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Worries about energy prices, double-digit inflation, strikes, war and a new government – there’s a lot going on right now and it’s all starting to undermine the confidence of sellers and buyers.
The market is still robust, with Halifax reporting this month that house prices are 11.5 per cent higher than a year ago, and the average home now costs a record £294,260.
But some potential sellers are not convinced and believe it is better to wait until spring to see if buyer confidence returns.
Wait: Housing market remains robust, but some would-be sellers are unconvinced and think it’s better to wait until spring to see if buyer confidence returns
Of course, the stamp duty cuts announced by Prime Minister Liz Truss and Chancellor Kwasi Kwarteng may change some minds.
But research from savings website VoucherCodes shows that rising costs have forced 11 percent of all potential buyers to delay for at least a year.
And a separate Nationwide Building Society survey says seven out of ten potential first-time buyers put their plans on hold for at least several months.
So if you’re looking to sell and avoid putting your home on the market for months, it might be best to spend the next six months trying to get to the top of the market by 2023.
Here are our ten best tips…
1. Take top quality photos
Choose your real estate agent now and make sure that they take pictures of your home as soon as possible while the weather is still relatively nice.
Then it will look its best no matter when you decide to list it – and you can choose to start marketing at short notice if the conditions are favorable.
2. Help your buyer
“Create a package with everything you can to reassure buyers and avoid delays,” says Clare Coode, an agent at Stacks Property Search, a buying firm.
“This should include, for example, a certificate for your wood-burning stove, current electricity certificates, building permits, building codes, property information on boundary walls and documents relating to access and rights of way.”
3. Arrange a mortgage deal
With interest rates on the rise, and commentators are likely to rise for another 18 months, it basically makes sense to take out a competitive multi-year fixed-rate mortgage.
But many of these deals have to be done within a few months, so make sure you’re able to buy before the deadline.
4. Increase energy efficiency
This is an important point for buyers, even after Liz Truss introduced a financial package to ease the burden of increased energy costs.
“Double glazing, improved insulation, or a new boiler can be accomplished in a matter of months and would increase both the appeal and asking price of your home,” says Phil Spencer, location, location, location star.
‘There are also solar panels, but they will not add enough value to recoup their costs in the short term.’
5. Update the kitchen
Consumer group the HomeOwners Alliance says the kitchen is worth more per square foot than any other room in the house, so it’s worth keeping it looking tip-top.
Spend the fall and winter redecorating the cabinets and redecorating the walls and floor.
But don’t retrofit a new kitchen – you won’t recoup the cost if you sell quickly and an installation problem can derail plans.
6. Be Competitive
Try not to pay too much attention to one house price index, but look at the general trend and be prepared to set a sharp asking price in the new year.
Many brokers say an asking price below your expectations will encourage rival buyers to bid against each other – good news for any seller.
And too ambitious a price can leave the home hanging on the market, especially during a cost of living crisis.
7. Try a neutral restyling
Clean up, of course – but do more than that. “If your interior is looking a little dated, decorate according to current trends,” says Alex Lyle, director of West London-based real estate agency Antony Roberts.
“But try not to be too ‘out there’ as this could put off some potential buyers. Likewise, if carpets are looking a little tired, consider replacing them or switching to wood floors.”
8. Brighten up the garden
‘Assess how badly the garden has suffered from the drought,’ says Josephine Ashby of John Bray Estates, a real estate agent in North Cornwall.
“Anything planted in the fall should bloom in the spring. Outdoor space is important, so doing anything to brighten it up will be rewarded.
Fresh gravel, a trellis to hide the eyes, dramatic pots and tidy furniture with pretty cushions are all easy to fix.”
9. Remember the lights
‘Swap old halogen lamps for LED fixtures,’ says Emma Barkes of Stacks Property Search. ‘These use 80 percent less energy to produce the same amount of light.
“Make the change early so you can demonstrate lower winter bills and also to give you time to paint the ceilings as the fittings will almost certainly be a different size.”
10. Complete Old Projects
There’s no excuse for pending repairs if you have six months to get them done, but remember that it may take longer than you think to get a mechanic.
Maintenance company HelpmeFix says it typically takes four weeks to get a mason or roofer, and at least a week to have a plumber do a routine boiler check.