Hello and thanks again for joining me for this blog.
Summer is in full swing, I am sure a lot of you, like me, will be enjoying the Euros. After a 23-year break for Scotland it was absolutely fantastic to see us back there again, even if we maybe didn’t get the results we were hoping for!
In this month’s blog I want to take a quick look at how long it takes to sell your property at auction and what you can do to influence a faster sale.
The first thing I would point to is the completion timescales. When selling your property at Auction standard time scales allow for a 28-day exchange. This means that 28 days after the hammer is dropped, and the deal is agreed you would get the funds in your bank account. For most people this is fantastic and are happy with these timescales, there are however exceptions. In some cases, you may want a bit longer to give you time to move into your next property or in some cases you may agree on a lower amount as you want the money in your account quicker.
The good news here is that contrary to common misconception there is plenty flexibility when selling at auction. If you want a longer or shorter completion time, simply ask your solicitor to include special conditions of sale to stipulate how long you want the completion timescales to be. The date of completion can also be discussed at the time of negotiating the sale.
Right, I think that covers how long it takes to complete a sale once a deal is agreed. Before you get to that stage though, how long does it take?
To take it right back to the start, once you have decided to sell and you have instructed the Home Report, I cannot speak for other firms, we can certainly get it listed within a week though. Once you have decided to proceed, we will come out and photograph your property as soon as possible, meaning we can put it on all the portals as soon as the Home Report lands on our desk!
How long will it take to sell once it is listed? There are several variables to consider here so you will need to bear with me while I hedge my bets! The first thing I would say is Location, location, location, you will do well do find a bigger cliché in property however it is so true. You will probably have a fair idea of the market in your area. Being Edinburgh based myself I am aware the timescales between listing and selling is scary, it really does not take long and if priced right it is quite unusual to see properties on the market any longer than a few weeks. Compare that to some properties in Aberdeen for example you will see a lot of properties that have been on the market for months, in some cases even years.
Now I hope I have not put the fear of God into you with talk of it taking so long to sell properties in some areas as there is things you can do to control the length of time it is taking. I have taken a look at a few of them below.
1. Portals– When deciding what agent to use, we hope you choose Green Door Property Auctions however whatever company you decided to go with, check what portals they are on. I personally feel you need to be on the major portals including Right Move, Zoopla and On the Market. These portals are expensive so you may find your agent charges for it, if you want it sold quickly though I think it is worth it.
2. Prepare your property- In a previous blog I spoke about getting your property ready and I cannot stress this enough. Clear, de-clutter, fix communal areas and make sure the kerb appeal is there. If people do not like the look of your house, they will not buy it. Even if you know it is a great house!
3. Photographs– Now most agents are vastly experienced in photographing properties, many enlist professionals to do it. It really is so important the photographs are right though. It is amazing the correlation between slow movers and poor photographs. You will not be able to sell your property with a nice photo however you can turn someone off it for good with a bad one. Photos should be light, make the rooms look as big as possible and toilet seats down! If the photos of your property are poor, do not be surprised if it is on the market for longer than you expected it to be. If you are not 100% satisfied with the photos, then you need to push back to your agent.
4. Price- The Elephant in the room. We want to sell your property for as much as possible. Every agent is the same. Not necessarily for financial reasons however from a reputational perspective we want you to be happy with the price you get for your property. Price is not the only factor to selling quickly but it is a factor and not one you can just ignore! If you have got the previous points right and it has still been on the market a while you may need to review the price. A home Report is a good guide, but it is not the only factor, keep an eye on what your neighbours’ properties are selling for and what else is available in the area. A home report gives guidance to what has sold in the past however it does not know what will change in the market after it has been done.
Ok, I think that covers the relevant factors that can contribute to a quick sale. I would love to give you a more specific timeline and a rough number of days to expect but going back to the earlier cliché, it all comes back to Location, Location, Location! Even national stats can be misleading if your own area is performing differently which is very common.
If you would like a more specific estimate then please feel free to pick up the phone for a chat, I would love to hear from you, and we can discuss the local property market that is relevant to you.
Thanks again for taking the time to read this month’s blog, I hope you found it useful. If you ever do want to get in touch, remember you will find us on Facebook, Twitter, Linkedin and Instagram.
All the best.