Are you considering selling your home? You may have heard that selling a property is one of the most stressful events in a person’s life. A survey revealed that 70 per cent of people consider selling a house more stressful than caring for an elderly relative or having a child. Interestingly, selling a house seems to cause more stress than buying a house.

At Next Move, we want to ensure it is as stress-free as possible. That is why we have created this guide to selling your property. Here you will get tips on each step in the house-selling process. This information will help you know what to expect– from preparing your property to marketing it and the final sales process.

Benefits of using an estate agent to sell your property

Using an estate agent like us to sell your property is the best way to reduce stress. We are experienced in buying and selling properties. This means we can provide invaluable advice and guidance. We are always on hand to answer questions, address your concerns, and give limited legal advice.

We are also vital in negotiations with buyers. After all, you want to maximise the final sale price. We know the local area, have outstanding marketing skills and know how to negotiate effectively with buyers. We can help ensure a quick sale, even in a slow housing market.

Understanding the UK property market and current trends

Before listing your house for sale and instructing an estate agent, it pays to get an idea of current trends in the local property market. Selling a house fast depends on supply and demand. The market can be in one of two states:

• A seller’s market – This is the best time to sell your home because property sellers have the upper hand. It means there is more demand than houses for sale. Typically, you can sell your home faster and for a higher price.
• A buyer’s market – It can be tricky selling your house in a buyer’s market. Usually, there are fewer interested parties and many houses for sale. However, the right estate agent can help make your home more sellable when demand is low.

Preparing Your Property for Sale

If you have decided to sell your property, you can start preparing it for sale immediately. It is essential to ensure your home looks its best and stands out from the competition. You can prepare your property before instructing an estate agent or getting a free valuation.

When preparing a home to sell, the golden rule is this – first impressions count.

Here are five steps to prepare your property for sale:

• Declutter – Remove any unnecessary items from your home and store them away.  Reducing space in wardrobes and cupboards by at least one-third is a good idea. This helps create a more spacious feel in each room.
• Clean the entire house – Give the house a thorough spring clean, getting into all nooks and crannies.
• Make minor repairs – Check that all fixtures and fixings work and repair them as necessary. Even lubricating squeaky doors can help keep first impressions positive.
• Freshen up rooms – A fresh lick of paint can do wonders to increase the sense of space. Go for neutral colours, as they are more appealing to house buyers.
• Don’t forget kerb appeal – What impression will a house buyer have when they pull up at the property? Ensuring the garden is tidy, shrubs are neatly clipped, and windows are clean is vital to boost kerb appeal. Also, sprucing up the front door may be a good idea. And some planters with colourful flowers can make a great first impression.

What about making more significant renovations to maximise property value? Please speak to our team to learn which renovations will make your home more appealing to buyers and boost its value.

Determining the Asking Price

The selling price is one of the most significant factors determining how fast you can sell your house. If the house price is too high, you will scare away buyers. However, you will lose money on the deal if it’s too low. Our estate agent team will help list the property to help you achieve the maximum price.

What factors influence property value? Here are five property and market conditions that impact the value:

• Location – Proximity to amenities, schools, green spaces and public transport.
• Property size – Factors include the number of bedrooms, bathrooms, and size of communal areas.
• Condition of the property – Aspects affecting the value include energy efficiency, signs of dampness, roof condition, and the condition of the plumbing and electrical systems.
• Property market – Housing supply and demand significantly affect property value. Even a slight change in interest rates can impact the market’s health.
• Upgrades or potential for renovation – Fitting modern fixtures, a conservatory, or an extension can boost the property value. Additionally, options to increase floor space make your home more attractive to house buyers.

Importance of a competitive asking price

Here are two scenarios that highlight the importance of a competitive listing price:

• Overpricing a property – An inflated listing deters prospective buyers. Many house buyers use price filters when searching for a property on portals or our website, so an overpriced home may not appear on property search results. Additionally, an inflated price makes comparable properties look more attractive. This encourages buyers to look at those properties, not yours.
• Under-pricing a property – Listing a property below the market value may attract more buyers. However, you leave money on the table, potentially impacting how much you can afford when buying your next home.

Understanding market trends and comparable sales

When determining a competitive asking price, we will look at comparable sales and local market trends. This step involves analysing the sale price of similar properties in the previous three to six months. In addition, it compares properties in the same condition, size, and neighbourhood.

As well as comparing local property sales, we carefully consider local market trends. For example, demand could be higher or less in some areas than in others. Even a neighbouring street in the same neighbourhood could be more desirable than nearby ones.

Working with the estate agent to determine the best asking price

We will take into consideration your requirements and financial goals. However, you always have the final say in the listing price. What’s more, the listing price is not “set in stone”. Buyers will try to negotiate a lower price or want giveaways. So, we can help with this negotiation process

Marketing Your Property

Property marketing is an invaluable skill. An effective marketing plan creates awareness and interest from prospective buyers. We can help you market your property through various channels, like our website, brochures, social media, emailing registered applicants, using advertising campaigns, our branch, and the major property portals.

In addition, we have a network of contacts to ensure a property receives maximum exposure.

Advantages of professional photography and videography

“A picture is worth a thousand words.” We know how to arrange professional photography to showcase the best elements of your property. These give a sense of layout, lighting and style. High-quality photos can help sell properties faster and for more money.

In addition, there may be a case to use a walk-through video. These help prospective buyers visualise the entire property without viewing it in person.

