Navigating the Property Market: Essential Tips for Sellers in Today’s Climate
Selling a property can feel like a daunting task, especially in the current, somewhat subdued market. For first-time buyers, accumulating the necessary deposit is a significant hurdle; the proportion of first-time buyers under 25 now sits at a mere six per cent, a stark contrast to the quarter who were first-time buyers in the 90s. On top of this, the expenses associated with selling a home are on the rise. Experts suggest that legal fees, removal costs, and estate agent commissions can easily add up to between $10,000 and $20,000 or more.
Furthermore, contemporary buyers are increasingly seeking properties that are “move-in ready.” This doesn’t just imply a property in good condition; it’s about achieving an immediate aesthetic appeal. As Arsh Ellahi, a seasoned professional with over two decades in the property industry and hundreds of renovations under his belt, explains, “Due to the influence of platforms like Instagram and TikTok, people desire that picture-perfect home straight away. They want to be able to walk in with just the clothes on their back and feel instantly at home.”
To shed light on the pitfalls that can deter potential buyers and offer guidance for a successful sale, property experts and consultants have shared their insights.
The Drawbacks That Can Put Buyers Off
1. The “Fixer-Upper” Fatigue
While once sought after, properties requiring significant renovation are now met with less enthusiasm. Surveys indicate that a substantial majority of adults surveyed (79 per cent) consider the quality and finish of a property to be “very important,” with homes needing minimal to no work becoming far more appealing.
“Given the choice between a renovation project and a finished property, people will consistently opt for the latter,” states Ellahi. “Buyers are stretching their budgets to secure the right property rather than a cheaper renovation project, primarily due to the convenience factor. They don’t want the immediate stress of being unable to live in their new home for the initial months.”
Nathan Khider, a property expert and founder of Nathan K Real Estate, echoes this sentiment. He consistently advises homeowners to give their property a fresh coat of paint before listing it for sale. “I’ve always found that a fresh paint job presents the property better and immediately makes potential buyers feel they can move in without delay,” he notes.
The choice of colour is also crucial. Grey tones, which were fashionable in the mid-to-late 2010s, are now perceived as “cold and uninviting.” Khider recommends opting for warmer neutral shades, such as stone or even a crisp white. “Plain colours allow people to envision personalising the space to their own style,” he adds.
2. The Clutter Conundrum
“If all buyers can see is clutter, they immediately assume the house is too small and dismiss it,” warns Ellahi. Khider concurs, emphasizing the importance of perceived space. “It’s all about space, because space equals value. You need to demonstrate that there’s room for a desk, a wardrobe, or an armchair. Larger surfaces should be cleared to make areas appear inviting and expansive.”
An abundance of personal possessions can hinder a buyer’s ability to visualise themselves living in the property. As Ellahi puts it, “People can make their homes too personal.”
3. Over-Personalisation and Excessive Decorating
This extends to highly individualistic decor choices. Ellahi elaborates, “For instance, if someone is artistic and installs feature walls that strongly reflect their personal taste, this might not align with another buyer’s vision. They’ll then start contemplating the cost and hassle of ripping out that wallpaper, questioning if they need that headache.”
Show homes, by contrast, are typically devoid of personal touches and are usually styled in a plain yet modern fashion, which is highly appealing. “Many people aspire to buy a show home because it’s ready-made, allowing them to move in immediately.”
Regarding decorating, Khider advises caution: “You can definitely overdo it and not recoup your investment.” He observes, “Many people move into a property, assume it’s a long-term home, spend a significant amount of money decorating it to their personal taste, and then hope to recover that cost within three to five years, only to find it doesn’t happen.”
Should your home require a new kitchen, Khider does recommend a replacement, but it doesn’t necessitate a high-end luxury option. “For example, if you’re selling an ex-local authority property likely to attract first-time buyers, a basic yet good-quality kitchen from reputable suppliers like Howdens or Wren Kitchens can make a significant difference. It doesn’t need to be cheap, but it can still be affordable. This absolutely enhances the property’s appeal and adds value, as do new appliances.”
4. The Peril of Overpricing
“Overpricing a property from the outset can be its downfall,” states Khider. A home listed at an excessively high price is more likely to linger on the market, particularly in a “price-sensitive” environment. Khider stresses that your home “needs to appear to offer good value for money.”
Ellahi notes that setting the initial price can be challenging, as it’s often guided by estate agents. “From a professional standpoint, estate agents are naturally inclined to suggest a higher price because their commission is performance-based. If a house is genuinely worth $200,000, they might list it at $220,000, anticipating offers that will eventually bring it down to its realistic market value.”
