Benefits of selling in 2022/2023
- Low competition – Due to the increased demand for houses, it is likely you won’t have much competition. This is good as it can allow for a quick sale at a price you are happy with. In fact, it could leave you with a much greater price than your original asking price as buyers bid against one another to secure a property in today’s market.
- House prices are high – The average UK house price was £278,000 in March 2022, which is £24,000 higher than last year.
Planning to sell a property and don’t know where to start?
Selling a property can be quite the challenge. There are so many things to think about such as taking care of repairs, getting your home valued, finding the right buyer and so on.
Selling a property is a big step in anyone’s life as it resembles moving on and starting a new chapter in your life. Although, selling your property may sound easy, it isn’t. House prices have risen considerably in the last 12 months, with the pandemic and stamp duty holiday bringing about a more unpredictable market. This has meant that potential buyers are looking for the best option and are cautious as to what they are buying due to the increases in prices.
Furthermore, it should be noted that if you are selling your main property/residence, please ensure you have a house/property to purchase so you are not left homeless.
Below are some tips to help you sell your property:
Decide how you will sell your property
The most popular method of selling properties is via real estate. Sellers choose a real estate agent to represent them who will then assist in the marketing and selling of the property. Another option is to sell the property yourself. If this path is chosen, the seller will be responsible for marketing and selling the property themselves. Although this involves more work and will be more time consuming, it can save money as a real estates commission fee is not paid.
Price your property competitively
When you are deciding the price of your property, it is important to be competitive. You do not want to overvalue or under-value your home as this can turn away possible buyers or cause a loss of money. Also, when valuing your home, bear in mind factors such as size, area, age, and condition of the property.
Ensure the property is tidy and repairs are taken care of
The next step is to ensure that the property is neat and tidy all around. This includes inside and outside the house. You should also take care of any repairs before viewings. This can be done by yourself, or you can hire someone. By implementing this step successfully, it is likely your property will be more appealing to possible buyers which will then increase the chances of you selling it.
Be flexible with viewings
When you are selling your property, it is vitally important to be flexible with your viewings. This means allowing potential buyers to choose when they want to view the property. By doing this, you are ensuring every potential buyer is given the opportunity to view the property and decide whether it is for them or not and in return you are likely to sell your property faster.
Accept offer and agree to sell
Once you have found a buyer and they’ve made an offer your happy with, its time to make the sale official and sign the paperwork. A memorandum of sale is then drawn up by the real estate agent and distributed to both parties’ solicitors/conveyancing for reviewing. You will then correspond with your solicitor/conveyancer for updates on your sale progression and queries.
Should I use a conveyancer when selling a property?
Yes – You should get in touch with a conveyancer as soon as you consider selling a property as it can help speed up the process.
What will a Conveyancer at TLS Solicitors do when they are helping me sell a property?
Our conveyancers play a crucial part when helping clients sell a property, but our number one priority is to ensure that clients’ needs are met.
Our conveyancers have a wide range of tasks to perform when assisting with a sale of a property. At TLS, we have a focused approach and follow a structure that is efficient and keeps clients up to date.
- Liaise with estate agents and buyer’s solicitor continuously.
- Send the contract pack to buyer’s solicitors.
- Receive enquiries from buyer’s solicitor and send to the client(s).
- Reply to enquiries received from client(s) and sent back to buyer’s solicitors.
- Send the contract to the seller(s) and get their signature(s).
- Exchange contracts with the vendor’s solicitors.
- Agree a proposed completion date with the buyer’s solicitors.
- Receive sale monies from buyer’s solicitors and distribute to client(s) on day of completion.
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