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PbroAgent

How To Sell Your Home

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Welcome to 2011. Most agents will start back at work tomorrow morning after the christmas break. Many of the home owning public will soon make that great decision and try to move house. You will find below my little cut-out-and-keep guide to selling your home correctly. There is no single right way to sell your home, but there are many wrong ways. If you follow my advice however you won't go far wrong.

Remember the 7Ps: "Proper Prior Planning Prevents Piss Poor Performance"

Congratulations, you have made the decision to sell your home, but is your home ready to be sold? The very first thing you should do is visit your nearest new homes site. View the show home and look how it is presented. You must now honestly critique your home in comparison to the show home you saw. Remember that you probably haven't sold your home for years, if ever. The new home builders do it every day and their presentation techniques work.

Buyers do not expect your home to be a show home, if they wanted that then they would buy a show home. They do expect it to be clean, tidy, free from clutter, warm, well lit, odour free and well presented. I realise that it can be very difficult to de-clutter a house. If you have a garage, put it all in there - buyers expect to see junk in garages. If you don't have a garage, borrow one off a friend, rent storage elsewhere, put the stuff in the loft, sell it or throw it away. You don't have to get rid of everything, ultimately you still need to live in the house whilst you are selling it, but if buyers can't get into the lounge for all the toys or your prized paper-weight collection, then you won't be selling your home very quickly.

Do any repairs now! It is utterly pointless telling a buyer they will be done before they move in - they won't believe you. Don't forget the garden, a few hundred quid on a new lawn or a couple of tons of fresh gravel on the drive can make all the difference to the buyers.

Ask a friend to honestly critique your home, it may hurt you but could save your thousands in the long run.

Research

Your next step is to invite some estate agents to "value" the house. Before you do this, make sure you do the necessary research.

Work out for yourself, what your house is worth. This is now very easy following advances in internet technology. Visit Rightmove and Zoopla. There you will find useful tools and reports on the state of your local market. Also visit www.houseprices.co.uk which will give you real sold prices.

Don't fall into the trap of valuing your home by looking at the asking prices of other houses. You should always value against those that have sold. Remember that if their asking price is too high, so will yours and it could severely hamper your sale.

Next choose your agents wisely. Ask three or four to visit. You should pick agents who sell similar houses to yours in similar areas. The easiest way to do this is by driving around your local area and searching for SOLD boards. Remember that an agent who is actually selling houses like yours will have his finger on the pulse and will be a better bet than the agent whose houses seem to take forever to sell or quietly come off the market. Ask friends for recommendations. Ask a mixture of national corporate and local independent agents out. Don't be afraid to mystery shop them first to find out what their attitude is like and whether they would be capable of remembering to offer a buyer your home.

The Valuation

Agents approach the valuation in different ways, but typically an agent who spends less time at your home, who perhaps doesn't measure up and only gives the house a cursory glance will be less likely to provide the best service later on in the transaction when you may really need it.

Your agent should be able to offer you a considered valuation of your home. This should always be backed up with market evidence. If the agent is unable to provide comparable evidence of other properties locally which have sold in order to back up his price, be cautious. Also be very very careful not to give any hint of your expectations to the agent, as this may colour his "valuation". The reason that I put the word valuation in speech marks is that it isn't a valuation at all, but part of a pitch designed to win your business.

If the price given to you by the agent differs from your researched price, now is the time to discuss why. If the agent has valued higher than you are expecting he may be using the higher price to win business and on consideration may adjust his position. If the agent thinks the house is worth less than your valuation, don't be disheartened. You may be able to agree a strategy in which you try the higher price for a few weeks and then reduce at an agreed later date if the house hasn't received sufficient interest.

Discuss timescales and how many active buyers the agent has for your home. He should hopefully offer you a small presentation or discuss a few key features of his agency's service to help you understand why he should be chosen as your agent. Beware the agent who sells his services based on a cheap fee alone. This agent is best avoided.

