After months of stable and concerted growth, the British and global economies have experienced significant decline in the last financial quarter. The outlook for the UK economy is particularly bleak, as soaring house prices, uncertain labour market growth and a stagnated national wage in hindering consumer spending and sure to impact on business confidence levels in the months ahead. According to Bank of England (BoE) governor Mark Carney, however, it is the build of household debt caused by rising property prices that poses the biggest risk to long-term economic growth.
With lenders now approving fewer mortgages, there is a clear drive among companies to tighten their belts and become more stringent when appraising borrower applications. The BoE recently revealed that mortgage approvals actually fell to 61,267 in September, which represented a drop of 2,787 on August's figures. This is the first step of many required to bring property prices down and create a more competitive market that can drive sustainable growth.
How to Execute a Quick and Profitable House Sale
If you are hoping to sell your existing property and maximize its value, however, you may feel as though you have missed a window of opportunity to achieve this goal. This need not be the case, as the quick house sale market and other mediums offer you the chance to complete a quick transaction without compromising on value. Consider the following steps towards managing this process successfully: –
1. Value your House and Understand the Quick House Sale Market
Before you employ the services of a reputable home buying firm such as I Buy Homes, you will need to invest in an independent valuation for your property. This will give you a realistic and fair market value, which in turn will enable you to make informed decisions going forward. It is important to balance this, however, and the best way to achieve this is to understand the underlying processes that govern the market. Most importantly, you must recognize that companies operating in the quick house sector tend to buy homes below market value, as this enables them to make a viable profit. It is important to bear this in mind when negotiating with companies.
2. Market your Property Online
If you are unable to achieve even compromised profit expectations by partnering with a quick house buying firm, you will need to proceed independently. While this can be more difficult and time consuming, there are a series of technological advancements and innovations that can help you to market your property and entice buyers. The online medium offers a relevant case in point, for example, as through this it is possible to reduce the fees associated with listing the property and market it to a wider target audience. By marketing your property online, you can reach potential buyers nationwide and even create virtual viewings that can be accessed at any time by interested parties. This certainly entices potential buyers, especially those busy schedules and hectic lifestyles.
3. Make your Home more Functional and Aesthetically Pleasing
When selling your home independently, the most difficult aspect is arguably detaching yourself emotionally from the property and creating an aesthetically pleasing space that is suitable for a wider market. Whenever a prospective buyer visits your home, it is important that they are able to visualize themselves living there and understand the changes that they need to make to create an enjoying living space. To help them achieve this, you must strive to create a neutral interior that uses pastel colors and optimizes the floor space available. Without this, you are likely to create an oppressive environment that deters buyers.