Selling a house privately
Lethargic property prices, political upheaval and Brexit! The economic outlook at first appears uncertain however there is some good news if you look carefully. Selling a house privately is now a simple process.
According to Rightmove London prices in 2017 will continue to fall with modest growth elsewhere. The full report is available below. One possible reason could be that lifestyle choices are now influenced by technology so being in a physical location is not as important as it once was. In a global economy we are less exposed to the whims of a particular London borough.
Miles Shipside, Rightmove director and housing market analyst comments: “The price of property coming to market in 2016 is currently up by 3.4% compared to a year ago, so while a forecast rise of 2% in 2017 is a lessening of the pace, it would still be the seventh consecutive year of rising property prices. The report also states
“Supply is still tight with new property listings up by just 2%, and available stock for sale per agent down 5% and the Average time to sell Nationally stands at 67 days”
How long it will take you to earn the fees you pay on completion via traditional routes?
“If your property sells in less than a month was it too cheap? if you then pay £6,000 in fees perhaps ask yourself if you could have sold it yourself in the same time or a little longer”
Owners now have more choices. Faced with agency fees of 1.5% from traditional estate agents as well as legals fees plus VAT and projected property growth in 2017 of only 2% – owners could lose all capital appreciation in real terms. Selling a house privately gives you more time to prepare at a pace you are happy with.
Consider how the World has changed, we already buy shopping online, sell items on Ebay, Gumtree and give them away on Freecycle. Most of these transactions are done from the comfort of our homes on a mobile device in many cases.
Selling a house privately on this local property portal enables you to list your property and to promote it on social media or indeed anywhere at a very low cost.
Owners have always been able to sell their homes privately, some with more success than others. The Author of this article has never sold property using an estate agent but relies on their expertise and local knowledge to buy property.
If having tried Selling a house privately you can also select a local estate agent to assist in areas you may not have experience in.
An experienced Estate agent is worth their weight in gold.
Local knowledge and experience is invaluable. Agents add value by offering qualified advice on presenting your property and can assist with contractual terms once a buyer is found.
A Partial instruction may result in a partnership where they have buyers on their books looking in your area. A local estate agent can show your property to prospective buyers if you are uncomfortable doing so. A good agent will charge you for their time in helping bring your property to market. If you cannot find a buyer yourself then you may need to consider a full instruction.
When considering selling your home privately.
An affordable price will be a key influence in the time it will take to sell. Factors such as other similar properties close by that buyers can compare will also have an impact. When you see property selling in less than two weeks THREE things should be considered
1. Is Demand so high that a blind person could sell your property ?
2. Is Supply so low that almost “anything will do” for some to get a step on the property ladder ?
3. In a digital economy with the right tools should you sell it yourself to save the fees ?
In a sellers market, properties tend to sell faster because as there are fewer sellers and more buyers. When more buyer show interest the same home it can result in a bidding war also known as sealed bid. To benefit from this starting with a lower price to get buyers interest is a common ploy. Register here to list your property it will not go live until you approve it. http://ryebayproperty.co.uk/submit-property/
A sellers market
When the basics are in order it’s not unusual for a home to sell in less than a week.
A recent sale in Peasmarsh saw a property listed at £625,000 sell in less than 10 days although completion took a lot longer. The fees assuming 1.5% are £11,250 plus legal fees.
£100 would have seen the property listed until sold !
In a buyers market
A wide range of suitable properties will be available so buyers can take their time. Owners can protect their values by offering more value, more features or look at selling fixtures and fittings precluded from the description. In a buyer’s market, you are unlikely to achieve a fast sale. We are not in a buyers market.
Digital disruption is a forgone conclusion in the property sector
Widespread mobile device usage lets consumers make buying decisions, list and sell their homes and make offers from their lounge. Online conveyancing also helps to drive down the time taken from exchange to completion.
Every quarter we see more and more buyers migrating from high street to online buying. http://internetretailing.net/2016/12/european-online-sales-set-grow-11-year/
We can help you list your property on the local property portal.