PROPERTY EXPERT OFFERS HIS GUIDE TO SELLING YOUR HOME AMID HOUSE PRICE FEARS

ESTATE agents are warning those trying to sell their homes that they should slash asking prices by 10% due to rising mortgage rates.
Leeds-based property firm, HOP also urged sellers to be more “realistic” about a cooling property market, as figures revealed how buyer demand has dropped by more than a fifth in the past month across England and Wales.
Luke Gidney, managing director of HOP, said last week: “You need to be really realistic as a seller, if you want to sell your property you need to consider a 10 per cent reduction on what you would have done six months ago. You have to work really hard to sell something at the minute. The problem we’ve got right now is the interest rates are making some properties unaffordable. There’s still interest out there, but people are genuinely worried.”
However property expert Tom Cranenburgh, who runs national estate agency GetanOffer said sellers should hold their nerve.
He said: “We’ve certainly seen buyer enquiries drop off lately, but I’ve got a feeling this is just temporary. There are still lots of people who’d love to buy a home. If things get more stable soon, big price reductions shouldn’t be needed.
“There’s a simple reason why some are suggesting doing this and that’s overpricing. Some, in fact many agents, have at one time or another been guilty of overpricing property either with the owner’s blessing or worse, to get the property on the books. Many estate agents wrongly think it’s better to get a seller on the market (usually with a fixed term contract) and bring the price down later, than it is to be honest about price and lose the business to someone who isn’t.
“With the possible exception of a handful of sellers who are truly desperate, or who have discovered a defect with the house that necessitates a big drop, sellers chopping 10% off were never going to get their price, whatever the market conditions.”
Jonathan Rolande, the founder of property firm House Buy Fast, agrees adding: “There’s no doubt the property market is under immense pressure right now and the time of year doesn’t help either, dark afternoons and Christmas are ahead of us.
“But if your agent is suggesting you knock 10% off the price of your most expensive asset, ask them why. Why, when the market is down less than one percent is this necessary? If they were the agent that suggested the price in the first place, I’d suggest you always get a second and third opinion first.”

Here Jonathan provides his tips for selling your home.

You could have an incredible property in a desirable location – but if it’s not being marketed well then you will never sell it.

1.Get a good estate agent: Most people choose their estate based on the fee they have to pay them. But, it’s worth taking a bit of time to also look at the marketing they do. Do they add their properties to online portals such as Rightmove and Zoopla? Do they have lists of buyers they send new properties out to? Do they have a high turnover of properties they are selling or is it always the same properties in their window?
2.Go multi-agent: Many people think you have to just have one estate agent representing your property but the reality is that you can have as many as you like. In theory having several agents touting your property should mean that it reaches more potential buyers and your property sells more quickly. The catch is that you will probably end up paying higher fees. Traditional estate agents tend to save their lowest fees for people who chose them on a sole agency basis. If they are one of a few agencies competing to sell the property then you can expect the fees you will need to pay to the agent that sells your property to be higher.
3.Advertise on Gumtree: You go to Gumtree to buy furniture for your home, so why not buy a house on it? If you want to try selling your property yourself (or even if you have an agent but you want to boost the marketing they are already doing) then why not post an advert on Gumtree to increase your potential buyer reach?
4.Use social media: Share your property listing with all your friends on Facebook and your followers on Twitter, Pinterest and Instagram. You never know, one of them may be searching for a home just like yours!
5.Advertise on Facebook: Why not use Facebook ads to promote your property sale? For just a few pounds you can reach hundreds of people with your advert. Add a few more pounds and you could reach thousands.
6.Talk to your neighbours: Your neighbours might know someone who is looking for a property to buy in the area so make sure you let them know when you put your home on the market.
7.Put a for sale board up: Whether you are using an estate agent to sell your property or you are selling it yourself you should make sure a for sale board is prominently displayed outside the property to let passing traffic and pedestrians know that your home is available to buy. Don’t forget to put for sale boards at the side or rear of the property if these are also visible to the public.
8.Get good photos taken: The pictures on your for sale listing can really help – or hinder – in selling your property quickly. Well taken photos can help to attract more people through the door for viewings. Many estate agents now offer this as standard, but if you aren’t happy with the photos they take ask them to do them again or supply your own. The more photos, from lots of different angles, the better
9.Update the photos regularly: If your property has been on the market for a while then get some new photos taken to keep your listing fresh looking. If you have a garden then get new photos of it taken when all the flowers are in bloom and get rid of any photos with things such as Christmas trees in them if it’s no longer appropriate to include them.
10.Digitally enhance photos: Don’t be afraid to manipulate your photos a little to help get viewers through the door. It’s now incredibly easy to adjust the light levels to make a room look brighter or adjust colour levels if they don’t look realistic in the pictures.
11.Make a video: A video tour of your property is a great way to entice in potential buyers and gives a better idea of the layout and space available. Some estate agents now offer these. If your estate agent doesn’t then ask if they would be willing to include a video you’ve made on the listing. You can also share it on your social media and ask friends and family to do the same.
12.Include floorplans: Having a floorplan of your home can help people to visualise the property better when they are looking at listings online. Many people will have an idea in their head of what they want the layout of their new property to be – this means many people choose to view a property based on the floorplans alone. So, if you don’t have floorplans some people will just skip over your listing
13.Does your home have foreign appeal? Are you selling a property in an area popular with foreign investors or a tourist hotspot? Why not advertise your property overseas?
14. Hold an open house: Create a sense of urgency with buyers by holding an open day instead of allowing people to make appointments through an estate agent. These are becoming more popular and typically result in an offer (or two) being made for your property on the same day
15.Get 3D walk through made: Give potential buyers a real taste of your property with a 3D virtual tour. These are now becoming more accessible and affordable and many estate agents are now offering them to clients from companies such as Matterport.
16.Leaflet in your local area: Producing leaflets is now cheaper and easier than ever and there are many distribution companies that will also deliver them for you for a reasonable price.