With an economic downturn comes a decline in the housing market, as people become more reluctant to buy. We take a look at what you can do to increase the selling potential of your house when times are tough.
If you are looking to move house at a time when the country is deep in financial hot water, you may find it a challenge to find a budding buyer. However, bear in mind that even in the worst economic crisis the housing market still exists – as long as there are people willing to sell, there will be people willing to buy, and vice versa.
Whether you have recently decided to put your property on the market, or have been braving the market for some time with little interest, there are a few things you can take into consideration that might just swing the odds in your favour.
Remember that what you are selling is not just bricks and mortar – rather you are selling a way of life to potential buyers. So take a holistic approach and leave nothing out of the equation when preparing your home for viewing.
Make your home visually appealing
Those who view your property will use all their senses to form an opinion of the house – the foremost of these being, of course, their sight. So use this to your advantage by making your home visually appealing.
This doesn’t mean painting walls in vivid colours or installing stylish new furniture in the home. Rather, you should create a blank canvas onto which the viewer can project their own sense of style and colour.
Neutralise decor
Every viewer will have different tastes and so the more you can encourage them to imagine their own choice of decor in each room, the more likely they will want to live there.
- Paint the walls neutral colours.
- Take down your favourite posters and hangings – you may love them, but the viewer may not.
- Put away the family photos – the viewer will want to imagine their family living there, not yours.
- In general, de-personalise the rooms to make way for the personality of the potential buyer.
Tidy away clutter
Another important thing to remember is to clear away clutter from surfaces and floors. Apart from making the house look untidy and unkempt, rooms with lots of things in them look smaller than they really are.
- Free your house from accumulated trinkets and clutter – go for the minimal look.
- Only have the necessary furniture in each room – put the extras into storage.
- In the bedroom, free up enough space so that the viewer can walk around the bed. If you can’t walk around the bed, the room will seem much smaller than it is.
- When de-cluttering, don’t neglect the garden. It should be as neat, tidy and inviting as the rest of the house.
- This could be a good opportunity to make some extra cash by selling unwanted things on Ebay, or at a local car-boot sale.
Clean the house top to bottom
- It may seem obvious, but this is one of the most important things you can do to increase your house’s selling potential. Your house should be spic and span, inside and out.
- If you can afford it, it’s a good idea to have windows, carpets, and sofa covers cleaned.
Don’t underestimate the power of optical illusion
- Try using mirrors to make rooms seem larger.
- Keep the flooring uniform. A jumble of different styles will make rooms look smaller.
- The more floor space that is visible, the larger the rooms will appear.
- Create the feeling of spaciousness by taking down dark or heavy drapes, having all the curtains open, and letting plenty of natural light in.
Preparing for a viewing
When it’s time to show your home to a prospective buyer it’s important to be enthusiastic without trying too hard to win the viewer’s favour.
- Consider the way your house looks from the front – this is the first impression the viewer will get of your home. Trim hedges, re-paint the front door, and perhaps plant some flowers.
- If you have a parking space, leave it free for the viewer. This will help them to imagine what it will be like living there.
- Air out the house prior to a viewing, and put the heating on if it’s cold. Make your home welcoming.
- Don’t smoke in the house, as many people dislike the smell. Make sure the house is free of all objectionable odours, and perhaps try creating an appealing fragrance instead such as freshly baked bread - said to be one of the most inviting smells.
- When showing a buyer around, allow them to enter rooms first.
- Every house has good and bad sides. Point out the good qualities, such as nearby schools and transport links.
- Don’t bother pointing out the bad parts unless absolutely necessary.
- Keep pets and children out of the way during a viewing.
Dealing with an estate agent
- It’s good advice to get at least 3 different valuations of your property before settling on an estate agent – and don’t necessarily go for the highest valuation.
- Negotiate agents’ fees and get them in writing when you are agreed at a price.
- Make sure you aren’t being tied into an exclusive contract with them, as you may want to switch estate agents if you are unhappy with their service.
- Try to make the most of your estate agent’s services. Ask their opinion on possible improvements to the house and make sure you are being kept up-to-date with every stage of the process.
- If you aren’t happy with the photos taken of your house by your estate agent, request for them to be taken again.
How else can I improve the chances of securing a buyer?
Think about target market
Have a target market in mind when selling your house. Think about what kind of people the house would best suit, and tailor it as much as you can to suit that demographic. For example, if you think your house would be ideal for a young family, make sure there is a clearly set-out children’s room.
Know your house’s history
Make sure you are well-informed about the house you are selling. If your house is old, find out as much as you can about its history. Telling prospective buyers historical anecdotes or facts about the house or the local area can really increase its appeal.
Make the most of word-of-mouth
Word of mouth is a powerful tool. The more people that know your house is for sale, the better – this includes your neighbours. Tell your family and friends you are selling your house, and make sure there is a clearly visible For Sale sign present at all times.
Do your research
Research your local market and find out how much houses similar to yours have sold for in your area. You can investigate local house sales here, to give yourself more of an idea of how much you should be asking for.
Widen your advertising
You could try listing your property on the internet, with sites such as Move Wise, Home Buyer, or House Ladder. Many of these sites charge a small fee for advertising, but some now offer their services for free. Some supermarkets also now offer to advertise your home for a small price.
And if all else fails?
It may be frustrating, and you may end up getting a lot less for the sale of your house than you anticipated, but sometimes the only thing you can do is reduce your asking price – in fraught economic times, this may be the only alternative.
