Who's Selling Their Home?
As stated in the Buyer’s Guide, the ball is currently in their court. Prices in prime South West London have decreased, largely due to insecurities in the market linked to the last two years of uncertainties regarding the referendum. But that certainly doesn’t mean that all is lost for sellers, the market is still active, but there may be instances where you have to adjust expectations, make some smart moves and hold your nerve where applicable. Below we’ve imagined a range of reasons someone may be moving, with tips and advice for that situation.
Words by:
08/06/21
Moving out of Fulham
First of all, rude. No, Fulham is desirable place to live with a limited supply of desirable property. And while there’s a regular cadence of new stock arriving on the market, if you’re looking for something very specific, you may be looking for excuses to leave the area, with one of the most popular being high prices. You hear whispers of other areas in the city with stunning Victorian and Edwardian homes, maybe it’s worth a look? Alternatively, you could flip to the Buyers Guide and see that you have the power to negotiate. Mark Harris, chief executive of mortgage broker SPF Private Clients told The Guardian, “During your ownership of the property, prices may rise and fall, but as a long-term investment the trend has always been positive, and it is more than an investment, it is a home. That said, if you are buying now, I would negotiate hard on the price you pay.”
Staying in Fulham but upsizing
Again, this is about holding your nerve and reminding yourself that through all the noise in the property market, Fulham is wise place to stay and buy. From location to the type of properties available, people want to live here. You may take a small loss on the asking price of your sale, but you may get that dream 4-bed in the village at a lower price than you ever imagined. Remember, trends are industry wide and not just focused on your home.
Staying in Fulham but downsizing
In this position you need to run the numbers and find out exactly how much of a reduction in price you need and are willing to except. You may receive offers at the asking price, just below, or even some joke offers from buyers who’ve bought into the headlines. But certainly offers over the asking price are not common at the moment. Once you have your number, hold your ground. You’re downsizing, so let’s assume you’re in a decent sized, desirable property. If you have the time, use it to your advantage.
Forced sale
Sometimes life throws some serious curve balls. If you find yourself in the situation where you need to sell a property fast, it’s time to take some practical actions. Along with making the property as marketable as possible by carrying out any small renovations, decorating any areas of wear-and-tear, making it as presentable as possible, you have to be prepared to make moves fast and negotiate with any buyers who make offers. Don’t advertise the fact you’re in a rush as this may give buyers a window to lowball you. But do make them aware that a quick sale may be beneficial for both parties if it’s a possibility. Consider the idea of renting for a short period if possible, as properties without a chain obviously tend to move quicker.
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