Wondering how to sell a house fast in a slow market? We have everything you need to know.
When it comes to putting your house on the market, do you want to wait months, even years, for your house to sell? Or do you want a quick sale, allowing you to move on with your onward purchase?
Yes exactly, you want the quickest sale you can!
But what if the market isn’t co-operating with your quick-paced ideas? What can you do to sell a house fast in a slow market? Maybe you don’t know how to tell if the market is slow or maybe you’ve never sold a house before and you want help to up its ‘curb appeal’.
Well, you have come to the right place! We have got all the tips for selling your home and FAST.
If you’re here to get a quick answer to a question, use this menu to help you get around. Got more time on your hands? Perfect, take it all in. Ready? Let’s dive in…
- How do I know if the housing market is slow?
- What is the slowest month to sell my house?
- Why would a house sit on the market?
- How to sell a house fast
A good place to start when selling your house is establishing whether the market is slow or fast. This may sound like it would be complex but don’t worry! We’re going to give you some easy ways to help you decide the market pace.
Generally, all markets operate in cycles and the housing market is no different. A few ways to determine the pace of the market are number of days on market, house prices and reductions and something called the ‘home inventory supply’, which I promise isn’t as difficult as it sounds.
Days on the market - A good fact for you to know is how long most houses take to sell. As of March 2020, the average amount of days on the market before sale was 109 days. This doesn’t include the extra 53 days it took the property to go from under offer to completion. However, if you live in an area with a more ‘desirable’ postcode (oooo), then it is likely the average number of days will be lower. Look at houses currently on the market in your area. Have they been there longer than 109 days? Yes? Well, that means the market is slow. Don’t worry about this! You’re a few steps ahead of everyone else because you’re here reading this article, getting clued up on how to sell a house fast
House prices and reductions - House prices are normally a good reflection of the demand which therefore influences the pace of the market. If house prices are high, this reflects a high demand for housing and therefore a fast market and fast house sale. However, if the prices are low or you’re seeing a lot of price reductions, then yes, you’ve guessed it- the markets slow, so no quick house sales. Price reductions are a very helpful indicator, as no one wants to reduce the price of their house for no reason, so this suggests the house isn’t selling.
Home inventory supply - Sounds complicated but it’s actually just a simple formula. Take the number of houses currently for sale and divide it by the average number of houses sold in the same month. A balanced housing market will normally have a 6-month supply. Anything above this suggests a slow market, as there’s more houses than buyers.
Still a little confused? Let’s work through an example…
Let’s say there’s 1800 homes for sale and an average of 300 homes sell per month.
1800/300 = 6 suggesting the housing market is balanced.
If 1800 homes were for sale but the average was only 200 homes selling per month then, 1800/200= 9, suggesting the market is slow as there’s a 9-month supply.
Want to sell your house and have the CASH in your bank next week?
When it comes to selling your house, timing is key. Lucky for you, we can tell you the months to avoid if you want a quick house sale.
The two worst months to sell your house are October and December. In September, a new school year starts combining with the days getting shorter and weather getting colder (brrr). This often causes people to try get away in the school holidays, which are in October and December, to hold onto the last bit of the sun. Sadly, this can mean buying a house becomes a lower priority.
On the flip side, you may have now worked out, spring/summer = great time for fast house sales. This is because some may have a deadline of when they want to be in their new home. Kids start school in September and most want to be settled into a new home before then, putting a sense of urgency in their house search, resulting in quick house sales. May, June, July and August are the busiest months, but you may want to get your house on the market in April, as this month sees sales starting to pick back up.
There are a few reasons why a house might sit on the market, which are good for you to know to make sure your house isn’t ticking any of the wrong boxes. Here we’ve got a list of reasons there may not be a fast house sale…
- The price is too high - if your listing price is too high, it will deter people from wanting to view your home and if there's another similar house in your area for less, that will likely be put as first choice.
