Are You Struggling To Sell Your Home?
What Should You Do?
The availability of mortgage finance during 2012 is having a huge influence on the housing market in 2012, both for first time buyers and upsizers. Without this, first timers can't enter the market, while homemovers are stuck if the amount of equity in their home has fallen to a percentage that doesn't allow them to remortgage. This is, of course, despite continued low interest rates, which many commentators expect to persist.
Likewise, the impact of the economy on your own household finances during the year may mean that a move onto the property ladder, or to a larger home may not be possible. For the market as whole, this will prolong the current low transaction levels with downward pressure on prices.
Your own personal position and outlook will of course determine how you view these forecast changes in house prices. Housing market experts offer their advice for buyers and movers:
For existing homeowners, extend your house. Tradesmen's prices are lower than the boom years.
If it suits somebody to move, then why hold back? Hopefully in the years ahead we'll see some positive movement.
For first time buyers, get finance arranged before going out to look and put yourself in a position where you can act very quickly.
In a similar way, for upsizers, before you negotiate, make sure you have your own sale well under way.
Buying in a falling market is hard for all buyers, but first time buyers with no experience of estate agents may not be confident in negotiating.
Asking prices illustrate the greed of the seller or the optimism of the selling agent. Never bid 'ticket price' and be prepared to walk away if you don't get the price you want.
'Second timers' (the majority of buyers) should remember that it is only the price difference that matters – what you pay and what your accept for you home are relative numbers.
Worried you are not getting enough for your home? Don't. What you want to buy will be equally effected.
"Downsizers", don't assume that your home is more special than the one next door or down the road. Prepare for the fact that your property isn't worth what it was four years ago and if you have decided to sell, pay attention to the three Ps – price, presentation and promotion. Quote a sane asking price that demonstrates you are serious about selling. Make sure the house looks its best. Don't assume that buyers can see past the ring around the bath!
Finally, be prepared to make an effort to attract a buyer. A small ad on a property website isn't going to ensure you hook the biggest fish. Make a splash and don’t be afraid to splash out on a variety of adverts and promotions.