Selling Your Home in 2020: What You Need to Know
The property market has not been buoyant in recent months. People feeling unsure about the outcome of Brexit had already left the market fairly flat, but now with the combined troubles of COVID-19 and turbulent economic insecurity, it is no surprise that the whole market has been in serious trouble.
Many are choosing to wait out the trouble and see what happens rather than selling their home for somewhere new. But with Brexit resolved (at least on paper), and the country coming to terms with lockdown and looking forwards the future, there may be a level of certainty soon returning to the market now could be the perfect time to look into selling again. If you are planning on selling up, here are some key things that you need to know.
The Fallout of COVID-19
It can’t be denied that COVID-19 has been disastrous for the housing market. It is not so much that demand has seen a dip, rather that the market has gone into deep freeze – everyone looking to buy or sell is looking to wait until some sort of certainty returns. However, life goes on and increasingly it will be necessary to understand how to get on with things in spite of the coronavirus.
It seems that lockdown won’t actually have a huge effect on house prices – demand for properties is still there, it is just currently frozen. So if you are thinking of selling, you need to be getting ready in spite of the restrictions of lockdown. Things can change quickly, and it may soon be the case that the market returns to a level of normality.
The Brexit Effect
It might seem like a lifetime ago, but no matter what you think about Brexit, there is no doubting the uncertainty surrounding the UK since the vote to leave. This has created a great sense of trepidation in terms of people being interested in investing their money, and buying property. Now the UK is officially leaving the EU, we can expect to see the market stabilise and confidence return.
Over the course of deciding the terms of Brexit there have been instances of house prices falling and people being reluctant to buy. The return to certainty – whether it is good in the long-term or not – should provide some relief to the property market, and make 2020 a good time to sell.
Now the UK is officially leaving the EU, we can expect to see the market stabilise and confidence return.
Consider a Range of Estate Agent Options
In 2020, the range of estate agent options that you have available is larger than ever. In general, estate agents now fall into two separate categories: those with a physical presence in the form of high street stores, and those who operate purely online.
There is no doubt that online agents generally offer a cheaper service – some, such as Purplebricks, charge a simple one-off fee and do not take commission. However, it is important to understand that you will get less in the way of services from them. Standard estate agents charge more but will typically do more to get your property sold.
Set a Realistic Asking Price
In the past, we have seen many homeowners take a ‘wait and see’ approach to selling their property. This sees them listing it at a very high price, hoping that someone will fall in love with the property and pay over what it is worth.
However, if you are looking to make a sale, this isn’t a wise move. It is a much better idea to set a realistic asking price. The process of selling can be drawn out enough without the challenge of overcoming an overly high price tag.
Kerb Appeal Matters
First impressions matter when it comes to selling a home, so there is no doubt that you need to think about the exterior of your property. Your home needs kerb appeal – when someone sees it for the first time, are they impressed or disappointed? If it is the latter then you need to prioritise making changes.
There are actually many ways to enhance your kerb appeal. But it is important to think about the specifics of your property – what really needs changing? Some homes could do with a new paint job, others would benefit from replacing an old, rusty garage door. Take a look at your home objectively, and ask yourself what is detracting from the overall look.
Upgrade Your Kitchen
65% of homeowners renovate their kitchen before they sell. There is a good reason for this. The kitchen is seen as the focal point of the home, and it is somewhere that buyers will be drawn to, and will want to inspect. If your kitchen is looking a bit tired, now is the perfect time to make upgrades and improve the value of your home.
If you only have the budget to make home improvements in one area of the house, then it is definitely worth making that area the kitchen. Your budget will go a long way – replacing cupboard doors and handles can freshen up the whole look of the kitchen without breaking the bank.
The property market is certainly looking up, so now could be the perfect time to put your home up for sale. Be sure that you present your home in the best possible way – you might be surprised just how much of a difference this makes to the amount of money you can get for it.