Importance of clear, concise, and accurate property descriptions

Compelling, clear, and concise descriptions help buyers visualise themselves living in the property. They can really tell the story of your property beyond photography.

Additionally, search engines pick up on content in property descriptions. Therefore, there is a greater chance your property appears in search results when a potential buyer searches for “buy a house in…”

Showcasing Your Property

Viewings are a crucial part of the selling process. And making the right impression from the start is vital to ensure a quick sale on your home.

Did you know research shows that “people make up their minds within 90 seconds of interacting with people or products”? Additionally, Harvard researchers found that 95 per cent of purchasing decisions are based on emotion, not hard, cold facts.

Therefore, viewings can make or break the deal. After all, viewings are near the end of the buying journey. And buyers have invested much time and resources to come this far. It is now up to you and us to sell it.

How to prepare your property for viewings

Potential buyers must imagine themselves living in the property. Therefore, the house should showcase the lifestyle the buyers want. Here are some top tips on how to get ready for your first viewing:

• Declutter and clean the property
• Ensure your property looks great from the street
• Remove personal photographs and children’s artwork
• Rearrange furniture to create a more spacious feel
• Remove all traces of pet hair and odour
• Be prepared to provide as much information as possible

How to make a great impression on potential buyers

When the prospective buyers arrive, you aim to make a stunning first impression. Here are some top estate agent tips on making a great first impression:

• Turn the lights on or fully open curtains and blinds to let in natural light
• Set the temperature to a comfortable level
• Place fresh flowers or plants in strategic locations
• Before they arrive, bake some bread or brew freshly ground coffee
• Play some background music
• Put fresh towels in the bathrooms
• If you have a dining room, set the table with nice tableware
• Give viewers a chance to walk around by themselves after the initial showing

How to handle offers and negotiations

Remember that the highest offer may not be the best one. Various factors can affect which offer is the best one to accept. For example, accepting an offer from a buyer not in a chain has less risk of falling through. In all cases, we will gain a clear picture of the buyer’s circumstances to help your decisions.

Two things you must find out from the prospective buyer:

• Do they have a Mortgage in Principle?
• Are they part of a property chain?

Can you negotiate a higher sale price with a prospective buyer? Yes, that is possible. Here are a few tips:

• Try to avoid selling your property in a chain. It gives you greater negotiation leverage.
• State the price at which you will take the house off the market. This minimises any fears the buyer may have of getting gazumped.

The Sales Process

After accepting an offer, the next stage is the sales process. This includes the exchange of contracts, funds being transferred to your bank account, and the change in legal ownership of the property.

The UK Government says that the “seller is responsible for drawing up a legal contract to transfer ownership”. The contract of sale includes the price, property boundaries, fixtures and fittings, planning restrictions, utilities, and the completion date.

Generally, it takes 12 weeks from accepting an offer until you hand over the keys. However, it can take longer if the buyer is in a chain.

Working with solicitors and other professionals when selling your property

Solicitors have a vital role in the conveyancing process. This involves giving legal advice, drawing up a draft contract, getting the legal record of property ownership and arranging the exchange of contracts. Additionally, your solicitor will supply you with the following forms for completion:

• Fitting and Contents form (TA10)
• Property Information form (TA6)
• Completion Information form (TA13)

Property Sale Steps

Here are the steps involved in transferring legal ownership to the buyer:

• First, you and the buyer decide on the time between exchanging contracts and the completion day. This is typically 7 to 28 days from the contract exchange.
• You will have to await the results of the house survey before negotiating the final details. Additionally, the buyer must finalise the loan with their mortgage lender.
• Your solicitor draws up a contract of sale.
• The solicitor or conveyancer prepares a completion statement. This contains the property sale price and additional costs – land registration fee, solicitors’ fees, and estate agency fees. You then must sign the finished completion statement and pay the fees.
• At this point, it would be best if you began making moving arrangements for completion day.
• The next step is to arrange to exchange contracts. The buyer pays the deposit when contracts are exchanged, and the sale is legally binding for both parties.
• The following steps take place on the day of completion:
  • Your solicitor requests money from the lender
  • Solicitors prepare a completion of statements
  • The buyer’s solicitor transfers funds to your bank account
  • You must take meter readings
  • The buyer can pick up the keys
  • You move out of the property

Working with solicitors and other professionals when selling your property

Solicitors have a vital role in the conveyancing process. This involves giving legal advice, drawing up a draft contract, getting the legal record of property ownership and arranging the exchange of contracts. Additionally, your solicitor will supply you with the following forms for completion:

• Fitting and Contents form (TA10)
• Property Information form (TA6)
• Completion Information form (TA13)

After completing the forms, your solicitor will forward these and the draft contract to the buyer’s solicitor. These form part of the sale contracts.

Conclusion

Selling a property can be a complex process, especially for first-time sellers. However, working with the right estate agent is critical to finding the perfect buyer and ensuring that property transactions go as smoothly as possible.

To help ensure a quick sale, it is vital to know current market trends, prepare your home for sale and negotiate the best price with a seller. Then, after accepting an offer, your solicitor prepares the legal documents to transfer legal ownership of the property.

Because selling your property can involve hundreds of thousands of pounds, it is vital to instruct experienced estate agents and solicitors.

If you are considering selling a house or flat in Islington, Stoke Newington, or Clapton, please contact Next Move Property Agents today. Our team of experienced estate agents knows local market trends and has helped hundreds of homeowners sell their properties.