How to get a quick sale at the best price in today's market

Here are some top tips if you're selling your property

It may not be a fully-fledged buyers’ market, but there is no doubt that the pendulum has swung a little bit away from the sellers.

So what can you do to make sure you make the most of current market conditions?

The truth is that despite the fact that the base rates has risen for the 12th consecutive time (it now stands at 4.5%), mortgage rates have held steady or begun to ease since the beginning of the year.

There’s a growing optimism about the outlook for the mortgage market, according to the latest Mortgage Market Tracker report from the Independent Mortgage Lenders Association (IMLA). The findings show that intermediaries are keeping busy, with the average adviser placing 99 cases over the previous 12 months. The figure is a small rise on Q1 2022 (an average of 97 cases) and only four cases off the peak of 103 in Q4 2021.

The property market is still active as confidence in the economy begins to grow. It is true that buyers are more price sensitive than they have been in recent years, but transactions are still happening despite the cost of living crisis and last year’s ‘doom and gloom’ forecasts simply have not materialised.

Assuming you have your property looking at its best, with new coats of paint and all maintenance up to date, what else can you do to get a quick sale at the best possible price?

Bright and clear

Selecting the right agent and taking the right advice is now more crucial than ever. Local knowledge is now paramount when it comes to pricing and there will be no-one better placed to give the best advice than an experienced agent. Ultimately, it is price that will determine how quickly a property will sell. And choose an agent that is hot on social media marketing. More and more buyers are looking for properties online and strong social media engagement can make all the difference.

Remember, first impressions are vital here, so to accompany those social media posts, make sure the images are of the highest quality and show your home off in the best possible light. Photographs should be taken by a professional on a day when the weather is bright and clear and shows your home at its best.

Get your paperwork ready in advance. Remember, around 28% of sales fall through after an offer has been accepted – often because of delays in obtaining the necessary legal paperwork like planning approvals or building consents.

In fact, as soon as you’ve chosen an estate agent, you should instruct a conveyancing solicitor. They can help you check your Land Registry entry online to make sure everything is up to date and accurate. If there are any unresolved boundary disputes or title queries, they will be able to try to get them sorted out before listing.

Historically, it was usually the buyer that ordered the local search however, some solicitors (like Juno who we recommend) will offer this as an additional benefit to sellers – something worth doing!

These can take several weeks to come through and can significantly delay a sale. Doing them in advance can speed things up dramatically.

Smoother transaction

And if you’re selling a flat, ask your management company for a management pack. This should include company accounts, details of any works done or due and building safety certificates. Your solicitor can collate all your documentation so everything is in one place when an offer is made.

If you’re in a position to do so, choose the right buyer. Ideally you want someone who is chain-free, a cash buyer (or has a large deposit available), has a mortgage agreement in principle with a lender and is employed (rather than self-employed). It is highly unlikely that you’ll manage to tick all of these boxes but any one of these would be good and would probably ensure a smoother transaction.

Book a solicitor early and once you have agreed a sale, keep talking to them. Check in regularly. Ask how things are going. See if there’s anything you can do to help, give your answers promptly and be detailed in your responses.

Here at ludlowthompson we have 30+ years of experience selling London properties, and one of our promises is to always acheive the best possible price. Chat to an expert at your local branch today, to see how we can help you sell your home.