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How to Beat a Slow Market

  • 5 years ago

If you hear about the market being slow, then you might feel it’s not worth putting your place up for sale at all. You might be worried that you’ll be stuck, waiting for viewings for months and then lowering your asking price to a level that just doesn’t work for you.

It doesn’t have to be this way, though. By following these tips, you can get ahead of a slow market.

Choose the best estate agent

Make sure you get the best estate agent possible. Ask friends and family for recommendations and comb through reviews. You need someone who’s proactive and who can offer something above and beyond the competition.

Have a reasonable asking price

Your estate agent wants to sell your place, so if they’re recommending a particular price point, it’s because they know it’ll work. They’re also going to take into account the prevailing market conditions, which may result in a slightly lower price than you hoped for, but if you’re looking to sell, you may have to accept this.

Realise that you’re in a cycle

So, your asking price is lower than you wanted… Well, so is pretty much everyone else’s! If you’re £10,000 below your ideal, see if you can’t knock a similar amount off the place you buy. Your sellers will be in the same position, because they’re trying to make moves in exactly the same market.

You can also help yourself by looking for a property that’s been hanging around for a while; the sellers might be delighted to hear from you.

Make the most of what you’ve got

Do what you can for as little money as possible. Choose cheap but effective DIY projects so that you get as much improvement as possible without eating into your eventual profits.

Stay out of the way when you have viewings, too, as this can make you look desperate and also cause prospective buyers to rush through the place without really looking.

Be quick off the mark

Make sure your paperwork is all sorted out and that you’re in a good position to proceed. If you’re up against a similar property, the fact that you’re ready to move forward could tip the balance in your favour.

Have all the information about your energy performance, your warranties for appliances and so on all collated, as well as all the forms that your buyers’ solicitors will need. It might even be a good idea to get your own survey done so that you can present it to buyers, saving them money and you time.

Be patient

It’s not called a slow market for nothing. You can only work with what you have and if this involves waiting for longer than average, then you’ll have to accept that.

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