How To Sell A House

Selling a house is not just a significant financial step but also an emotional one with a number of steps you would be forgiven for not considering. We have put together a guide that walks you through the entire process to make sure you understand each stage, the costs involved and how long it may take.

Assessing The Market

Timing can greatly affect the success and speed of your sale. Understanding market trends, local conditions and economic factors will help you decide the best time to sell your home. You should study your local market and, if possible, look at what recent transactions have happened to get an understanding of the current market trends.

It’s important to remember that seasonality plays a big part in the property market. Spring and summer tend to be the best times to sell however other factors such as the strength of the economy will always play a big part when selling.

Preparing Your House For Sale

Decluttering and Cleaning

It is important to get your property looking its best. Decluttering rooms, deep cleaning and possibly even going as far as home-staging can make your home more appealing to potential buyers. Simple touches like repainting walls in neutral colours or adding modern fixtures can make a significant difference.

Repairs and Maintenance

Investing in basic repairs can boost your home’s appeal and market value. Consider fixing leaky taps, broken tiles and making sure doors and windows open smoothly. Buyers appreciate homes that look well-maintained as it shows that the property has been cared for and they are not walking into trouble when they purchase.

Valuing Your Property

Getting a Professional Valuation

A professional valuation will help you to set a realistic asking price. Contact local estate agents or independent valuers who can provide an accurate estimate based on recent sales in your area. Some homeowners may opt to use online valuation tools but keep in mind that these may not be as accurate as an in-person valuation.

Setting the Right Asking Price

Pricing your home competitively is crucial for attracting buyers. Setting the price too high will deter buyers while underpricing can lead to low offers. It is important to consult with multiple estate agents to compare valuations and ensure your asking price aligns with current market trends.

Market conditions and buyer demand can all lead to adjustments so it is important to be flexible – flexibility can be essential to selling efficiently.

Deciding How To Sell

There are a number of approaches to selling a house and each come with different benefits and challenges. Choosing the right strategy depends largely on your priorities, budget and desired timelines. The most common method is by listing your property with an estate agent.

Estate Agents

Estate agents bring expertise both in terms of the state of the property market but also other elements such as the relevant `knowledge, marketing abilities and experience in managing viewings and negotiations. For expertise such as these, estate agents typically charge a commission of around 0.7% to 3% of the sale price, depending on the area and the property type. Using an estate agent can help to ensure that the process of selling your home is more convenient and professional from start to finish.

Property Buying Companies

Often marketed as a ‘we buy house’ service, these companies typically purchase properties within a short time frame which is ideal for homeowners who need to sell quickly. The convenience comes at a cost, however, as most companies buy the property at a discounted rate to allow for a quick turnover. It is best suited for those who are prioritising speed and simplicity over maximising sale price.

Independent sale

All the rage in America, selling your home independently (“For Sale by Owner” or FSBO) is slowly gaining popularity in the UK. While this approach can save on fees, it requires a significant amount of time and effort, far more so than that of a property-buying company or estate agent. The seller becomes responsible for marketing the property, managing viewings and handling all of the legal documentation. It can be a useful option for those with experience in property sales however it poses a number of challenges that can be avoided with the help of a team of professionals.

Managing Viewings

Once your property is listed, interest in seeing it will start to grow and prospective buyers will want to attend viewings. These are a crucial part of the selling process as they give buyers a first-hand, in-depth look into what could become their home.

Agent-led viewings

Many buyers prefer agent-led viewings as they provide a more objective and informative experience. Estate agents are skilled at showcasing a property’s strengths and can answer questions about local amenities, schools, any recent renovations or other information a prospective buyer would want to know. Additionally, buyers may feel more comfortable asking critical questions or negotiating if they are not directly interacting with the homeowner. Opting for agent-led viewings can save time and the stress of answering any tough questions.

Self-conducted viewings

If you decide to conduct the viewings yourself, you will have the chance to directly engage with the buyers and highlight any features that may be overlooked. As a homeowner, you can offer unique insights such as why they love a particular room and details about the neighbourhood that an agent may not know.

Striking a balance is vital, though. It can be very easy to oversell or appear to be emotionally attached to certain aspects. This is why leaving it to a professional is often the preferred method of conducting viewings.

Negotiating Offers

Once offers start coming in, you will need to assess each one carefully. It is quite common for the first offers to be below the asking price so there is room to negotiate. If you have an estate agent, they will act as an intermediary and help you to examine the offers and gauge the buyers’ willingness to increase. They will also be able to tell you about the buyer’s position, whether they have a chain or if they are cash buyers etc. 

In addition to the estate agents, having a solicitor or a conveyancer involved in the process means that the legal and procedural elements of selling a house are handled professionally and expertly. Their job is to verify all of the important documents and oversee the transfer of ownership, confirming everything is in place before the exchange. Once you get an offer that you want to accept, talk to a solicitor as they will play a key role in finalising the details. 

Accepting and Exchanging

Solicitors and conveyancers handle the legal aspects of selling your home such as contracts, title deeds and the transfer of ownership. With this in place, the contracts can be exchanged along with the deposit and remaining funds buyer and you can complete the sale. Your solicitor will then inform the Land Registry of your new ownership and settle any remaining fees. In total, legal fees for conveyancing and solicitors range from £500 to £1,500 so be sure to factor this into your budget as having an expert by your side is almost invaluable.

Selling a house involves careful planning, realistic timelines and smart budgeting. As we have said, it can be done independently but with every step, you face a number of challenges and surprises. If you are looking to sell your home, talk to The Personal Agent as our experienced consultants are ready to help you with every step of the journey.