- A stubborn seller – if you’re naturally a bit stubborn, you might want to soften a little. Sellers shouldn’t expect to always sell their house at the full asking price and need to be open to a bit of negotiation. Don’t be too quick to decline the first offer you get! Generally this can be the one of the better offers, as the house is fresh on the market.
- The house doesn't show well - sometimes a house just doesn’t show well. This could mean you need some extra help staging it (basically making it look pretty) or maybe you need to leave the viewings up to someone else and take some time out of your house.
- The house is empty - if you have moved out your house and you are selling it empty, then it will take longer to sell. Why do empty houses take longer to sell? Well mainly because viewers find it harder to imagine themselves in the home and flaws are easier to spot.
- Your property is 'unique' - these are generally large, expensive homes, homes in unusual areas or a home with unusual features. So, if you are here to find out do expensive homes take longer to sell, then the answer is yes, they do. They will require a bit more patience, as it does take longer to find the right buyer.
If you’re wanting to sell your house fast in a slow market but you don’t know where to start, then this is the section for you. We’ve got together a little list you may want to use as a checklist to give you all the secrets to a fast house sale, even when the market is slow!
- Put your house on the market during the busiest months - if you don’t know the busier months, then you haven’t read all the article up to here *shock*. Seriously though, just direct your eyes up to ‘what is the slowest month to sell a house’ and you will get your answer.
- Give your house a 'freshen up' - fix that dodgy light, re paint those dull walls and finally get round to putting some plants in those plant pots outside your house! These may seem like small things to do but these steps will improve the look of your house, increasing the appeal and likelihood those house viewings will turn into a sale.
- Pick the right price - no one wants to pay a high price for a house that isn’t worth it. If you’re a bit clueless on what you think your house is worth, speak to estate agents and look at sold prices in your areas to help. Little tip - the internet can really help you here! You can use it to help you find the value of your house.
- Ensure a good broadband and phone signal - yes that’s right, technology really is taking over! Would you want to live in a home where your internet keeps crashing and you can’t watch your Netflix show in peace? No! Exactly why you need to make sure the signals are strong and reliable, making your home as appealing as possible.
- Good for kids - most of the houses bought are bought by families, so you need to make sure your house and area appeals to all. It’s helpful if you’re in an area near a school, you have an open living room with space for a TV and if you have a garden. If you don’t have a garden, it may be helpful if you live near a park or have a room in your house which can be turned into a toy and game heaven.
- Central heating and double glazing - quite self-explanatory. We live in England, the weathers unreliable, no one wants a cold home.
- Secure doors and windows - another key factor. Make sure your house is a safe place and as burgular proof as possible. This will make house viewers feel secure in your home and more likely to buy it.
- Good surroundings - this covers a range of different things, from friendly neighbours to having shops close to home. When questioned, 53% of people said they found friendly neighbours ‘essential’ and 54% found local shops ‘essential’ (according to lovemoney) when choosing which house to buy.
- Help buyers visualize themselves in your home - this can sometimes be a less popular step. This includes removing things that make the home yours, for example taking down your family photos and that drawing your child drew on their first day at school (sorry!)
- Use multiple estate agents - if you’re choosing to use an estate agent, then it could be useful to use more than one. This will open your house up to a wider range of people, as each estate agent will have a different data base of people, and increases the likelihood you will find the right buyer.
If you’ve read that list and mentally said ‘tick’ after a lot of those pointers, then lucky you! You're on your way to a fast house sale.
Is there another way of getting a quick house sale?
Ah, well that is a very good question. And the good news is…
Yes, AND this is something we can really help you with! We could be your answer to a fast house sale.
We will buy your house from you for cash and we cover all the costs related to selling your house. All you need to do is give us a call or fill out our online form to get a valuation. With over 50 years combined experience in property, we are really a quick house sale company you can trust.
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Just how fast can we get your house sale completed? Well, our average time from offer to completion is two to three weeks. Yes, that really does mean you will have sold your house and will receive your money in as little as two weeks, without having to pay a single legal fee.
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Why not give us a call today and receive your no-obligation cash offer to get you on your way to your house sale FAST, no matter the pace of the market.
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