Once you have seen all the agents, make your decision and call the agent to go ahead. If you have chosen your agent and your asking price wisely you should not need more than one agent to sell. Always use a for sale board - vanity will not help you sell. Agree a fee you are happy with but also remember that the agent's staff all work on commission and so could be less inclined to sell your home if the fee is too low.

The Sale

Try to keep you home tidy, showing a buyer this morning's breakfast dishes and unmade bed will not help sell your home. You do not need to worry about freshly ground coffee and baking bread, it is a myth. Just make sure that there are no pet or urine smells.

Listen to your agent. Markets change - the housing market is no different. You should speak to your agent at least once a month. If viewings dry up, try to engage in a constructive conversation with your agent. Remember that we are in a period of falling house prices and the recommendation of a price reduction is a reflection on market activity and is only designed to help you sell your home.

The house is not worth what you want to sell it for, but what a buyer is prepared to pay. There are many good threads on this forum discussing the frothy nature of house prices - read them.

The Offer

Hopefully by the time you receive an offer you will have build a trusting relationship with your agent. Ask the agent for their advice, a good agent will tell you if there is more to be had from any particular buyer and will also tell you if they feel that a buyer has reached their limit.

If the offer you have received is too low to buy the dream home you saw on Rightmove last week, fret not. It may be possible to negotiate hard on the house you want to buy and get that house for a figure low enough to allow you to accept the offer. It may also be that there are other dream homes out there waiting for you.

The STC

A good agent will chase your sale weekly. They will also recommend a good solicitor or licensed conveyancer. Use them. It is often easier for an agent to talk sense to the solicitor they deal with on a daily basis than it can be to talk to a crusty old family solicitor who rarely has any dealings with the agent. This means better service to you and less hassle if the STC throws up problems.

The Move

Good luck on moving day. Leave the keys in the kitchen drawer and the front door key with the agent. Also remember to give the negotiator a big box of chocolates, bottle of wine, bunch of flowers, or all three. They've deserved it.

I'm sure my fellow HPCers will add their two penneth worth below. Anything else, post away and we'll see what we can do to help.

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I agree with what you sayfor sellers however I am buying and the comment about sellers looking at achieved prices is fine to a point.

I am facing a seller who is trying to achieve prices this year that are the same as Sales achieved in 2007 and latterly in Nov 2009 (the two sales agreeed in this street in Nov 09 completed Jan 10).

Whilst I know the Market dipped in 08 it picked up late 09 and nosedived since spring 10.

That seller has a cash free chain free buyer .... If only hre or theagent would be sensible. The agent is telling me the old cr*p story that because he agreed a sale on next door at £x. This one is also worth the same.

The agent is not accepting that next door sold and completed in march 08 for £170 and was then remarketed again in 09 at a much higher price £246.

This same agent says he sold it for mid £230s couple months ago I find it strangebecause it is still on rightmove sstc

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I agree with what you sayfor sellers however I am buying and the comment about sellers looking at achieved prices is fine to a point.

I am facing a seller who is trying to achieve prices this year that are the same as Sales achieved in 2007 and latterly in Nov 2009 (the two sales agreeed in this street in Nov 09 completed Jan 10).

Whilst I know the Market dipped in 08 it picked up late 09 and nosedived since spring 10.

That seller has a cash free chain free buyer .... If only hre or theagent would be sensible. The agent is telling me the old cr*p story that because he agreed a sale on next door at £x. This one is also worth the same.

The agent is not accepting that next door sold and completed in march 08 for £170 and was then remarketed again in 09 at a much higher price £246.

This same agent says he sold it for mid £230s couple months ago I find it strangebecause it is still on rightmove sstc

You will find that there are a lot of HPCers with negative views on people buying houses in the current market unless they can get the house for a percieved steal.

Yes it is currently a buyers market, yes there is a lot of stock, yes prices are generally still falling and yes the HPC theory to bargain hard, bargain low or just wait is all very tempting, but we have to live in the real world and realise that there is more at stake and a whole host of emotions chucked into the mix as well.

