Selling your Tavistock or Okehampton home in a challenging market

Today's housing market is challenging, and therefore if you are considering selling your home, it could look like a daunting prospect.  There is no doubt the current economic climate is playing its part in this, which is why it is essential to get a good understanding through research such as the latest Nationwide House Price Index. However, there are also things you should consider and do if you wish to maximise the value of your home for a successful sale. With the right advice and right strategy, we can help you achieve your goal here in Tavistock or Okehampton, and the surrounding areas.

Assessing the current market conditions

The British housing market has faced a setback, with a 5.3% fall in prices over the year to September marking a decrease in value across all regions, according to Nationwide. As the country's largest building society, they have released a house price index at the beginning of this month, revealing that seasonally adjusted prices came to a halt in September after experiencing an 0.8% dip in August. With the average home valued at £257,808, nearly £14,500 less than the previous year's average, the market has been hampered due to increased interest rates that the Bank of England enforced to manage the surging inflation which arose due to the pandemic and Russia's invasion of Ukraine.

The impact of the Bank of England's interest rate hikes on the housing market is evident. In August, just 45,400 mortgages were approved for house purchase, according to the latest data from the bank. Nationwide reported that this figure is approximately 30% lower than the monthly average in 2019 before the pandemic and the resulting unstable conditions in the housing market.
Robert Gardner, Nationwide’s chief economist, said: “This relatively subdued picture is not surprising given the more challenging picture for housing affordability. For example, someone earning an average income and purchasing the typical first-time buyer home with a 20% deposit would spend 38% of their take home pay on their monthly mortgage payment – well above the long-run average of 29%.”

Setting the right price for your home

Pricing your home correctly is crucial when selling in a challenging market. It can make the difference between attracting interested buyers or being overlooked. To determine the right price, you need to consider a few key factors.  You should always consult with a reputable estate agent who has experience of selling homes in challenging markets. They can provide valuable insights and help you to determine a realistic asking price based on current market conditions and buyer demand.

 
Keep in mind that pricing too high may deter buyers, while pricing too low could lead to a financial loss.  Getting the balance right is an art, but with the right agent you stand a much better chance of attracting viewers and maybe even multiple offers. Setting the right price for your home requires careful consideration and research but by accurately pricing your property, you can maximise your chances of achieving a successful sale.

Staging your home to attract buyers

When it comes to selling your home in a challenging market, staging your property can make all the difference. The goal is to create a space that is appealing and inviting to potential buyers, allowing them to envision themselves living there. Here are some tips to help you stage your home effectively.

1. Declutter: clear away any unnecessary items and create a clean, open space. This will make your home feel larger and more inviting.
2. Neutralise: while you may love bold colours and patterns, it's best to keep your decor neutral. This allows buyers to imagine their own furniture and belongings in the space.
3. Highlight key features: if you have any standout features in your home, such as a fireplace or large windows, make sure to highlight them. Arrange furniture and accessories in a way that draws attention to these focal points.
4. Maximise natural light: open curtains and blinds to let in as much natural light as possible. This will create a bright and airy atmosphere, making your home feel more welcoming.
5. Add fresh touches: a vase of flowers, a bowl of fresh fruit or some scented candles can add a touch of freshness and create a welcoming ambience.
Remember, staging is all about creating a positive first impression.

Working with a reputable estate agent

When selling your home in a challenging market, at Miller Town and Country we have the knowledge and expertise to navigate the complexities of the current market conditions in the Tavistock and Okehampton areas and help you achieve a successful sale.  With our deep understanding of the local market, we can provide valuable insights and straigh talking and transparent advice on pricing your home competitively through thorough market analysis, to determine current demand and buyer trends.

If you’re considering selling your home and you are looking for an agent who gives you peace of mind and ensures a smooth transaction, then give our Tavistock or Okehampton teams a call today.