With British property prices rising at their fastest rate since 2010, individuals who are looking to sell their home face a deceptively difficult challenge if they are to achieve their goals. You would think that rising property prices reflect increasing demand and that would be a good thing, however, there may come a point in the near future where first time buyers are priced out of the market, putting a cap on prices. This would not only create widespread stagnation but also impact heavily on the wider economy. This is something that economists are hoping to avoid, especially with Britain currently embarking on an upward growth trend.
In the U.S. according to Realtor.com housing prices are up 6.4% nationwide compared to a year ago and the number of days on the market is declining, meaning that homes are selling faster with sales performing much better compared to the beginning of this year. Some areas are up considerably more with some areas of California up 30% or more.
With this in mind, It is always easier to sell when demand is increasing and prices are rising. Here are some tips to help in executing a quick sale:
- Understand the Importance of Curb Appeal: Curb appeal is a well known phenomenon in the real estate market, and it refers to the enhancement of your properties exterior in a bid to make it more alluring to potential buyers. This is crucial as it helps to form a good first impressions of a potential buyer, as they evaluate your home against others they have seen within the surrounding area. By embellishing your front lawn and the front exterior of your property, it is possible to add value to your home and generate interest. Conversely, a poor first impression can turn off a potential buyer who might absolutely love the interior of your house but refuse to look at it because of a bad first impression. Also: 21 Ideas to boost your curb appeal.
- Partner with Knowledgeable Industry Experts: Whether you have experience in the property market or are still a novice, it is important to seek out professional guidance where necessary.Â
- Establish a Fair and Competitive Price Point: Selling a home is akin to selling a product, as it is important to determine value in line with costs and market demand. While it is not wise to sell a property for less that you originally invested, for example, the price that you set must reflect the existing level of demand and the state of the wider property market. If you fail to achieve this, you run the considerable risk of either incurring negative equity on your mortgage or pricing potential buyers out of the market. Remember, while a quick sale may be important to you, it will mean little if you are left with substantial debt and a poor credit score.
The Last Word
If you are looking to sell your home in the current market, your best chance may lie with a quick and efficient transaction. If you absolutely need to sell your home quickly due to a financial emergency or a job transfer you might consider a company that works primarily with individuals who have encountered financial issues and face foreclosure on their home, so their capacity to engineer a quick sale may prove invaluable in the current marketplace.
See Also:
- Update on the Real Estate Market
- Sell My House Quickly
- Choosing a Real Estate Agent
- House Hunting Tips For New Families
Resources:
“Ben’s First Family Home” by Jennifer Morrow on Flickr