He recommends that sellers conduct their own research into recently sold properties in their vicinity, particularly those of similar size, to use as a benchmark alongside the estate agent’s valuation. “It’s remarkably easy these days to find comparable sales data. It’s not like 30 years ago when resources like Rightmove or access to HM Land Registry were unavailable. Ascertaining true market value is now straightforward.”
5. Timing Your Sale Poorly
“If the Budget announcement is imminent, there’s little point in listing a property a few weeks beforehand. It’s always more advantageous to launch after the announcement,” advises Khider.
Spring, according to Ellahi, can be an opportune time to sell. The winter months often present financial strain for households, compounded by Christmas, and people are generally disinclined to move during this period. In summer, holiday plans often take precedence, making spring a balanced and favourable season for property transactions.
6. Rejecting Strong Early Offers
“Your most attractive offers typically materialise within the first four weeks of marketing. When a property is listed, there’s a certain buzz, and these initial offers often come from your strongest buyers. If a buyer submits an offer promptly, they are highly likely to be a serious contender,” Ellahi explains.
“A common mistake is to reject the earliest offer, thinking a higher price will be secured later. This isn’t always the case. More often than not, the individuals who make an offer quickly are those who have been actively searching for some time, may have missed out on other properties, and have identified yours as the one they don’t want to lose. While the agent’s role is to negotiate the best possible price, they should already have a clear understanding of the buyer’s budget and circumstances, established through preliminary questioning before the viewing.”
7. Financial Unpreparedness
When preparing to sell, it’s crucial to factor in significant financial considerations such as solicitors’ fees, estate agent commissions, and potential capital gains tax. For leasehold properties, management fees can also reduce the overall profit.
If purchasing a second home before selling the first, Ellahi advises buyers to be mindful of stamp duty implications. The temporary “second home stamp duty” must be accounted for, and reclaiming this can be a lengthy process.
8. Owner Presence During Viewings: A Double-Edged Sword
Khider suggests that the presence of homeowners during viewings can make buyers feel uncomfortable, hindering their ability to get a genuine feel for the property. “When the property is vacant, buyers can freely ask the estate agent questions and provide honest feedback. With owners present, you might hear buyers compliment the house, only to never hear from them again, as they felt unable to be completely candid.”
Ellahi, however, holds a different view, having been present during viewings of his own home. He wanted to personally demonstrate the advanced technology he had installed, including home automation, security cameras, and iPad-controlled heating systems, to potential buyers.
“You can also convey nuanced details, such as the tranquillity of the neighbourhood or the local amenities. For instance, behind my property was a small woodland area perfect for weekend walks, information the estate agents were unaware of. Nobody can sell your home or understand its intricacies better than you. You can highlight the unique lifestyle aspects and the intangible benefits, while the agent focuses on the property itself. By portraying it as a safe and cherished family home, you encourage purchasers to envision their own positive experiences there.”
9. DIY Photography Pitfalls
The importance of professional photography cannot be overstated. Images are the first point of contact for potential buyers, and poor-quality photographs can prevent stage two – the inquiry and subsequent viewing. Conversely, photos should accurately reflect the property, avoiding any misleading over-enhancement. “It needs to be a true representation of what people are buying.”
While social media platforms like TikTok are used for property promotion, Ellahi cautions that this alone is insufficient. “Photos should always be included, and the necessity of a video depends on the property. If it’s exceptionally well-presented and furnished, a video can be beneficial. Ideally, aim for between 10 and 20 high-quality photos to provide a comprehensive overview.”
10. Neglecting Home Preparation
For viewings scheduled around dusk, ensure all internal lights are switched on, as “softer lighting creates a far more inviting atmosphere.” Open windows to allow for fresh air circulation, and if the weather is cool, turn on the heating to make the house feel warm and welcoming. “The objective when selling a home is to make visitors feel at home during their tour. A common question asked during viewings is, ‘Can you see yourself living here?’ The property needs to evoke that feeling of home.”
“Candles, candles, candles,” recommends Ellahi. “Small touches, like having candles in the kitchen, can imbue the house with a sense of calm. Everyone desires their home to be a sanctuary, a place where they can relax. I’ve always found that having subtle background music, something gently cooking in the oven, or a television playing softly can contribute to a homely ambiance. Fresh flowers on the counter and lit candles not only create a pleasant aroma but also mask any lingering scents of previous occupants.”
11. Inflexibility with Viewing Schedules
Being accommodating with viewing times, which commonly occur on weekends or evenings, is crucial. Khider highlights the importance of flexibility: “If you restrict viewings to specific weekdays when buyers are unavailable, they will inevitably look elsewhere. They might have been the ideal buyer for your property, but inflexibility will drive them to seek alternative options.”
“You should aim to schedule as many viewings as possible – the more potential buyers who see the property, the better the chances of a successful sale.”
