My tops for buyers (and sellers) when offering in this market
My top tips for buyers (and sellers) when offering in this market
1. Do your research to see what comparable properties have recently sold for. Rightmove will give you a good indication.
Take in to account the number of bedrooms, reception rooms and toilets as well as the overall size, parking, proximity to schools/ train etc. I have a vast amount of data & evidence available should you need any guidance on this, Iâm happy to help.
Actual sold prices are yet to drop however be mindful that we are no longer in the super competitive market where houses are selling for over asking price with multiple offers.
2. Discuss your offer verbally with the agent and be sure to follow up with an email confirming your position and explain why you are offering the amount you are (two examples: strong position as first-time buyers or chain is willing to be patient/wait for sellers to find)
Youâll need to attach your ID and mortgage AIP but I also recommend you include a cover letter to be forwarded on to the seller.
If you have an emotional attachment/reason for buying the house and put this to the seller, you are more likely to be successful.
What if the house has already been reduced in price?
If the asking price has been reduced already, it is likely the owners have already come down to the âwiggle roomâ they were expecting to achieve so it doesnât always mean you can put in a cheeky offer just because the property has been on the market a little longer.
On the flip side, if they absolutely need to move, they may be more willing to budge on price especially if they can afford what they are looking to buy.
This is where talking to the listing agent is crucial so you can get a good understanding of the sellers motivation, just remember the agent is acting for their client to get the best price.
What if you have found your ideal home but still need to sell your own property?
Firstly, express your interest to the agent and ask them to keep you updated on any other offers or changes to the sellerâs situation. Keep in contact with them (as much as weekly) so they know you are still keen to proceed with the property.
I wouldnât advise putting forward an offer at this stage as it wonât be able to be accepted until your own property is under offer (and most people will need to know what their own house will sell for before being able to confirm a price)
Now we need to do everything we can to get yours sold so you donât miss out!
1. Take a fresh look at the marketing. Does it properly represent your home but also make it look at itâs very best?
The is a fine line between the two and it is your agentâs job to get this spot on so that buyers are enticed to view but wonât be put off when they see the house in person because it was mis-represented to begin with. Iâm thinking of the dreaded fishhook wide angle lens or pylons being photoshopped out to the extreme, but the description needs to be well written and interesting as a basic as well.
2. Price. Ask yourself the following:
- Is the marketing good and correct⌠of course advertising on Rightmove & Zoopla etc (thatâs obvious) but what about social media with PAID for adverts? Is there a professional video showcasing your home and the local area? Is the floorplan 100% correct?
- Are you confident your agent is doing everything they can to find a buyer and sell the house on viewings? Including calling previous viewers on other houses and proactively changing main photographs to ensure within current season etc..
If everything possible has been done but you are still yet to sell, the only thing left is unfortunately: the price.
Letâs put it this way; if there are 10 four-bedroom houses on the market within one mile of you and yours is the most expensive, it simply must be the very best people can buy or of course they wonât sell it!
Price is crucial now more than ever so if you can still afford what you need to move to while taking a bit of a hit on yours⌠itâs a no brainer in my view.
If you would like my advice or help with any property you are looking to buy, I am always happy to chat. Drop me a message on the number or email below.
07863 979808