Is Now a Good Time to Sell?

In England, the property market has reopened, with house viewings seeing a new peak since the start of the coronavirus lockdown. Valuers, surveyors and agents now have the green light. However, the buying and selling market has not completely normalised.

The fear of a possible recession, high unemployment rates and minimal cash-flow have all cast a dark shadow over the housing market. The question that then arises is, is it a good time to sell?

Well, the good news is; property agents in the UK have recently reported a rise in property enquiries following the relaxed lockdown but afraid that the low availability of listed properties will frustrate the level of demand. Partly, the economic effects of the pandemic will halt the flow of sales, and secondly, only a few homes have been listed for sale. If you are considering selling your home, here are a few things to look into.

The Effects of Market Reopening

The UK has allowed the selling and buying of property under strict social distancing guidelines, something that has encouraged safe transactions. The government has, however, banned open houses, only allowing individual viewing.

Understand that the lifting of the house market freeze does not mean an automatic boost in house prices. As the negative economic effects rack up, house prices are expected to decline particularly over summer. Should activities in the economy rebound, the prices could spike but a full recovery would be seen towards the end of the year, according to property analysts.

They also predict a sour fall in prices, which may happen in case the economy tanks. With the government having extended the furlough scheme, jobs will be protected and as a result, prevent this from happening. Analysts say that buyers have expressed buying interest in certain areas, including the south coast and the northern cities and towns.

How should You Market your property?

A lot of home sellers are not comfortable about inviting potential buyers into their homes for viewing. The government advices home sellers to take advantage of online marketing tools to sell. For instance, you could leverage virtual reality and video viewings to limit the number of people walking into and out of your home. Other potential areas you could look into would be 3D scanning technology and send your details to interested buyers.

Sell with Due Diligence

Before the pandemic, houses that were listed twice in the UK took longer to sell. The delay was caused by things such as poor choice of a real estate agent, ill-preparation and listing with an unfavourable market estimate. Before putting a price tag, get a property valuation from a real estate agent.

Note that the appraisal of a real estate acts as the foundation of the sale. Poor research, particularly in a bad economic climate such as now means not selling at all. Begin by finding a competent property agent who can help with the estimates. Understand that we are currently in the seller’s market, and if you are not afraid of taking risk, this could be a perfect time to sell.

The question lies on how you can swing the uncertainty to your favour. You only need to be prepared of a possible drop in house prices in the coming months. Remember, this is the busiest time for the internet as buyers grapple for what’s available, so be present to give your property a price tag in real-time. Take advantage of your free time to tidy-up your driveway and revamp your property to entice buyers.

Despite the spike of the coronavirus pandemic, house buyers will continue hunting for houses with the urge to up-size, downsize, relocate their business, or simply be close to other family members. The government policies will also keep changing, thereby impacting the interest rates, buyers and investors. This means that sellers will keep being influenced by a moving target as they decide whether to sell or not to sell. Understand that all these will influence the buyer market and affect your selling opportunities. If you are looking to sell, now is the time to do it, but approach it with a good level of diligence.

TwitCount Button