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Residential

Home sellers face greater competition

Q2 2013

Competition in the housing sales market is increasing, meaning sellers need to be on top of their game if they want to find potential buyers.

Competition in the housing sales market is increasing, meaning sellers need to be on top of their game if they want to find potential buyers.

In March, figures from the National Association of Estate Agents (NAEA) show that the number of homes for sale rose while the number of house hunters fell overall.

This imbalance has left many home sellers concerned about securing a good price for their property, despite the raft of measures announced by the Government in the most recent Budget.

To stay one step ahead of the competition, the NAEA is advising potential sellers to seek an accurate valuation of their home as an inflated asking price may decrease the chances of selling.

For instance, mortgage providers may refuse finance for would-be buyers if they believe the valuation is not realistic.

Energy efficiency is regarded as another key area when it comes to selling a home, with a large number of people now worried about rising heating costs.

Installing draft excluders or improving the roof or boiler insulation are a few simple ways of improving energy efficiency before a sale, with some buyers now using an Energy Performance Certificate (EPC) as a bargaining tool when looking to negotiate the price of a property.

The NAEA claims it is regularly the smaller and often overlooked factors which actually help secure a sale, like clearing up the clutter around the property. Making sure the garden is well presented and redecorating can also have positive effects on would-be buyers.

Neutral decor generally appeals to buyers as they can project their own vision for the property on to this 'blank canvas', while cleaning marks from worn walls, re-grouting bathroom surfaces and replacing any broken fixtures can really help to perk up a property.

Even little things like making sure door bells and light bulbs work can go a long way to achieving a sale.

Selling a home can often be a stressful experience, as well as the biggest financial transaction of a person's life, so the NAEA recommends using professional estate agents.

This will provide sellers with the knowledge and professionalism required to give them peace of mind throughout the sale process.

Ed Church, who heads up Strutt & Parker in Kent, said: "Going it alone may seem cheaper in the short term, but an agent has access to buyers, knows which buyers are genuine and which are a waste of time and, crucially, which have got their financing in place. This is all on top of honed negotiating skills and a knowledge of the local market which means that the majority of agents easily cover the value of their commission in the price gained."