Selling Your House in the Current Market
If you’re about to put your house up for sale, or if it’s been up for a while and hasn’t sold, you’ll probably have a number of questions…
- How can you ensure it’s priced correctly?
- How will Brexit effect the market?
- What’s going to happen to house prices in Sheffield, Doncaster, Rotherham and Barnsley?
- Could prices end up dropping in the not-too-distant future?
- Or are we set for a period of house price growth?
- Should you look for another property if yours hasn’t sold yet?
- Maybe you should rent your property out instead of selling?
Property Solvers (Sheffield) spend many hours every month helping homeowners answer these concerns.
Of course, there’s never a ‘one size fits all’ approach and much depends on each seller’s specific situation. However, there are some common observations worth highlighting…
How Much Should You Put Your House Up For?
We usually start by encouraging people to take a ‘birds eye’ view of what’s happening in their local housing market.
Buyers sentiment, supply/demand, the desirability of houses on your street and a range of other factors can all influence what can happen with a sale. The good news is that it’s never been easier to check out this information for yourself.
At the same time, we would encourage you to not get too caught up in the detail and end up in a state of ‘analysis paralysis’. Sometimes, simply taking some action gets you what you want from the sale.
Be Realistic About the Value of Your Property
We have long realised that working out a property’s fair valuation is not an exact science. Homes on any given street can vary hugely in terms of size, age, character etc.
For example, it would be fair for you to ask for a higher price if you have a larger garden, floor space or have added an extension. The level of quietness and proximity to good schools, shops, transport, healthcare and other essential services also come into play here.
However, whilst the technology to track house price data is improving, your asking price may be open to debate. You may find one estate agent saying ‘you could get more for that with me’, and then another saying ‘I think it’s priced way too high.’
It’s frustrating, we know!
Our advice is to use the data that’s out there plus some common sense to get to a realistic value.
Of course, speaking with knowledgeable estate agents is important. But be wary of those that overprice property and raise expectations to win your business. You’ll find that the end result is often disappointing.
Sheffield and South Yorkshire House Prices (as at April 2020)
Property prices cannot be looked at through one lens. There are often subtle differences depending on where your property is located.
Sheffield and South Yorkshire (as with much of the Midlands and North) suffered the most in the aftermath of the global financial crisis in 2007/08. To many people’s frustration, a lot of the economic stimulus was directed towards London and the South East. In many parts, prices have nearly doubled since then.
Yet, in recent years, there have been signs that this trend is moving in the opposite direction. Sheffield, Doncaster, Rotherham and Barnsley may be on the cusp of seeing a period of healthy growth.
Bearing this in mind, below is the latest graph showing house price growth since early 2015 using HM Land Registry sold house price data:
Here are some other factors worth bearing in mind:
- Mortgage interest rates will stay reasonably low meaning that buyers will be less afraid to make higher offers for your home;
- In the Midlands, Yorkshire and the North, there is a lot more value to be had (compared to the South of the country);
- There is an undersupply of housing which is keeping prices up;
- Although far from being perfect, Help to Buy is helping many people across South Yorkshire get on the ladder. Prices are rising as a result.
On the flipside, there are a number of reasons to not be so cheerful…
More and more young people find themselves pushed out of the market. Although the government removed Stamp Duty for first-time buyers, the deposit they have to put down these days is often well beyond their means. The majority cannot get help from the ‘Bank of Mum and Dad’.
Then, of course, there’s the unavoidable question…
Will Brexit Affect Sheffield and South Yorkshire House Prices?
We’re all hoping for more clarity on our future relationship with the EU but, with all the political wrangling, this often feels like wishful thinking.
As a result, it’s more likely that economic uncertainty will remain as the country makes the transition.
When it comes to the direction of house prices as a result of Brexit, nobody really knows the truth (yes, even the experts!).
From a broader standpoint, we plan to pay close attention to the value of the Pound (£). Should it weaken and fuel inflation, the Bank of England may be forced to raise interest rates.
These would then filter into the mortgage market and slow things down as buying homes won’t be so easy. Those on variable or tracker mortgage rates will also feel the sting of higher monthly outgoings.
Some of the telltale signs of a market downturn in your local area include:
- More FOR SALE than SOLD signs;
- Fewer properties updated as SOLD Subject to Contract (STC) on the main portals (you can also check the date they initially went to market);
- Tools like the Property Log Chrome extension for Rightmove pointing to downward price trends;
- Estate agents sounding negative about the market or saying that ‘everything’s fine’ when they have lots of unsold properties on their books;
- Evidence of falling prices registered at the Land Registry (we would recommend using the Rightmove sold house price tool or the Land Registry’s House Price Index itself to check this).
Can’t Sell Your House?
If your house is on the market and not getting much attention, you may struggle to sell if you’re not willing to negotiate.
Alternatively, it may make more sense to keep hold of the property, especially if you can cope financially. Indeed, more people have also been extending their homes, especially when they have Permitted Development Rights (PDRs) and don’t have to seek full planning permission to do so.
Express House Sale – Sheffield and South Yorkshire
If you’re actively looking to sell your house, you may have already approached some estate agents in Sheffield and surrounding regions.
Or perhaps you’ve thought about using online operators like Purple Bricks and Yopa.
