How to sell in a slowing property market
After a period of record-breaking property prices and sales growth, there are signs that the buying and selling peak may have passed and a slowdown has started. If you’re planning on selling your home this year, Move Place’s guide explains what the slowdown means for you and how you can still achieve that ‘sold’ board.
What is causing the slowdown?
Global financial pressures are fuelling the slowing of all markets, not just the property one. Aspects including mortgage interest rate rises, more expenisvefuel bills and the cost of living crisis are making people re-evaluate their outgoings and financial plans. In turn, homeowners are more cautious about moving or making a bigger financial commitment.
What does this mean for property sellers in 2022?
Research from Zoopla – just one of the property portals where Move Places lists all of its properties for sale - suggests that while house prices may not fall, it expects buyers will no longer compete with each other to pay the high prices that have been seen over recent times. This will lead to fewer sales in the future and slower house prices growth.
Zoopla also suggests that if you are planning to sell, to act quickly while demand among purchasers is still strong, and while buyers can still secure favourable mortgage rates.
5 tips for selling a property in a slowing market
- Get sale-ready: cast a critical eye around the whole property and identify any areas that need work. Redecorating, fixing anything that’s broken and revamping outdoor spaces before marketing will ensure your property ticks the boxes of finickity buyers.
- Present it well: decluttering your personal items to create a blank canvas will make it easier for buyers to visualise living there but an element of ‘staging’ will also help. Dress your home with fresh flowers, coordinate accessories, and ensure curtains/blinds are open before any photos are taken or viewers arrive.
- Price it right: in May 2022, Zoopla found that sellers were having to slash the asking price of their property by an average of £22,500, indicating that values have peaked and buyers are no longer prepared to pay over the odds for a property. A slowing property market demands realistic, genuine pricing – something that Move Places can help you with.
- Exceptional marketing: make sure your agent takes professional-quality marketing photos to really show off your home – it’s a service Move Places offers as standard. Professional images have been shown to generate up to 118% more online views and sell homes faster.
- Opt for the right agent: choose an agent with a good database of qualified buyers so that the moment you sign up with them, your home can be shared with people who are ready, willing and able to buy. This can dramatically increase the chances of selling property fast and getting the best price for your home.
Sell with Move Places
Remember that properties will still sell, especially if you have the right agent on board. Move Places advertises on all the same portals as High Street agents but, thanks to its industry contacts, it also holds a unique database of buyers and investors that puts us in a strong position to sell any property. And did we mention our fees will be lower than those advertised by High Street agents?
Get in touch today for sales advice tailored to your local market conditions and how fast you need to sell, or start with a free online valuation.