From reading your other thread you clearly realise that there is a lot more emotion at play than most HPCers account for in their posts. You also seem to have identified that this is the house for you to the exclusion of all others. If this is the case and if the agent you are dealing with has caught onto it as well, he will attemp to milk you and your future offers for absolutely as much as he possibly can. He will do that because it is his duty to his client - the vendor - to do so.

You therefore, need to decide if it really is the only house for you. If it is then you will need to be prepared to pay what the vendor wants, or you will never buy it. If however you can find another property that suits you as much as this one does, then walk away and don't look back - or play the HPC game and stand firm on your offer using the current buyers market to your advantage. The vendor is either receiving bad advice from the agent or more likely is being greedy.

You must decide though whether you absolutely have to have this house. I would be interested to know the answer. Good luck.

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You will find that there are a lot of HPCers with negative views on people buying houses in the current market unless they can get the house for a percieved steal.

Yes it is currently a buyers market, yes there is a lot of stock, yes prices are generally still falling and yes the HPC theory to bargain hard, bargain low or just wait is all very tempting, but we have to live in the real world and realise that there is more at stake and a whole host of emotions chucked into the mix as well.

Yes, I do realise this

From reading your other thread you clearly realise that there is a lot more emotion at play than most HPCers account for in their posts.

Yes to this as well

You also seem to have identified that this is the house for you to the exclusion of all others.

That is not entirely true, but the location of it is right

You therefore, need to decide if it really is the only house for you. If it is then you will need to be prepared to pay what the vendor wants, or you will never buy it.

We cannot afford to go to what the vendor is currently wanting - we can go to what he paid in 2007

If however you can find another property that suits you as much as this one does, then walk away and don't look back - or play the HPC game and stand firm on your offer using the current buyers market to your advantage. The vendor is either receiving bad advice from the agent or more likely is being greedy.

We have got another 2 properties to view this afternoon - which are possibly as good. What price they will accept we will have to wait and see.. They both were purchase in late 2006 from new. One sold for £235 and the other £250 back then.

You must decide though whether you absolutely have to have this house. I would be interested to know the answer.

I does not have to be this property but one in the neighbourhood area is what we want - problem is many people in this area are sitting tight because they know they are not going to achieve sales that reflect the high prices that most of them bought at - one other agent has told us that this is reason people are not coming to market in this little area of town.

Good luck.

Thanks - we need it.

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I does not have to be this property but one in the neighbourhood area is what we want - problem is many people in this area are sitting tight because they know they are not going to achieve sales that reflect the high prices that most of them bought at - one other agent has told us that this is reason people are not coming to market in this little area of town.

I too am seeing this especially where people bought new-builds and I suspect it will only happen more as prices continue to fall.

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Just to give you an update PbroAgent, as you are giving good advice:

We have increased our offer on the first property - and again that (independent) agent came back far too quickly with a definite No. We are not now increasing offer at all on that property.

We have seen and offered on another similar property and this time that agent (the franchised ones with the liveried minis. E......... - yes them) has come back and said our first offer is rejected; whereupon we increased and said that the increased offer was full and final, (the final offer was also what was paid for property in 2007) and now 6 days later they still have not yet written to us saying they have rejected the offer, only said it to us.

We have spoken to two other agents who are being proactive and trying to help us, and those two agents on knowing the properties and the offers we have made cannot comprehend why the agents with the properties are not encouraging their vendors in the current market to accept our offers.

The advice we have recieved from those two helpful agents is that we have made very good offers in the current market, and we need to be careful of overoffering because the local market is going to fall further over next 6-9 months or more (hence from our point of view - they are saying be careful.)

And if it had been them as acting agents, both have said that in the current market they would have gone round and spoken face to face with clients and explained position and done more than it appears these two agents are doing. Whilst both have said as we all know their interest is to the vendor, there is a point where an offer - especially from someone in our position (chain free, with nothing to sell, cash to buy) has to appear attractive.

We have also make it clear that our offers are not open indefinitely to both respective selling agents.

We are starting to smell a rat though with the agents who have not written to clarify offer.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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