Selling My House in the Current Market
If you’re selling your house, or if it’s been up for a while and still hasn’t sold, you’ll probably have a number of questions…
- Is my house priced correctly?
- Is Coronavirus (COVID-19) and Brexit affecting the price I get for my house?
- Should I drop the selling price?
- What’s going to happen to house values in my local area?
- Maybe I should take my house off the market?
- Should I look for another house if mine hasn’t sold?
- How can I sell my house quickly?
- Would using a fast sale company be a good idea?
Property Solvers spend many hours every month helping homeowners answer concerns about selling their house.
There’s never a ‘one size fits all’ approach.
We always assess each situation on its own merits with the aim of getting people the best outcome.
Will The Value of My House Go Up or Down in 2021?
Over the long-term, there’s pretty much a guarantee that the value of your property will increase.
Looking over the next year or so, however, things are not so easy to predict.
As a general rule, however, we always encourage people to take a ‘birds-eye’ view of what’s happening in their local housing market.
Buyers sentiment, supply/demand, the desirability for 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 house prices for yourself.
But, 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 will help you sell your house.
Is Your Local House Market Slowing Down?
Some of the telltale signs of a slowing market 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) and our own local house market insights 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 HM Land Registry (we would recommend using the Rightmove sold house price tool or the Land Registry’s House Price Index to check this).
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 think about using a We Buy Any House service (i.e. a private buyer) or selling using an auction.
Others simply decide to keep hold of the property and perhaps try selling when things are clearer.
Be Realistic About the Value of Your Property
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.
However, whilst the technology to track house price data is improving, your selling 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 (for free) 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.
A Quick Note on UK House Prices…
Property prices cannot be looked at through one lens.
For instance, since the 2007-08 recession, values across Greater London and the South East grew massively – which wasn’t the case in much of the North and the Midlands.
These areas started to see relatively strong growth in recent years (whereas London and South Eastern prices flattened out somewhat).
All local house markets can also expect to see short-term peaks and troughs as a result of market shake-ups that happen from time-to-time.
Nonetheless, tracking five of the main house price indices, the graph below shows that average values always have grown steadily since the start of the century:
In short, the value of property will always rise over the long term.
It’s just the short to medium-term trends that are not so easy to predict. This is why we recommend looking at your local market in more detail when looking to sell.
Will Coronavirus Affect House Prices?
As the repercussions of COVID-19 on the property market took effect over the second quarter of 2020, there were many in the home sales sector that predicted the worst.
This was supported by a complete market standstill during March and April as the first national lockdown resulted in the inability to conduct viewings and get sales moving.
However, as the lockdown rules were loosened over the summer months, estate agents across the country actually witnessed a spike in demand.
For example, there was a strong demand for properties outside of busy towns and cities as people became accustomed to working from home and looked for extra space and gardens.
The market was further fuelled by a further drop in the Base Rate, a continuation of government schemes such as Help to Buy and the unprecedented economic stimulus.
What Will Happen to House Prices in 2021 Post-Coronavirus?
Many of us were surprised to see reports from Halifax and Nationwide that prices grew by up to 7% over the course of 2020.
As 2021 progresses, the market should see a relatively stable recovery in line with the national vaccination roll-out.
This is not to downplay the damage that the virus has had – particularly on industries such as hospitality and entertainment. There’s also a serious risk of rising unemployment as the furlough scheme is lifted.
But, in our opinion, we’re not going through the same situation as what occurred back in 2007/08.
Back then, the crash was fuelled by massive debts in the mortgage sector.
Today, although there are some valid concerns, the banking system is well-positioned to weather the storm.
Therefore, please do not worry and there’s absolutely no need to panic sell.
With buyers tired of being at home so much, we expect them to ‘jump back in’ to the market relatively quickly which puts you in a good position as a seller.
Will Brexit Affect House Prices?
With the government’s priorities clearly focused on stemming the effects of COVID-19, Brexit took a back seat for most of 2020.
This is likely to remain the case as we move through 2021.
Although a trade deal was reached with EU towards the end of last year, experts have warned that the agreement remains unstable.
Nonetheless, many were expecting a major house price crash after the initial referendum result which didn’t happen.
It’s our belief that, with interest rates at historical lows, although it may take some time to filter through, the market should gain pace despite the risks that Brexit brings.
Sell My House Quickly For a Good Price
There are many reasons why people want a fast sale of their homes. It often comes down to getting the money locked into the house as quickly as possible.
Going through the ‘normal’ house sale in such circumstances is stressful and frustrating.
But always remember that you are always in the driving seat. You ultimately don’t want to make any decisions you’ll regret down the line.
