Real Estate Pro Articles

6 Ways To Sell Your House

[Valid RSS feed]  Category Rss Feed -
By : James Hardy    99 or more times read
Selling your most important investment can be a scary and complex business, especially when different methods of selling offer such a range of advantages and disadvantages which can take on greater or lesser significance depending upon current market conditions. Here are the top 6 tactics that most homeowners consider, along with some of the benefits and pitfalls in today’s economic environment.

  1. Selling through traditional estate agents

    Traditional estate agencies have been the mainstay of the majority of house buyers and sellers for a great many years. For sellers, market forces determine not only the price that they can expect to achieve, but also the timescales in which the property is likely to sell. In a buoyant housing market, this can not only mean getting the best price, but also achieving a relatively quick sale, although this often relies to a great extent on the location and the condition of the property. In today’s market, which very much favours the buyer, sales can be extremely slow, if not impossible to achieve and sellers have to contend with:

    • No guarantee of a sale
    • Expensive fees
    • The potential for broken chains
    • Often inconvenient house viewings
    • Lack of confidentiality

  2. Selling privately

    For many people, selling privately is the least-favoured option, mainly because it is the most labour intensive in terms of marketing a property, although it does of course offer the benefit of incurring much lower costs than some other house sale methods. In some cases, sellers choose to advertise their properties in local newspapers, in the windows of local shops or on the ‘For Sale’ boards in supermarkets, whilst in others they pay a fee to include it on a private house sale website. As in the case of using traditional estate agents, selling privately offers no guarantee of a sale and of course means considerably more work for the vendor.

  3. Selling at auction

    Selling through a house auction is often the preference for those who own property which is in poor condition or might otherwise be difficult to sell. It is also a common means of disposing of repossessed homes. The greatest risk involved with selling a house at auction is the fact that it could sell for a sum which is well below the market rate. Although a reserve price is agreed up front, this is typically around 30% below market value and there is no guarantee that it will fetch any more than this. Vendors also have to pay a percentage fee to the auction house, as well as a catalogue entry fee. Sales are, however, legally binding and normally complete within 28 days.

  4. Part-exchange agreements

    Again, part-exchange agreements are not one of the most common arrangements to be considered by sellers, but they do represent a further option for those who wish to purchase a brand new property. Much in the same way that a new car dealership might accept your used vehicle as part payment towards the cost of a new one, house builders will sometimes offset part of the cost of your new home against your existing property. Although the part-exchange option does offer several key advantages, such as the speed and ease of the transaction, the fact that the agreement cannot fall through and the convenience of being able to dispense with house viewings, sellers are typically only offered between 80-90% of the market value of their existing property.

  5. Selling to a property-buying company

    Although relatively unheard of until as few as 10 years ago, house buying companies are now taking an increasing percentage of the market. In today’s economic climate, the biggest reason why more and more sellers are turning to this type of firm is because of their ability to guarantee a quick sale, something which is crucial in the case of threatened repossession or mounting debt. Selling to a house-buying company does, however, offer a number of other very significant advantages, such as:

    • No potential for the disappointment or loss incurred by broken chains
    • No inconvenient house viewings
    • No fees to pay (and often the house buyer will pay your legal costs up to an agreed limit)
    • No For Sale boards, which means total confidentiality
    • No need to carry out costly maintenance or redecorating
    • No concerns about the property being in a ‘difficult’ location

    Of course, the terms which are offered by different property-buying companies vary from one to the next and choosing carefully is essential in being able to maximize the amount of equity that you have left to play with. In many cases, house buying firms will offer no more than 50-65% of the market value of your property in return for a quick sale, and in others they will offer what appears to be a higher percentage, but against a low valuation.

  6. Selling using a quick sale estate agent

    This a relatively new way of selling a property but is what many people believe to be the most effective method in the current market. The quick sale estate agent will often discount your property’s asking price by around 5% in order to attract interest and then auction the property off to the highest bidder.
If you’re looking for the best way to sell a property fast, I suggest you check this out: Sell Your House Fast.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles