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Most people have heard that the property market has slowed down considerably over recent months, with a number of factors affecting the level of property sales that are being seen. Estate agents have reported very poor property sales, and many homeowners are struggling to try and sell their properties. In fact, according to recent report property sales figures have plummeted by 40% recently, with the number of properties being sold at their lowest in around three decades.
Factors that are thought to be affecting the level of property sales in the UK include the lack of mortgages and reduced accessibility to mortgage from lenders, which is something that has been affected by the global credit crunch in the UK. Another factor is that house prices have been falling and according to most officials are set to continue falling, which means that many people may decide to hold out and see how low the price will go before they commit. Finally, the Chancellor, Alistair Darling, has indicated that there may be a suspension on stamp duty for buyers in the near future, and many would be buyers are waiting to see if this comes to fruition.
With all of these factors hampering the chances of homeowners to sell their homes, it is little wonder that many are so panicked and desperate. There are predatory buyers out there – cash rich buyers who are not affected by the credit crunch and mortgage crisis – who will prey on those that are desperate to sell up, and will often offer ridiculous prices for the property. However, no matter how bad things may seem in terms of selling your home it is important to make sure that you get a fair price for it, and there are a number of ways in which you can do this.
First of all you need to take stock of the situation, and remember that following the 1990s house price crash there was a ten year boom. In fact, a recent report from a leading consultancy suggested that whilst house prices may continue to fall into the middle of next year they may then start to rise, and by 2012 could have rocketed by a further 30%, so you may not have to feel so desperate about selling.
Another thing to do is ensure that your house does not get undervalued by estate agents in order to enable them to try and get a quick sale. Make sure that you get a valuation from a couple or several estate agents, and see whether they all give the same valuation, as some may undervalue it just to sell it quicker. Also, if you have been tempted to sell up to a sale and rent back firm do your research and bear in mind that in most cases you will be offered below market price for the property, often with no guarantees with regards to how long you can rent it back for.
To ensure you get the best price for your home you should also make sure your home is neat and tidy for any viewers. Simple tricks like a new lick of paint for the front door and tidying up the garden can make a major difference as it is recognized that home viewers make up their mind on a home very early on.