Should You Use a Quick House Sale Company?
The reasons that you may be thinking of approaching a quick house sale company may include:
- A need for a quick completion on a set date;
- A buyer has pulled out (broken chain) or there’s concern about the certainty of sale;
- You have mortgage arrears or you’re being threatened with repossession (see our repossession guide here);
- Your property is in a bad state and will struggle to sell on the open market;
- There are underlying legal issues that put off most buyers;
- The estate agent you’re working with is doing a bad job;
- You’re selling a tenanted property or wish to sell an inherited property;
- You’re divorcing or separating and don’t want the hassle of an open market home sale;
- You’re looking for a clean break and want to keep the sale private.
Much will therefore depend on your own situation and how urgently you need to sell. But fast house sale companies often work well for those who want to deal with a serious buyer on a one-to-one basis.
Here links to other blog posts we’ve put together about selling your house quickly:
- Sell Your House Quickly with Property Solvers
- Selling Your House Quickly – 7 Real Options
- Quick House Sales – Beware of the Scams
- How to Sell Your House Quickly [101 Tips]
- Fair Treatment When Selling Your Home Fast
Sell My House Quick – Know Your Options
Decent quick sale companies will always take the time to listen carefully to your situation.
You may be in a rush, but always take the time to carefully consider your options.
For example, you may want to look into the following:
Sell My House Fast to Property Solvers
As full-time and experienced professionals in the industry, we pride ourselves on having a detailed insight into the market.
This means we can help clients achieve what they want and, in most cases, find a suitable solution during our first phone call.
Considering the growing evidence of quick house sale scams, we are also very keen to differentiate ourselves from others in our industry.
Anyone who contacts us will receive honest and up-front assistance before we even mention how we work as a company.
Quick Cash House Sale
This is the simplest and most efficient way to sell your house fast.
Property Solvers are legitimate cash buyers.
We do not rely on external finance like mortgages. This results in completion times of between 7 to 28 days. However, we are happy to work to your own timeframes.
Another benefit is that you’ll pay no estate agency or legal fees. We can also discuss an interest-free cash advance should you need it.
As direct buyers, there are no middlemen and the sale is 100% guaranteed – not to mention completely stress-free.
Property Solvers is an ethical property buying company that has written its own code of practice which we are fully accountable to.
Note that we also have a London sell house fast service operating across the capital and surrounding regions.
Property Auction Sale
Using the latest technology, we have a modern platform with auction property for sale with ready and waiting buyers!
With 28 and 56-day sale completion methods, we can tailor the outcome of the sale according to your specific needs.
We’ll get your property listed fast, ensuring excellent exposure across all the major portals.
We’ll then work hard to get you the very best sales price.
Typically we’ll conduct open days and make ourselves available to answer buyer questions through our 24/7 enquiry line.
We’ll fully vet the prospective buyers to keep the process completely transparent and ensure a competitive bidding environment.
With a non-refundable deposit or fast completion guarantee in place, once a bid is won, you’ll be safe in the knowledge that the likelihood of the sale collapsing is slim to none.
Quick Estate Agency
If you’re actively looking to sell your house, you may have already approached some estate agents in your local area.
Or perhaps you’ve thought about using online estate agencies 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.
The third quick estate agency option we offer is those who want a fast sale without compromising on price.
Although our clients are prepared to wait longer to sell compared to our quick cash sale and auction services, we’re different from other estate agents.
Using our hands-on experience, our core aim is to get you a 100% market value price in 28 days or less.
What’s more, there are no tie-ins whatsoever on our sales contracts. If you’re not satisfied with our service, you can leave with no questions asked.
To highlight some of the key benefits of our estate agency service:
- Floorplans, professional photography and 3D tours (we won’t market your property unless you’re 100% happy);
- A bright FOR SALE board in front of your home. This has a freephone number people can call to book viewings and request information 24/7;
- Your property will be marketed on all the major portals including Rightmove, Zoopla, Prime Location, the House Shop, Net House Prices, Mouseprice, Home.co.uk and many more!
- State of the art technology to minimise friction and speed up the house sale process;
- Accompanied viewings (including evenings, weekends and even bank holidays);
- 24/7 enquiry line (we never miss a beat!);
- Deal with serious buyers;
- Full communication and weekly reports;
- Weekly sales reports (with relevant data direct from Rightmove and Zoopla);
- Complete sales progression;
- No sale, no fee.
Get in Touch with Property Solvers
We’d love to have a no-obligation chat…
Please call us anytime. Our freephone number 0800 044 3733 is open 24 hours, 7 days a week.