Sell Your House Privately
When it comes to selling your house it is often a challenge at the best of times, but when a property market is moving particularly slowly it is even more frustrating for homeowners looking for a speedy exit from their property, and ultimately get a golden ticket to move on with their lives – be it to buy another property, or go into rental accommodation.
A private house sale may just be the answer that you are looking for – but finding a true private buyer with the cash to be able to purchase quickly is another matter!
During the recessesion the UK economy has struggled in many ways, including huge unemployment levels, job losses, tax cuts – but the most decisive factor for a slow property market has been the lack of lending to consumers from banks and building societies.
Since the banks withdrawal of the 95-100% mortgage products that were available to pretty much anyone, and the highest loan to value achievable being around 80% at highest; if you don’t have a big deposit you aren’t going to be able to get on the housing ladder.
This means that first time buyers without a large deposit were completely eradicated from the property market, slowing it down drastically. On top of that the recessesion caused the banks and building societies to tighten up on buy to let lending, so investors were also taken out of the equation. The only people that were left able to buy property were the cash rich, and those with a squeaky clean credit history.
With the government’s introduction of the Help to buy scheme in the UK, it appears that the property market is making a slight recovery, but it is still very slow moving in most areas. However, not all is doom and gloom in a slow market, and there are some steps you can take to help your property sell.
You can always entice in buyers with attractive offers. You could agree to pay the buyers legal fees for them, gift them some deposit, or even tell the agent to mention to potential buyers that you are interested in selling quickly and interested in a below market value offer.
The more interest you can generate the better. Even if you are faced with dealing with offers way off your asking price, it is better to have more people viewing than none at all. Eventually the right offer will come along that you are happy with.
Stand out from the crowd
It is essential that your home has a strong selling point. You need to stand out from other properties in your local area, so try to create something interesting that makes you property shine. Recently in the UK, a vendor decided to set up a website to sell tickets to raffle off his house. This is an excellent way to generate publicity for your property and are all ways to sell your house fast in a slow market.
Remember, your home won’t sell itself so it is vital that you make every effort you can in order to attract buyers to your home. Don’t forget to seek advice from property professionals who can assist you and give you free impartial advice on selling.
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