The dream for every homeowner selling their property is to achieve a quick, hassle-free sale without compromising on price. Is this possible? Can the dream become a reality?
Many of our clients ask us, “can I sell my house fast for market value?”
It’s a tricky question. The property market constantly fluctuates and what your house was worth last month may not be an achievable sale price a few months down the line. There are several factors that affect a property’s value and if you have other priorities — such as needing a quick house sale — it may be necessary to accept a slightly below a full market value offer to meet your particular needs.
Selling to a reputable house buying service is a great choice if you want to tick both boxes: speed and a fair price. While a cash house buyer will offer below the market value for a property, the savings you’ll make on estate agent fees and other costs associated with selling on-market make it a savvy choice for many people.
What Factors Will Affect the Market Value of My Home?
The Current Property Market
Market health is one of the most influential factors on the value of your house. It’s essentially a case of supply and demand. If there are lots of buyers chasing a limited number of properties, the value of your home is likely to go up. Conversely, if there are lots of houses for sale and few buyers — perhaps due to economic or political uncertainty — house values may fall and you will have to set a lower asking price.
Generally, the North of England has lower house prices than Southern areas where properties are more expensive to buy. For example, properties in London will typically attract a higher valuation than those in Burnley. The property’s location also affects its price at a more local level. If your home is in an area with excellent transport links, outstanding schools, green spaces and plenty of amenities, it is likely to have a higher value than one in a location that does not offer such benefits.
Condition of the Property
If a survey highlights major issues with the condition of a property that would be expensive to repair — such as the need to rewire or re-roof the house — its value will drop. Buyers will expect to pay less to purchase the home so that they can afford to complete the work needed.
If your home is located in a high flood risk area or if there has been severe flooding in the past three years, its market value will be negatively affected.
Download our guide, “5 Financial Benefits of Selling to a Quick House Sale Company”
Number of Bedrooms
Generally, houses with more bedrooms will attract a higher sale price. Losing a bedroom to accommodate a different use of the space — such as a home office or additional reception room — may result in lower property valuation.
Potential to Add Value
If there are ways that a buyer could increase the value of the property — by building a studio in a large garden or converting a generous attic into a bedroom, for example — this may increase how much you can expect for your home. If you have previously had planning permission approved for a significant change to the property, make sure potential buyers are aware of this.
An increasing number of households have more than one car, so off-street parking is a huge bonus. Likewise, for families with young children or elderly relatives, a drive or parking space near the home will be a “must-have” feature. In some areas, this feature can add as much as 20% to the value of a property.
As our lives become increasingly busy, a property with “move straight in” appeal is extremely attractive to many buyers. If your home is exceptionally well presented, inside and out — don’t underestimate the importance of “kerb appeal” — you can expect this to be reflected in the valuation.
Numerous factors will affect the market value of your home and, on the open market, the factors listed above will also impact how long it takes to sell your house.
House Buyer Bureau buys properties in any condition or location throughout the UK. We always instruct a minimum of two estate agents and one RICS Chartered Surveyor from your local area to give you a fair and accurate valuation, which is completely free of charge. Call us free on 0800 028 2800 to find out more.
How Quickly Can I Sell My Home at Market Value?
Prior to the coronavirus pandemic, the average time it took to complete an on-market house sale with an estate agent was around 4.2 months from the first day of marketing. This varies depending on the region and the type of property, along with the factors listed above. Some properties can take years to sell and during this period of waiting, the homeowner must continue making mortgage repayments and covering the costs of maintenance and repairs.
After the first lockdown ended in May 2020, buyer demand soared and property professionals struggled to keep up. A huge backlog of transactions developed, in part due to the freeze on house sales between March and May. As a result, the house sale process took weeks longer to complete. While the market has begun to cool a little since the end of the stamp duty holiday on 30 September 2021, it remains buoyant and an on-market sale may still take longer to complete than you might expect.
If you need to sell your house fast or just want to avoid the hassle and stress of a lengthy house sale, using a cash house buying company is the best way to secure a quick, guaranteed sale. House Buyer Bureau can offer completion in as little as seven days and our lawyer can confirm that we have done so many times. While our cash offer will be less than the full market value of your home, you will save hundreds or even thousands of pounds on solicitor fees and estate agent commission.
We understand that many homeowners have conflicting demands on their time and resources when they sell their property, which is why we put you in control at every step of the process. We can agree on dates that fit your plans.