If you’re planning to put your home on the market this fall, now’s the time to don your helmet and pick up a paintbrush.
The problems increase for those who want to sell. Halifax says an average of £7,500 has been wiped out of the value of a typical British home over the past year.
Realtors like Winkworth are reporting a 20 percent drop in home sales since January and about one in three deals fall through, usually because a buyer can’t get an affordable mortgage.
So with that in mind, ditch the sun lounger this summer. Instead, get your house in order, literally, to put yourself in the best position to sell in this fall’s hyper-competitive market. Here’s your ten-point to-do list…
Slump: Halifax says an average of £7,500 has been wiped out of the value of a typical British home in the past year
1. Check every room
The number of monthly home sales has fallen sharply this year. Government data shows that 74,360 homes and apartments were sold in May – 25 percent less than in May 2022.
So make sure you work on making your home stand out by assessing what needs to be done room by room.
2. Do chores
“With mortgage and building costs rising, buyers are looking much more closely at condition and supply,” said Catherine Merrett of West London estate agency Antony Roberts.
“So make sure all your maintenance jobs are done and your home is tidy, updated, and thoroughly cleaned.
‘If buyers get the impression that a home is not being properly cared for, they should stay away or make a lower offer.’
3. Fall colors
We are approaching the season of gold and yellow and so, if you need to repaint a room or hallway, get into the seasonal mood.
4. Remember outside
“Give your lawn and garden some TLC. Autumn can be a tough time for the outdoor area, with grass looking a bit sad, especially after hot, dry weather,” advises Clare Coode of Stacks Property Search.
“Create seating areas and quiet contemplation, jet-wash terraces, restart fading pots, add gravel to pathways and introduce solar lighting, pretty pillows and throws. Gardens sell houses in spring: why not in autumn?’
Green scene: Giving your garden or outdoor space a good makeover should bring great benefits
5. Find an agent now
Don’t wait until September to instruct a real estate agent, even if they don’t list your property until you’ve finished your preparations.
Choose your agent based on answers to these questions:
- How long does it take on average to sell a house?
- How many have you sold in the past three months?
- Are most of your homes selling at the asking price?
- What is your real estate marketing strategy?
- Are you in a formal trading organization like Propertymark, which is a clear indicator of quality agents?
6. Sort paperwork
“Now is the time to instruct a lawyer and get the sales package ready,” says Josephine Ashby of John Bray Estates.
“It can take a while to complete all the administrative tasks associated with a sale, including finding documents and filling out forms, so start early. Be organized. Time kills many transactions.’
7. Be sensible with mortgages
If possible, overpay on your existing mortgage. If you have savings that pay meager interest, use it to pay off the mortgage.
“By paying off, you may get a better rate when you close a new deal,” advises Mark Harris, CEO of mortgage broker SPF Private Clients.
“Speak to a mortgage broker from around the market to find out what your borrowing potential is and what rates are available. That way you get a better idea of what you can afford to buy after you’ve sold.’
8. Get eco-wise
Sara Ransom, another real estate agent with Stacks Property Search, says, “Get an energy performance certificate as soon as you think about selling.
“If the rating is D, make changes that take it to C and get a new rating – EPCs last ten years.
“Buyers are very wary of ratings below a C, so investing in this is a priority.”
Use this website to find an energy assessor: gov.uk/get-new-energy-certificate.
9. Don’t inflate the price
Let your broker advise you about the asking price. The same goes for the auctioneer if you go that route.
Currently, a quarter of all properties listed on Rightmove or Zoopla have discounted prices – if they were at the optimal price from the start, they may have already sold.
When a real estate agent gives you a suggested asking price, ask them how they arrived at that amount. Do not accept a ‘finger in the air’ estimate.
10. Short-term rent
It sounds drastic, but research what you might do if you get a buyer who will only go through if they can move in quickly.
Turning them down can be disastrous, so make sure you have a plan before you’re put on the spot.
Being willing to move and rent can be the difference between losing the buyer and closing the deal.