purchase.
When selling, be sure not to over-personalise the property. Make sure to remove any clutter to make the rooms feel larger, keep the furnishings and walls in neutral colour palettes and keep the place looking minimal. A blank slate is preferable to a prospective buyer as not everyone will share your taste.
The house should be spotless
Having done a spring clean on the property and cleared out the clutter, your next step is to clean the property spotlessly.
Any scuffs or marks should be remedied to start with. Chances are as you clear out your possessions before the clean, many scuff marks on the floors and walls will be apparent that you may not have noticed before. This is a very easy thing to fix but can have a huge impact on your selling price.
High impact rooms, notably the kitchen and bathrooms should be shining. Removing the limescale and buffing the taps will make the rooms look newer than they are. The floors should also be cleaned and buffed, plus the smell of good quality cleaning products, mixed with air fresheners will make the house smell fresh.
Utilise outdoor space
The lockdown that came into force across the UK, and most of the world for that matter left many people feeling confined in their property. The result is that searches for property ‘with a garden’ increased hugely, with agents saying demand is rocketing for property that has outdoor space.
If you are selling and have a garden or any outdoor space, you need to make sure this is not only kept tidy and clean but used as a selling point.
It costs very little to neaten up an outdoor area. Add some plants, grass and even a small amount of outdoor furniture without making the area feel cluttered to add value to the home. The initial cost will be offset by the increase in value of the home.
The average time it takes for a seller to sell is roughly two months with a further month to three months for the completion to go through. Many sellers knee-jerk if their property is not attracting viewings within a week or so and worry that they have priced the property too high.
True, you need to be realistic with the price you can sell for in the current market. House prices on average are down from the start of the year due to the ‘freeze’ we saw in the property market, with deals falling through and the wider economy suffering. Patience is key though.
If after a month or two you are not having many viewings, check to see if the price is competitive for the area. Alternatively, new pictures could be used to show off the house more. If you are attracting viewings but nothing further, see if an agent has any feedback and be proactive in understanding why the house is not being snapped up.