Everyone wants to sell their house quickly.
However, achieving a quick house sale often depends on uncertain market conditions. As Yogi Berra famously said:
“It’s tough to make predictions, especially about the future.”
A buyer’s market is one of the most uncertain and challenging conditions to sell your house in.
Below, we’ve outlined ways to sell your house quickly in a buyer’s market.
What is a buyer’s market?
In property (and elsewhere), a buyer’s market means more sellers than buyers in the market.
They give buyers a high level of choice and, therefore, negotiating power.
So, sellers must decide between waiting for market conditions to change and actively competing for a small number of buyers.
The latter option requires finding innovative ways to stand out.
What causes buyer’s markets?
Economic circumstances often cause buyer’s markets to appear.
For example, if homeowners anticipate their property’s value will decrease, they may try to sell it quickly before that happens.
Similarly, a high cost of living throughout the country might mean homeowners can no longer afford to live in their houses. So, they might need to downsize.
What is a seller’s market?
A seller’s market is the opposite of a buyer’s market. It means that there are more buyers than sellers.
In this situation, homeowners hold the negotiating power, and buyers compete over property, which raises prices.
Should I wait for buyer’s market conditions to finish to before selling?
Market conditions can change year-on-year or even seasonally. They can also vary between regions.
So, if you are not in a rush to sell your house, it may be worth waiting until the conditions are slightly favourable.
However, that change in any specific direction is not guaranteed in the months or even years to come. To quote Yogi Berra again:
The future ain’t what it used to be.
Unexpected political and economic events can cause interest rates to rise or fall without our anticipation. And you may end up waiting for a ‘perfect market’ that never arrives.
Alternatively, you may not have the luxury of waiting to sell your house…
If you need to relocate quickly for work or face imminent repossession, you might need to make an urgent sale.
If you find yourself in this position, knowing what might make your house sell quickly could be extremely useful.
Ways top improve your chances of selling in a buyer’s market
When there are more sellers than buyers in the market, you need to find a way to grab people’s attention. There are a few different tactics you can try.
1. Lower your asking price
Everyone wants to get the maximum possible price for their property. But lowering a property’s price is a popular way to make it stand out.
If you are on the middle or lower end of the market, then dropping your price is worth considering. It will increase your visibility amongst people looking to downsize.
However, there’s no denying that dropping your price is not always the answer.
Firstly, it makes you look weak and easily persuaded – which buyers may try to take advantage of.
Secondly, with the more premium listings, a lower price might be counterintuitive and could harm your chances of attracting a committed buyer who sees the home’s true value.
2. Include furniture
Including expensive furniture in a house sale is always an option to help speed up the selling process.
Other items they might appreciate, such as a trampoline or football goal, could also be thrown in.
Of course, this option won’t work on many potential buyers, who already have their own furniture so prefer to buy an empty house.
3. Emphasis your property’s unique features
You must emphasise any unique features of your property in online listings and advertisements in local magazines.
An estate agent could inspect your home and give their opinion on what these qualities are.
For example, perhaps you have:
- A driveway that several five cars
- A fireplace
- En-suite bathrooms
- Accessibility for people with disabilities
- Location close to local amenities
- Newly fitted bathrooms or kitchens
- A long leasehold
It doesn’t matter what house you live in: there will typically be something you can focus on that equivalent properties in the area do not have.
Putting these qualities in the spotlight in all your marketing efforts can make a big difference.
4. Tidy and clean your property
Keeping your house tidy before viewings can make a big difference.
It should also be clean, without any damp or mould on the walls, and paint should be retouched on the inside and outside of the building.
5. Have all of your property’s paperwork together
Ideally, important paperwork surrounding leaseholds or Energy Performance Certificates should be handled in advance.
Buyers may become hesitant if they learn that these details are still in limbo.
Not having your house’s paperwork in order can significantly slow down a sale.
6. Consider selling privately
It’s also worth considering selling your house privately to a friend or family member.
If you speak to those closest to you, you could be surprised to learn that one (or more) of them are looking to move house soon.
This route obviously doesn’t require estate agents, but will still require solicitors.
What is the quickest way to sell a house?
Selling your house to a cash buying company is the fastest way to offload it.
As long as the organisation is trustworthy and well-established, they can complete property transactions in a few days or weeks.
This is significantly faster than anything you’ll achieve on the market.
Using a cash buyer is especially worth considering in a buyer’s market, because you will likely have to compromise on price anyway with an on-the-market purchaser.
Therefore, the slightly reduced price that you receive from a cash buyer may not make such a difference.
Furthermore, cash buyers can complete the transaction quicker because the need to wait for a mortgage confirmation – along with all drawn-out conveyancing processes – can be sidestepped.
Do lenders change their mortgage rates in a buyer’s market?
The mortgage rates that a bank offers varies depending on economic conditions.
Therefore, since buyer’s markets are likewise determined by the economy, it is only natural that these two things will correlate.
Generally, mortgages become more expensive when interest rates go up (which tends to be a direct response to inflation). When interest rates decline, mortgages then become more affordable.
Speak to a mortgage advisor if you need more guidance in this area.
Should I sell to an auction house?
As an alternative to using a cash buying company is selling via an auction house.
You will not usually sell your property as quickly via this method, and you have less control over the final selling price.
However, if you cannot verify the reliability of any cash buying company you’re working with, you may feel safer this way.
Completing the deal allows you to put the stress of moving house behind you and enjoy the next chapter of your life.
Sell your house fast with We Buy Any Home
We Buy Any Home are chain-free cash house buyers who can purchase your property up-front and quickly, without hassle or stress.
We provide the fastest way to sell your property – cash house buying.
Fill in our enquiry form below if you want a cash offer for your house.
