Selling in a Slow Market

Added on January 29th 2020

If you’re selling and the market’s a bit slow, then you might feel a little despondent at the thought of waiting it out for, well, who knows how long?

There’s no need to be despondent, though, as there’s always something you can do to chivvy things along a bit.

Get the right estate agent

Ask around among friends and family who have moved in the last year or so to find out their recommendations.

Sound out agencies yourself, as well. Any that ignore the slowness of the market are more interested in signing you up than actually defeating the sluggish conditions, so give them a swerve. Go for agencies that admit the pace is slower and then tell you what they can do to speed your sale up, even if it’s just by a bit.

Set a realistic price

In a slower market, you need to get the price right from the very start. When it’s brisk, you can give your ideal asking price a go for a couple of weeks because you’ll get more feedback which will enable you to adjust it in good time. A downturned market means you may spend quite a few weeks wondering where everyone is before knocking the price down.

Understand that you’re part of a wider picture

You’ve had to go on the market at a lower asking price than you really wanted to, but then so have most other sellers – the slow market isn’t affecting only you! If you see a property that’s been around for a while, try a lower offer; the sellers might be so glad to get a nibble that you can reach a deal.

Throw some money at it

Not too much, though, as you want to maximise your profits. However, a quick spruce here and there won’t do any harm. Sand down and re-varnish a tired floor, replace the front door, fill in any little holes in walls or woodwork, paint a wall or two… Keep the budget small but the impact high.

Be ready to go

If you’ve got all your paperwork assembled, all your fees paid, the instructions for your central heating system and somewhere lined up to move to, then this will help. If a buyer is trying to decide between you and another seller, then being ready to move might tip the balance in your favour.

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