Selling a property can often seem like a daunting task. Whilst it’s important to consider all aspects before embarking on any sale, it’s often this initial period of consideration, before your property has even gone on the market, that gets the stress levels heightened. Leading to an incredibly stressful overall experience, as the tension builds through the process.
This consideration period often becomes protracted which adds to stress and frustration. This can happen for many different reasons, however, all sellers face a number of unknowns when considering a sale:
- Will there be demand for my property?
- Will buyers be willing to pay the price I want?
- More importantly, will buyers be willing to pay the price I need to make that next step worth while?
- Will I find the right property to buy?
- Who do I choose to market and sell my property?
It’s the unknowns which make deciding to put your property up for sale difficult.
Why would you not simply put your property on the market and get answers to these key questions? The answer is generally one of cost, it can cost thousands to get your property on the market, particularly in Scotland, where you have the added expense of requiring a home report. Some estate agents will market their services on the basis of no upfront costs but make sure you understand the terms and conditions of the agreement as there will be fees to pay at some point in the process, normally regardless of sale.
When the market is riding high and demand is strong the unknowns are less prevalent. It’s when the market is not performing as well that the unknowns become most pronounced. Two recent examples would be the financial crises of 2007/08 and more recently uncertainty around Brexit. The London property market in particular has transitioned from a period of boom to one of uncertainty following a decision to leave the European Union. This uncertainty leads to longer periods of consideration and ultimately stress.
Our suggestion in the first instance is to focus on the areas and questions that are inside your control, namely:
- Finance — get your finances in order. Pretty obvious one that shouldn’t be taken lightly. If you don’t already have one, use this as an opportunity to create a budget. Even if you eventually decide not to sell, this is valuable (literally) process to go through.
- Existing mortgage — Assuming you have one, review your current arrangements and research what is possible when it comes to moving. Paying particular attention to any associated costs. The terms and conditions on mortgages vary greatly, if you’re in any doubt about your options you should seek professional advice.
- Research the market — do your homework to establish how the market is currently performing in your area.
This will really help you to build a picture of what is realistic and what is fantasy. Once you have done your homework you will be in a stronger position to determine the best way forward and keep those stress levels in check.
Here at Libermove we’re determined to give the property seller real choice by providing direct market feedback on the saleability of your property. We have introduced a new “Open” status, which enables you to determine the interest in your property for free. You simply register your property on the platform giving as much information as you wish and receive feedback directly from potential buyers. The advantages of this are:
- It’s free
- It’s instant
- No contract or commitment to sell your property
- Gives you control and provides real choice — once you’ve received feedback on the saleability of your property you decide how to proceed. Having information direct from the market is invaluable particularly when deciding things like which agents to use.
Libermove is live with a trial in Dalkeith, Scotland, and keen to hear from people thinking about selling a property. Visit www.libermove.com to find out more or email us at hello@libermove.com.
