by Rosie McLean 
If you are currently looking to sell a property you will be aware that it’s a buyer’s market out there. High interest rates have pushed up mortgage rates to three times the level they were in 2021. That has impacted the number of buyers and given those who are willing and able to buy the upper hand.
Mortgage rates are beginning to fall, however, and as inflation also falls so there is increased confidence that market conditions are improving with more significant mortgage rate cuts expected later this year once interest rates are cut. In the meantime, however, it’s still possible to achieve the sale you want. Here we look at some strategies for success when selling in a buyer’s market.
Emphasise competitive pricing
This is going to be one of the most important factors for bagging a sale of your property. Your buyers are in a strong position, and they know it. They are also using that power when negotiating the final selling price with an average of £18,000 knocked off asking prices, by the end of 2023 according to Zoopla. That’s the highest discount since 2018 and equates to 1 in 4 sellers selling at 10% or more below the asking price.
As a seller you should be realistic when setting your asking price and when considering the final selling price you will accept, or you could lose your buyer to a seller whose pricing is more aligned with the market. If you are looking to sell urgently then undercutting the competition by setting realistic pricing could be even more vital to ensuring a quick sale.
Do your research to discover more about your local market and pricing achieved for properties like yours, as well as understand what else is available that your potential buyers might also be looking at.
Highlight property uniqueness through effective staging and marketing
Amidst a busy market, you want your property to stand out and provide the unforgettable experience and first impression that will hook a buyer. Staging and marketing are important whenever you are selling but become even more vital when your potential buyer has a wider pool of properties from which to choose.
Consider your target market and what they might be looking for in your property and make sure you stage your home to highlight such features. Are they likely to be working from home and wanting a set office space? Or are they looking for a cosy family home where they can get together at the end of each day and catch up over dinner? Emptying a spare room to create an office space or setting up a dining space for that family meal will help buyers imagine themselves in your property. Similarly, if your property has unique features that you want a buyer to remember, such as an original fireplace, then be sure to highlight those too.
Effective marketing will also be important. Are you close to a school and other amenities that a buyer with a young family might be looking for? How are the Ofsted results for that school? Ensure you, or your agent, highlight the benefits of both your property and its location.
Offering incentives or flexible terms
Competitive pricing, staging and marketing effectively will go a long way to capturing buyer attention for your property. But the prospective buyer might still be struggling to sign on the dotted line. Until mortgage rates ease there could still be a natural hesitancy over decision-making. Offering incentives or flexible terms to attract potential buyers amidst increased competition could help.
At Chimneypots we have years of experience in selling properties and have advice to help you achieve the best sale whatever the market may be doing. Do get in touch to find out more.
