The market is collapsing.
Transaction levels are down 20+%.
As a seller you are doomed…
This is what I hear from some potential clients. They want me to help them acquire their next property, but they have had trouble selling their current homes or investments, so they ask me for advice on selling.
Please note – I do not sell properties. Firstly, I think it would be a conflict of interest. Secondly, I think the good agents are very good at what they do. The problem is that the quality of agents varies dramatically (even in the big brand agencies). But more of that in a second.
How bad is it?
The figures are portrayed as unrelentingly bad, but if you just flip the figures, you realise that 80% of transactions are still happening.
Please note, I am not saying that the market is easy or that it is a good time to be a seller. Definitely not. However, would it be unreasonable to say that things aren’t quite as catastrophic as conventional wisdom is telling you?
For example, a client of mine has just exchanged contracts on an apartment I acquired for him 6 years ago. If you read the press, you will know that prices have come down dramatically in this time. Indeed, the headlines in August were screaming that prices in the area had fallen 25% last year.
Interesting then that my client has exchanged contracts for 11% more than we bought it for! Now, this is slightly misleading. He did spend some money redecorating to his own tastes but even adding this into the calculations he has sold it for more than he invested into the property itself.
For complete disclosure, he has still made a loss because of Stamp Duty but he was willing to do this because the family doesn’t require the property anymore and he plans to use the funds for something else.
But the point still stands. The figures in the press are highly misleading and it is still possible to sell well. And if you can sell well in a buyers’ market then you will be in a great position as a buyer in a buyers’ market.
How can you sell for a good price in this market?
As mentioned, there are some excellent agents who will achieve good prices for you even now. Unfortunately, there are hundreds of estate agents, so it is hard to pick the right one…
… unless you speak to hundreds of estate agents a week, which is what we do. So, although I don’t sell properties, I do know who the good agents are for each type of property in each area and so I advise my clients which is best for them.
However, choosing the right agent is only one part of the equation. There are seven expensive mistakes that owners make when selling. It is essential you avoid all of them if you want to achieve the highest price possible within your preferred timeframe.
I have written a guide especially for sellers which shows you exactly what you need to do. Is this a magic pill? No. If you have a bad property, then you cannot expect to achieve a premium price in a strong market let alone this one.
However, if you want to sell any property, the advice in my guide will give you the highest probability of achieving the best price possible.
If you would like to receive a copy of The Seven Biggest Mistakes Owners Make When Selling Property in London & How To Avoid Them, then I would be happy to send it to you. Just email jeremy@mercuryhomesearch.com or call 02034578855 (+442034578855 from outside the UK).
