Should I Buy a House or a Flat?
The age-old debate between buying a flat (apartment) and a house continues to be somewhat of a dilemma for homeowners. Each option comes with...
Selling a house can be a stressful time, particularly when you feel the urgency to sell quickly You may need to sell quickly for various reasons, from a job relocation to financial constraints. In this blog, we’ll explore strategies that will hopefully help to sell your house quickly and highlight the pros and cons of […]
09 October 2023
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Selling a house can be a stressful time, particularly when you feel the urgency to sell quickly You may need to sell quickly for various reasons, from a job relocation to financial constraints. In this blog, we’ll explore strategies that will hopefully help to sell your house quickly and highlight the pros and cons of each method you can choose to get that house sale.
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Before diving into the strategies, it’s crucial to determine your timeline. Ask yourself how quickly you need to move and if you need to move at all? Understanding how quickly you need to move will guide your decisions and help you choose the most suitable approach. Remember, sometimes houses can sell quickly using traditional methods, so make sure you fully understand how long it takes to sell a house, but don’t rule them out straight away.
It may be that you are sick and tired of the lack of space but have enough equity and land to build an extension. By remortgaging, you could release funds from the equity in your property without the need for a fast home sale. Remember that moving brings with it additional selling costs, so always weigh up what is the right option for you.
If you prefer to maximise your property’s value, selling at market value is possible with the right strategies and by making sure you know how to prepare your home for sale. This method involved using a traditional agent and ensuring your home is in tip-top condition, staged effectively, and that you are working with a proactive estate agent who has experience in achieving quick sales. The current housing market can also heavily affect this, so pay attention to what is happening in the market at the time you want to sell.
One of the fastest ways to sell your house is to consider cash buyers. Cash-buying companies specialise in quick transactions, often completing a purchase in less than a month. These companies usually perform a desktop valuation of your property and make you an offer based on recent values. This offer could be anywhere up to 20-30% lower than market value, so be prepared for this. However, while you may receive a slightly lower offer compared to the market value, you will achieve a quicker and more convenient of the sale.
Some companies offer assisted house sale programs where they provide upfront cash for your property to help you buy your next home then sells your old property as quickly as possible. Landlords wanting to achieve a quick sale of a property will often use this method when needing to sell properties with tenants in place.
Quick sale agents specialise in speeding up the selling process. They typically have a network of buyers ready to make quick purchases and may offer cash purchases and assisted selling as well as open market listing. Using a quick sale agent can be beneficial, but remember, the price you will achieve is likely to be up to 20% lower than the market value.
Auctions can lead to quick sales, especially if your property is in demand. Auctions create a competitive environment that can drive up the selling price. Furthermore, once the auction is complete, the buyer has to pay a deposit immediately and typically has a month to complete the purchase. This can be a preferred option for properties needing some TLC, which may be overlooked by a typical buyer. However, it’s important to note that auction success is not guaranteed, and there may be associated fees. There are two main types of auctions:
This is a live event where registered visitors bid in person. The winning bidder pays a 10% deposit on purchase, and the sale must be completed within a month. The properties going to auction are usually advertised on the auctioneer’s website and property portals. The winning bidder pays a non-refundable reservation fee and has a month to complete the purchase.
This is a bit like Ebay for property. It is an online-based approach for selling property that blends traditional auctions with private sales listings. People interested in buying a property bid through an online bidding platform open for a set period, usually 30 days.
If you’re planning to buy a new home, consider part-exchanging your current property with a new home builder. This arrangement can lead to a seamless and speedy sale and can mean you have less pressure to move out of your existing home while your new home is being built. The developer will usually get independent estate agents to value your property and then make an offer much lower, to ensure they are not left out of pocket when they sell your home.
There are 2 things that will entice a buyer, presentation and price. Competitive pricing is key to a swift sale. Pricing your home slightly below market value can attract more buyers. This is where research is key. Doing online research into similar properties that have sold in the nearby area can help you to price your own property accordingly. If your property has been on the market for some time without interest, the first step is to speak to your estate agents to see if there are any steps that you can take to increase interest. It may be that you will need to consider reducing the asking price to generate renewed interest.
If your current estate agent isn’t finding you any buyers, first ask for feedback and some insight into why there may be a lack of interest, but it may be that you are unhappy with the level of service provided by the agent and want to consider switching to a different company. Every agent is different, and a fresh perspective and a proactive approach from a new agent can rejuvenate your listing.
To increase your property’s exposure, you can hire more than one estate agent to increase the number of potential buyers, and this may even spark a bidding war, leading to an even better outcome. Each agent has its own network of buyers, which means your home may be presented before a wider range of potential buyers, potentially leading to a quicker sale.
In conclusion, selling a house quickly requires a well-thought-out strategy tailored to your specific needs and circumstances. Whether you opt for a cash sale, employ quick sale agents, or explore alternative options like auctions or part-exchange, understanding your own goals is the first step toward a successful and speedy sale. Check out our comprehensive step-by-step guide to selling a house for more details on the entire process.
Here’s a breakdown of the expenses you may encounter during your property-selling journey:
For an estimate of costs of an average home, see our costs of selling a house blog.
It may be that you can rent your property out and move out, instead of selling. If you wanted to rent your property out, you could ask your lender to agree to a ‘consent to let’, which is a formal, written agreement between you and your mortgage lender, giving you permission to rent out your home for a short period of time. If you want to rent your property out long term, you can later look to switch your mortgage deal to a buy-to-let.
Traditional auctions usually charge about £500 upfront, and around 2% of the property’s selling price, plus VAT, and this is payable upon exchange of contracts. For the modern method of auction, fees are usually between 3% and 4% of the selling price.
The best time to sell a house is typically spring when the weather is warmer, and more people want to venture out and view properties. It is also typically a time when people embrace change. Winter months result in a quieter market, with the weather impacting the desire to go out and view and people being busy with Christmas.
From mortgages and insurance to viewings, offers, exchange and completion, our Buyers’ Guide will take you through everything, step by step, from start to finish.
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