With so many options out there, making the right decision can seem a little daunting. This is probably the largest sale you’ll have to deal with in your lifetime and not to be taken lightly.
This section goes into why we’re confident that the Property Solvers Sheffield and South Yorkshire Express Sale service will get you a successful sales outcome.
We’re Experienced in the Area
Our team have been working across Sheffield, Doncaster, Rotherham and Barnsley for over 16 years.
Over this period we have bought and sold properties 100s of times for ourselves and have developed a unique understanding of the market.
This first-hand experience enables us to offer you a better service than other agents.
Offers in 28 Days
We take our experience of working in the quick cash sale industry to get you the full market value of your property within a month.
Our experience across the region has taught us that the best time to sell a house is within the first 2 weeks. This is when the buzz and excitement are at their peak.
We’ll pitch the asking price at a level you’re completely happy that will still generate a lot of interest and the get offers to roll in.
Check out our Local Market Insights tool to see long properties are really taking to sell and see what the average difference is between asking and selling prices.
You can also see regional data specific to Sheffield to see how your postcode compares with others.
No Tie-Ins to Our Contracts
You’ll probably find that most agents want to tie you into a contract for at least 3 months.
Property Solvers are so confident about our service that we won’t put you in such a position.
We usually request for us to have 28 days but, if you’re not satisfied with us, you can leave with no questions asked (not that you’ll need to!).
No Sale, No Fee
You may have noticed that many modern estate agents want an up-front fee. Although the total costs end up cheaper, you’ll often find that you’re tied into a contract without any guarantee of a sale.
Here at Property Solvers, we believe that we should work hard for you before taking any money. It somehow doesn’t seem fair to take any kind payment up-front or trap you into something where you’ll end up paying us if we’re not successful.
For this reason, in the unlikely event that we don’t sell your property, you won’t pay us a penny!
Tech-Driven with the ‘Personal Touch’
We are continually developing our back end systems with state of the art technology to minimise friction and speed up the process.
But this doesn’t mean that you’ll be speaking with robots! Our sales team always makes itself available to deal with enquiries – even at evenings and weekends. Feel free to test our 24/7 number on 0800 344 3797.
Top-Notch Photos, Floorplan and 3D Tours
We’ll produce high-resolution photos and a floor plan and, if you so desire, only publish once you’re completely happy with how things look.
For those that choose our Premium package, we’ll include a full augmented reality tour of your home. This means that potential buyers can get a good feel for your property from the comfort of their own home.
Wide Online Exposure
We’ll get your property excellent exposure – above and beyond what’s offered through local estate agents. We’ll market your home on all the major portals including Rightmove, Zoopla, Prime Location, House Ladder, Net House Prices, Mouseprice, Home.co.uk and many more (see where we advertise).
Those that use our Premium package will also benefit from having their properties featured on Rightmove and Zoopla.
A Bright, Impactful ‘For Sale’ Board
Our impactful ‘for sale’ boards can be seen from a long distance away. They’re also visible on darker days and in the evenings.
Every board has a freephone number for people to book viewings and request information.
24/7 Estate Agency Service
We run an enquiry line and online chat service 365 days of the year.
This means we never miss a beat when it comes to organising viewings, dealing with questions and handling any possible situation that could arise.
We use our professional viewing experts to show prospective buyers around your property. They are available evenings and weekends and can be conducted with or without your presence.
We’ll follow up every viewing with instant feedback (via email and/or phone call). Our sales staff will then be available to deal with any questions or open up the negotiation process.
Deal with Serious Buyers Only
Experience has taught us how to avoid ‘time wasters’. We’ll check the credentials of any offer before allowing the sale to proceed.
Typically we make sure the vendor has an up-to-date and valid mortgage in place. We also confirm that they have the deposit ready to buy your house.
We usually suggest that sellers stay away from a chain sale, but sometimes there’s not much choice – especially in higher value areas. In such cases, we will regularly check all aspects of the chain and help the solicitors deal with any issues.
We sometimes also ask for a non-refundable deposit, especially when we sense that a buyer is not committing. This usually ‘sorts the wheat from the chaff’!
Full Communication and Weekly Reports
Having sold houses through other agents in the past, we became frustrated with the ‘set and forget’ attitude after we signed up. We found it hard to get updates and clear answers without being pushed from pillar to post.
These negative experiences have taught about the importance of dealing with queries whenever our clients need them.
We’ll also send over a weekly report which has data direct from Rightmove and Zoopla so you can see the kind of interest your property is generating online.
Complete Sales Progression
It’s easy to think that everything is done and dusted once a sale is agreed. In fact, quite the opposite is true. Mortgage issues as well as problems with the title, searches, surveys and contract drafts can all crop up as the sale goes through.
Most of these problems can be overcome, but not without being proactive. We will make regular checks with the solicitors and be available to deal with any issues you need us to.
Property Solvers are also happy to put you in touch with the solicitors we use for our private sales. We have used them for many years and they’re reasonably priced.
We’re also completely available to help you with the legal documentation or if you need ‘hand holding’ throughout the process.
Let’s Have a Chat…
If you would like to know more about our Express Sale service, please get in touch!
We’ll provide a free valuation and can arrange a visit to discuss further…
Our freephone number 0800 044 3733 is open 24 hours, 7 days a week.