How to Sell a House in a Depressed Market

Even in a depressed housing market it is still possible to sell your home. The following top tips will boost your prospects:

1) Due to the “credit crunch” it has become harder for property buyers to find mortgages. The knock on effect is that it is more difficult for vendors to sell property. For anyone who has managed to secure a mortgage loan offer, it is a buyer’s market. It is important to price your property correctly. The best way to achieve this is to look around at all the estate agents working in your area, examine the property in their windows and establish which agents are successfully selling houses like yours. Also look at the property advertisements in local newspapers.

2) Get at least three valuations on your property. To ensure a sale, consider undercutting the asking prices of similar properties in your area.

3) Look into selling your house at auction. This is an increasingly popular way of selling properties. Many television property programmes now feature Real Estate auctions.

4) The next thing to sort out after the price is the presentation. Because you need to impress your buyers, you are going to have to put in the work to ensure that your house has kerb-appeal, and is immaculately presented.

5) The approach to a house is all important. If you have a drive or parking area to the front of the house, make sure that it is clean and clutter free. Tidy up the garden, front and back. Make sure that the windows are clean. On the inside, it is mainly the condition and appearance of the kitchen and bathroom that will determine how fast you sell your home. The number of useable bedrooms is also important. “Depersonalise” is the operative word. A fresh neutral décor works best. The kitchen needs to be spotlessly clean, with cutlery, utensils and crockery neatly stored away. The same holds true in bathrooms. If you have a box room, empty it out as much as possible to maximise space. If you need inspiration watch the “House Doctor” or similar TV house makeover programs.

6) If your house is still not selling after its makeover, then you may have to consider dropping the asking price – but talk to your estate agent for feedback first. Ask them for ideas and suggestions for what you could do next – but remember, it is in their best interests to keep the price as high as possible because then they make more commission.

7) If you do decide to cut the price of your house the best thing to do is to take it off the market temporarily. Leave it off the market for a month or so, and then re-advertise it at the new price with a different agent. This should attract a set of fresh buyers who think that your property is new to the market.