The last 18 months has been a wild ride for the property market – it has certainly presented its challenges but has also created opportunities for buyers and sellers alike.
For some, the lively market has resulted in competing bids, multiple offers, and some successful sales. On the other hand, others have felt disappointed as they are unable to find the dream property that they are looking for.
At Boxall Brown & Jones, we have seen astonishing demand carrying over from 2021 into the new year, far outweighing the number of homes being put to market. Today we are sharing some of our tips for buyers and sellers who are currently in the market.
Top Tips for Sellers in 2022
Do not wait for the spring market
If you are thinking of selling this year, why wait? Now is the perfect opportunity to benefit from the levels of competition! If you wait for the spring rush, you could risk your property being last among the sea of new properties going to market.
First impressions count
Pictures of your property play a crucial role in the saleability of your home and are the initial step in attracting potential buyers to book a viewing at your property, particularly for those who begin their search online.
If your property has been on the market for a little while, you may want to consider having new photographs taken to keep with the seasons and ensure they do not look outdated. A simple way of doing this is by simply asking your agent who is marketing your property to rearrange the order of the photos online.
While exterior shots of the property work particularly well as the lead image, if your property has features that could work on a seasonal basis, you opt to have the cosy living room in the winter and a large garden for the summer.
Dress to impress
Properties that are well presented can attract more interest than those that are not. If your home is unfurnished, consider having the rooms dressed so that potential buyers can see the size of the rooms and envisage how their own items could fit in this place.
If you do decide to dress your home, it is best that you ensure the furniture/ furnishings are in keeping with the style of your property and the type of lifestyle this might offer. A general rule followed by home sellers is to keep things relatively simple and avoid leaving clutter around the house.
Ensure the price is right
Having your property valued and marketed at the right price is crucial for the sale of your home. Properties that are well priced can often sell quicker and result in competitive bids however, ambitious pricing can discourage buyers, especially if they are looking at multiple properties at the same level of market.
On some occasions in England, you may see that some sellers try the ‘offers in excess of…’ price tag – this is a method more commonly used in the Scottish property market. Marketing a property this way is not for everyone and can be confusing to some buyers however, when used correctly this method can spark competitive sealed bids and produce some great results for you.
Top Tips for Buyers in 2022
When trying to keep up with the pace and competitiveness of the current property market, it is important to be open-minded with your property search and go in with the mind set that most buyers will end up making some compromises. Instead of having an extensive wish list, try and work out what your ‘must-haves’ are and one or two deal breakers to help keep your search focused without losing sight of what you want from your next move.
Be a ‘good’ buyer
With strong competition, being able to transact quickly, particularly if the sellers are looking to buy too can benefit you greatly. Ensuring that your finances are all in order and that you have a reliable solicitor to hand will stand you in good stead if other parties are offering on the same property. Having your mortgage agreed or being a cash buyer also gives you the advantage as a seller, as will flexibility.
Reconsider your budget
It is not uncommon for properties to sell for their asking price or even in excess, especially in the current climate. Over the last 12 months, estate agents across the UK have seen an average of 100% of the price guide being achieved. So, if you are finding yourself being outbid by other buyers, then you may want to consider looking at properties a few percent under your maximum budget. By doing so, you will hopefully avoid the disappointment of missing out on the property for you and will be able to place some competitive bids.
Has this guide helped you? Why not give our friendly property team a call today to discuss your options of buying or selling a property:
Derby – 01332 383838
Belper – 01773 880788