Beat summer slowdown with these top tips
Kal Sangra
director, Shonki Brothers Ltd
Like many of you, summer is my favourite season – but let's face it, it is not always the best time to sell your home.
If your house is currently for sale and interest has been minimal, don't worry – you are not alone. We are now going through the traditional seasonal summer slowdown which inevitably means weaker demand.
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This year, the seasonal slowdown not only started earlier but developed more rapidly than in previous years and has meant that the gap between supply and demand has further widened.
How does this information help you? Well, for a start it tells you that to sell you must have a winning strategy, which takes into account the current state of the market. It is always surprising that sellers still do not tap into the wealth of information readily available about selling.
The idea is to get a sale in the shortest possible time and at a realistic price. Our Olympic contestants got it right and thus the Games managed to lift the country's mood.
Isn't it a shame that it can't lift the property market?
Only sellers themselves can increase the chance of a successful sale. Remember the first two to four weeks of any marketing is the most important period in which to attract potential purchasers.
That is why it is important for agents to advise their client initially of the best price and the best method of sale.
Zoopla found 37 per cent of the homes listed on its site had been reduced in price at least once since going on the market. So do think carefully before you decide on your marketing price.
Regarding the method of sale, auctions continue to rise in popularity and my advice to any new seller or to those stuck on the market would be to try the auction route.
The turnaround time is much quicker and the sale is more straightforward than in a normal private treaty sale, whilst enabling the seller to still achieve the best possible price.
Often offers for properties are accepted pre-auction, but irrespective of an offer being accepted before or at auction, once a sale has been agreed completion is within 28 days.
In the unlikely event of a sale not completing within the specified time the buyer faces heavy interest charges. If the buyer backs out of the sale, the seller can keep the 10 per cent deposit and the difference if the property is eventually sold for less.
Figures show that normal private treaty sales activity is persistently low compared with long-term standards. For this reason more and more residential properties are being offered for sale by auction with an increase of 8 per cent in the East Midlands for the first quarter of the year. The number of residential lots offered was 385 of which 312 were sold achieving an 81% success rate, the second quarter saw similar success with 489 being offered and 374 sold achieving a 76.5% success rate.
For those already on the market or thinking of selling, do consider your price and also the method of sale and choose an agent that will give you the best advice.
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