Content Starts Here

Top tips for buying or selling a property in a depressed market

Tips on buying and selling a home in a depressed market

Search: More on buying and selling tips

- Check the best mortgage deals
- Pryor on property: news and views

Just because the housing market is continuing to cool doesn't mean those wishing to buy and sell property must halt their activities.

But what can movers do to make the most of today's property market? FindaProperty.com, a property search portal, has come up with some tips to help movers adjust their buying and selling behaviour to navigate the current climate:

Buyers

1. Haggle! If the market is slow where you want to buy you should take advantage and haggle - buyers are in a strong position at the moment, so negotiating is expected.

2. Research: Careful research on recent sale prices in the local market and your specific properties can often result in a 5 to 10 per cent discount - particularly for those who are able to move quickly.

3. Market yourself. If you are an unencumbered or chain-free buyer, you are in a strong position to stand out amongst other buyers and knock a significant amount off the asking price.

4. How long on the market? The more you know about the seller's situation, the easier it will be for you to negotiate. Try to find out how long your potential property has been on the market - if it's been around for a while, the seller may be prepared to accept an offer.

5. Discounted? If the property has already been reduced, the vendor may be keen to sell and, again, may be open to lower offers.

Sellers

Sellers are in a less enviable position but it's not all doom and gloom. Whilst clearly there will be more of a financial impact - in terms of sales prices achieved and commissions payable - a prudent approach can still mean a smart sale. FindaProperty.com's compiled suggestions for sellers include:

1. How much? In the first instance, obtain several valuations from different agents to get an accurate sense of your property's current value - as many as six valuations are not uncommon.

In an uncertain market, overly optimistic valuations can cause unnecessary delays. Realistic pricing is always important, but especially in a slower market where time is truly money. Taking £5,000 less today could help avoid 6 months of frustration and a less desirable offer in the end.

2. Market coverage: Increase your property's visibility by choosing estate agents that have a wide market reach to include high-quality brochures, frequent advertising and an online presence on key property search sites. Where possible, 'for sale' boards can be a useful tool for buyers targeting your particular street. Estate agents report more activity on properties that market themselves.

3. Refine your space: If potential buyers are entering your home and the enquiries are not converting to a sale, it may be time to get some feedback from viewings and sharpen up the space.

4. Listen to agent advice: Realistic pricing is always important, but especially in a slower market where time is truly money. The figure may not be the value increase you'd hoped for but your property will shift quicker if the price is a reflection of today's market.

5. Beware of gazundering: In a competitive market, gazundering becomes more likely, leaving a big hole in the seller's budget when a morally questionable buyer reduces their offer at the last minute. The practice is legal at the moment so choose your buyer wisely - be on the lookout for signs that your buyer may not be trustworthy.

Mike O'Flynn, Content Editor at FindaProperty.com comments: "The cooling market needn't prevent buyers and sellers from smart transactions. The key is clever, targeted research and a few simple home improvement steps that are key in a tentative market."