Jules Hunt, Associate Director at FHP Living’s West Bridgford office reveals her top tips for getting the most for your home this Spring.
For many of us, our homes are the single most valuable asset we will ever own, not just financially but emotionally too. More than just a roof over our heads, home is where it all begins – packed full of memories, milestones and family, it’s easy to understand why making the decision to sell is a tough one.
But as often is the case with many of our vendors, we outgrow our homes – another baby on the way means we need more room or children flying the nest means our once lively and loud household, feels too big and quiet.
Whatever your motivation for selling is – we know it can be stressful and crucial time for you and your most important investment, so it’s vital that you get it right. So, to help you make the most out of your house sale, we’ve compiled our best tips for ensuring your house sells for the best possible price this spring.
Choose the right time to sell
Home sales ebb and flow with the seasons but typically Spring brings the most buyers because many people want to move during the warmer months when the kids are out of school. While seasonal trends can be a good indication of when to sell for the best possible price, they aren’t the only factor you should consider when thinking about “the right time to sell”.
To sell your home for the most money, it’s also advisable to ensure that you have enough equity in your home to pay off your current mortgage, the costs of selling, and the costs of moving. If you don’t, you should be prepared to cover many of these expenses out of your own pocket.
Moreover, the timing of the sale in order to achieve the best possible price shouldn’t conflict with other major life priorities like moving for a new job, helping aging family members, or starting a family of your own. Make sure you pick the right time for you- so your move opens doors, not close them.
2. Choose the right agent
Spring is here, it’s the right time for you to move financially and emotionally, so what’s your next step?
To get the best possible price for your property, we know how important picking the right estate agent can be. Often the first-choice homeowners face is whether to opt for a high street agent or a solely online agent offering.
Before you make that decision, here are a few findings from The Advisory, an independent expert advice hub for house sellers, Online vs High Street Research:
The Advisory found that estate agency services that just list a property on Rightmove (or any of the other main property portals) will indeed generate:
3. Sometimes even the best possible result (albeit only 27% of the time)
However, what may surprise you is just how much added value the right high street estate agent brings to the table.
Independently comparing the sales of over 200 properties, The Advisory Research found that using the right high street estate agent can:
• Increase viewing numbers by 48%
• Increase offer numbers by 64%
• Generate a more secure buyer (or buyer willing to pay a better price) 73% of the time.
• Secure a 5% higher sale price (compared to using a Rightmove listing service).
Compared to internet only listing agents.
A local ‘no sale no fee’ agent that has recently (and is currently) marketing an above average level of property in your price bracket:
1. Has the potential to be in contact with more buyers looking to buy property like yours.
2. Has the potential to be more knowledgeable about what these buyers are willing to pay (and have recently paid) in today’s market, and thus able to give you more accurate pricing advice.
3. Has the potential to be more motivated to engage with those buyers, and encourage them to view your property.
4. Has the potential to be able to negotiate more aggressively (and effectively) with these buyers.
Choosing the right agent to sell your property is a crucial step to getting the most money for your property. When considering who to opt for don’t step over the pounds to pick up the pennies – ensure you choose an agent that will get you the best possible ‘walkaway’ figure rather than the cheapest commission, and someone who has a good database of local buyers with experienced sale negotiators who can get the best for your property.
Be careful that in an attempt to save on estate agents fees you aren’t robbing yourself of the benefit of competitive bidding, and increased interest a properly incentivised no sale no fee high street estate agent could bring to your sale.
3. Choose the right price
When it comes to setting the right price for your property – make sure you know your market and take proper professional advice from an agent with hyper local knowledge of sales and potential buyers in your area.
Overpricing your home means you run the risk of it sitting on the market for a long time, which means when the price eventually does drop, buyers are already skeptical and overexposed to your property listing. Moreover, this can limit your negotiating power because buyers might perceive the trend as a sign your home should be discounted further.
According to Homelight, most buyers also search using a price range so if you price your home beyond what a reasonable person would pay, you make your home harder to discover in the first place.
4. Choose the best offer not just the highest offer
Once your agent of choice has worked up a good selection of offers for your property make sure you don’t jump the gun and simply elect for the highest offer. Although this is incredibly tempting, take the time to understand the full impact of each offer on the table and take your agents advice on the stability of each potential chain.
This is key because 1 in 3 sales never make it past the finish line – so a good sales negotiator here, pays dividends.
By using the same agent that has been with you throughout the entire process, you will be able to benefit from their buyer intel that has built up through their relationship with each potential buyer. A good sales negotiator will always carry out their own buyer due diligence to ensure you can make a fully informed decision.
For more advice on how you can get the best possible price for your property this spring, contact West Bridgford property experts Jules and Ian at FHP Living on 0115 841 1155 for a free home valuation report.