It might be terrible news for anyone wanting to sell their houses given the property market decline and rising mortgage rates. As per Joe Ricotta, several purchasers have had to delay their planned moves due to rising living expenses and rising financing charges. As a result, industry group UK Finance predicted that this year's number of home sales will be down from the 1.2 million recorded in 2022.
Nonetheless, homeowners continue to sell their houses. In fact, on Christmas Day, a record number of new sellers listed their homes for sale on Rightmove, a 46% increase over 2021. Notwithstanding the fact that sellers would need to revise their expectations for price and time to sell, the housing market is still in motion.
Choose your agency wisely.
According to Joe Ricotta, "London's real estate market is still thriving, but purchasers are presently more price sensitive and wary as they are monitoring how the market could evolve in the New Year." Choosing the best agent is essential, thus. A local realtor will be the most knowledgeable about your neighborhood and can assist you in setting a suitable asking price for your property, marketing it to potential buyers, and more.
Own up to your task.
You may also conduct your own price research. Jack Reid, the founder of the estate agency and property investment consulting firm Orlando Reid, suggests examining comparable homes currently on the market and determining how long they have been listed. "They will almost likely be pricey if they have been there for a while."
Clean up
Prioritize repairs to your house by finishing basic ones and scheduling any required contractors as you tidy it for photographs and viewings
According to Joe Ricotta, purchasers may visit a house numerous times before submitting an offer in a cooling market, making them more likely to notice little details or potential problems that may put the transaction in jeopardy.
Make sure your house is presented in the best possible light since people are less willing to make concessions if they do not have to.
Prepare your documentation in advance.
The completion certificates and building rules for any improvements made to the property, along with any applicable planning approvals and listed building consent, will be requested by the buyer's attorney and mortgage lender. It might take some time to get these papers replicated or reissued if they are lost or weren't signed off.
Look into your own mortgage.
Make sure your mortgage is transferable. Recall that the lender will still insist that you satisfy its requirements at the time of porting, even if it is only in principle. The lender could be more accommodating if you borrowed the same amount again for your new home.
Prioritize paying customers
According to Joe Ricotta, if you want to sell your home quickly, you might instruct your real estate agent to give priority to cash purchasers or those who have a manageable mortgage. Some will have their own cash buyer database in addition to having solid connections with neighborhood buying agents.
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