Island Life Magazine Ltd October/November 2008 | Page 18

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Selling your home in
the credit crunch
By Sam Biles MRICS FAAV - Creasey Biles & King - T: 01983 282222
Sellers in today's property market
need to be more proactive than
two years ago. Despite media
stories of doom and gloom, sales
are still happening, make sure
your property is one of the ones
selling. It is now a ‘buyer’s market’
not a ‘seller’s market’ Give buyers
wh at they want. Many are slow to
offer, give them enough positive
factors to knock them off the
fence.
Presentation and price are
vital, most people will have an
emotional response to a house
within a few seconds. You only
ever get one chance to make
a first impression. Move cars,
tidy up the garden and the drive
and paint the front door. Clean
the windows, let in light. Buy a
new kettle, shower screen, door
handles and mirrors. De-clutter.
Turn the box room into a
bedroom. Hold a garage sale
before you market your home,
children love to turn their old toys
into cash. Ask a friend’s honest
opinion. Ask your agent for the

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5 things they would recommend
you do.
Select the best agent for your
type of property. Look at their
property stock. If you have
a country property, choose a
specialist in country property or a
waterside specialist for waterside
property. Don't choose your agent
on the basis of the highest price
and lowest commission. Chose an
experienced agent who you trust,
and be prepared to pay a decent
commission.
For viewings air the house;
coffee and the smell of baking
bread are better than cat litter
and the odour of grilled fish. Be
introduced and be welcoming,
disappear and then be available
for questions. Remove pets - not
everyone will love your smelly old
spaniel like you do.
Price is so important, in today's
market, don’t be too ambitious.
You need to attract the most
buyers in order to achieve a sale.
A high price will not get people
to view. Fix the right price; after

4 weeks with few viewings adjust
the guide price to one at the
bottom end of your expectations.
Several bidders may push the
price up. If you delay and the
market falls, you do not want to
chase it down - the only loser in
that situation is you.
Press your agent to get offers,
low offers don’t harm your
property, you don't have to
accept them. Turn low offers
down politely and remember that
the next person to come along
will be told, 'they turned down
a reasonable offer last week’
hopefully giving a buyer the
confidence to offer closer to your
minimum.
Maintenance costs worry buyers
- if your house needs some
work, have the work done or get
quotations to quantify the costs. If
buyers do not know the cost then
they will assume the worst and
offer low accordingly.
If you have to drop your price
don't tinker, make a decent drop.
Adjusting by 1% will make little
difference, 5%
might. You need
to drop into a new
area of the market
with new buyers, if
you don't someone
else will and sell.
If your house still
doesn’t sell, have
a frank discussion
with your agents
and ask them the
reasons. True cash
buyers in rented
accommodation
are rare. Treat them
with the respect
they deserve and

perhaps discount the price to
secure a sale.
Be flexible. Throw in carpets and
curtains, work with their moving
dates, staying with family for
a few days if it helps. Consider
part exchanges. I strongly believe
there’s no such thing as a house
that won’t sell. If it isn’t selling it’s
too expensive.
Above all, be focused on your
objectives, let your agent know
your objectives and listen to
advice so these can be achieved.

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