The coronavirus pandemic has affected every industry in the world, and the housing market is no exception. When the first lockdown was announced in March 2020, the market took a sharp downturn as selling and buying were effectively on hold. However, since the easing of restrictions in subsequent months, the UK property market has remained open. Activities related to buying and selling have (so far) been largely untouched by restrictions with buyers able to view properties and move home.
If you are looking to sell your house, then this is good news for you. Although the rules and regulations are subject to change, nothing is stopping you from putting your home on the market. Nevertheless, the pandemic may make it a little more challenging, particularly if you want to move home quickly. It’s understandable that you might want to sell your property as quickly as possible. The future is uncertain, and who knows when the rules will change or infections will surge.
Under the current global circumstances, the entire selling process is likely to take longer than usual. Many buyers may be reluctant to travel for an in-person viewing or will have to put the process on hold if they need to self-isolate.
As a seller, some things are out of your hands, but there are steps you can take to find a buyer quickly and increase the speed of the sale.
Here are a few tips from quick house buyer Susan Jones at Ask Susan to help you sell your house quickly in a pandemic.
One of the main reasons for potential delays in selling your home is concerns about social distancing and minimizing the spread of the virus. By showing potential buyers that you are taking every precaution, you will build trust and maximise your chance of booking viewings. Offer a remote viewing by video for those unwilling to travel, with the option for a physical viewing for those seriously considering buying. Provide hand sanitiser upon entry and assure potential viewers that you will be wearing a mask and following current guidance.
Find a good estate agent
Enlisting the services of a quality estate agent is your best bet when it comes to selling your home in a pinch. A traditional local estate agent will have expert knowledge of the area and will be able to come up with the best price based on all the relevant factors. They will be able to list the property quickly and promote it to a wider audience.
Consider other options
Although an estate agent is the most reliable way of selling a house, there are other routes you could go down if a swift sale is your priority. A property auction will enable you to sell it to a private bidder right away. As property bidders are often looking for a buy-to-let property, this is a particularly suitable solution if your home needs work and you don’t have the time to renovate. Bear in mind that a home up for auction is likely to sell at around 80% of market value and you are not guaranteed to find a buyer.
Other options include selling to a cash home buying company or selling privately. Although you may find a buyer more quickly and speed up the process, there is a risk of falling prey to fake companies. A cash home buying company guarantees a sale if it is an urgent matter, but you will receive a much smaller percentage of the market value.
Start conveyancing early
The conveyancing process often presents the biggest delay in selling a property. Transferring the legal ownership to your buyer will require your home to undergo numerous checks and surveys, as well as contracts negotiated between you and the buyer. The earlier you start this process, the quicker you can complete the sale. Contact a conveyancing solicitor immediately so they can start drafting up the contract while you begin your search for a buyer.
The pandemic has had little impact on online property searches, as there are plenty of people searching for new houses from the comfort of their homes. The more eyes you can get on your property, the quicker you are likely to find your ideal buyer. As well as listing your home on all major property sites, you can also maximise viewings by adding a For Sale sign in your driveway and spreading the word amongst your friends and family.
For more tips on selling your home during a pandemic, get in touch to discuss your needs.
Disclaimer: This blog post is sponsored content, which is independent of the FMB. Publication does not constitute endorsement or recommendation from the FMB.