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Tips For Selling Your Home In A Challenging Economy

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Tue 06 Dec 2022

Tips For Selling Your Home In A Challenging Economy

It's no secret that the economy has been in a slump for the past few years. The housing market has taken a particularly hard hit, and as a result, many people are finding it difficult to sell their homes. If you find yourself in this situation, don't despair! There are still things you can do to increase your chances of making a sale. Here are a few tips:

Price It Right

In a buyer's market, it's especially important to make sure that your asking price is in line with comparable properties in your area. If you price your home too high, you may end up sitting on the market for months or even years without getting any bites. On the other hand, if you price it too low, you could end up leaving money on the table. Doing your homework ahead of time will help you determine the right asking price for your home.

Stage It Well

First impressions are important, so take some time to stage your home before putting it on the market. This doesn't necessarily mean that you need to spend a lot of money; simply decluttering, depersonalising, and doing a deep clean can go a long way towards making your home more appealing to potential buyers.  You may also want to consider hiring a professional stager if you feel like you need some extra help. 

Use Professional Photos

Most buyers start their home search online, so it's important to make sure that your listing looks its best. Hire a professional photographer to take pictures of your home; they will know how to showcase its best features and make it look more appealing.  You should also make sure that the photos are well-lit and free of any clutter or personal items. 

If you're selling your home in today's economy, there are two things you need to keep in mind: price it right, and make sure it shows well. By following these simple tips, you'll increase your chances of making a successful sale.

Market analysis carried out by House Buyer Bureau suggests the number of homes reaching the market for sale across Britain has risen 16% versus six months ago.

Chris Hodgkinson, Managing Director of House Buyer Bureau, commented: “We’ve seen numerous indicators that the market is running low on steam but this is yet to deter the nation’s home sellers, who have continued to flood the market to an even greater extent than six months ago when the pandemic property market boom was still in full swing. Of course, many are doing so in hopes of securing a buyer before the current cool in the rate of house price growth materialises into an actual decline. However, we’ve already seen the level of buyers entering the market start to dwindle as a result of increasing mortgage costs and so they may well find it tougher than expected to secure an offer on their home.”

Chris Hodgson concluded by saying; “So not only are we seeing more homes listed for sale, but there’s also less buyers looking to purchase and when you consider these two factors together, the likelihood is that this surplus for sale stock will actually help accelerate a drop in house prices.”

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.