How to Sell Property in Norwich, United Kingdom

1. How to Sell Property in Norwich, United Kingdom With the average time to sell a house – that’s from the moment you put it on the market to completion – taking around four months, people are looking for tips on how to sell property quickly in Norwich. It’s a commonly asked question of local estate agents and realistically, there is no definitive answer. It depends on a number of factors, not least the local market conditions. But that’s not to say you can’t sell property quickly in Norwich, you can and here are our tips to help you. What factors impact how quickly a property will sell? There are any number of factors that affect how quickly a property sells but the main reasons are: ● Market conditions in your area, i.e. is it a buyer’s market or a seller’s market? We’ll explain a bit more on that shortly. ● The property’s asking price ● The quality of the agents and the solicitors being used ● The potential buyer’s financial position, i.e. do they have a property to sell, is it sold or are they in rented accommodation? ● The length of the sales chain on the property. ● Freehold versus leasehold ● Any title, search or survey problems ● The condition of the property, as well as nearby properties ● The local authority ● The time of year.

2. Let’s investigate the top three factors a little more closely as they have a direct impact on the sale of a property. Market conditions The property market fluctuates and local agents have little control over it because it is affected by time of year, demand in the area and the financial climate. For example, are interest rates favourable for the buyer or the seller? A lot of the impact depends on supply and demand in Norwich. If there is an influx of young people moving to the area for education or jobs, you may find that one and two-bedroom homes are popular, driving up demand. The Sunday Times recently included the city of Norwich in their top 10 of ‘best places to live’ with judges calling it “beautiful and historic but also young, lively and environmentally-friendly” and that it is “well-placed to thrive after the pandemic”. Accolades like this highlight the city’s features and encourage people to consider the area. The property’s asking price This is one area where you have control, albeit with the guidance of an estate agent. In most circumstances, you will ask three different agents to visit the property and give you their opinion on what the asking price should be. It’s highly likely you will get three different answers. The warning here is don’t be too greedy and overestimate the best price for your property. Just because an agent has quoted a price that’s £5,000 (or more sometimes) above the other agents doesn’t mean that’s the most competitive asking price. An overpriced property will get viewings but when it comes to offers, they are likely to be few, if at all, and probably in line with what the asking price should be. Always do your own research and look at what other properties are selling for in your area. Portals like Zoopla and Rightmove can help with this.

3. Consider setting an asking price that is slightly below similar properties on the market in the area, i.e. £5,000 less. Not only will you generate significant interest quickly, you may find that two or three potential buyers are interested and it may go to final offers – you could end up with an agreed offer well above the asking price. The quality of the estate agent and solicitors How proactive your estate agent is in marketing your property, and how effective your solicitor is, really matters when selling property quickly in Norwich. You want your estate agent to take a vested interest in the sale of your property, how good are they at booking viewings and do they attend the viewing themselves, how prompt are they at providing feedback, the value of their advice, such as survey results, their negotiating skills with price negotiations, and their levels of communication in keeping the sales process moving. The solicitor you choose is just as important because they can make or break a deal. A solicitor that is overworked or just not interested won’t be proactive in drawing up contracts, requesting searches from the local authority, carrying out their due diligence in terms of the property title and condition of the property, and keeping the entire process moving. What to do to sell property quickly in Norwich? There are a number of things you can do to help sell property quickly in Norwich, including:

4. ● Be proactive – you can have excellent estate agents and solicitors working for you but if you decide to go on holiday days before the contracts are due to be signed or even exchanged, don’t blame them for any delay. Instruct a solicitor at the same time you instruct an estate agent and they can start working on the paperwork for the property you are selling. Also, chat to your estate agent and solicitor on a weekly basis. ● Don’t be afraid to use multiple agencies – you want to sell your property quickly and sometimes, using two or three estate agents sparks a little competition between them. It also boosts the chances of selling your property quickly but, if one agent isn’t working as proactively as you would like, don’t hesitate to dis-instruct them and go elsewhere; otherwise, it could have a negative impact on your property sale. ● Sort out your finances – get your mortgage provider on-side. Advise them you are planning on moving house and negotiate a new mortgage, either with your current provider or an alternative, and get a new mortgage offer in principle so that you can move quickly when you find your next dream home. Don’t forget to set out your budget in terms of the costs you will have to pay, such as survey fees, search fees, stamp duty tax, energy performance certificate fees, final utility bills and removals costs (get a quote for this as soon as possible). ● Tidy up the inside and outside of the property – if you’re selling, there’s no point spending a fortune on improving the property. However, it is worth doing the basics, such as cutting hedges, mowing lawns, getting rid of the piles of rubbish, painting the inside walls and cleaning windows. Those first impressions really do make a difference. If you are looking to invest in property in the UK, Property Classifieds should be your first port of call for valuable advice and guidance. Connecting motivated sellers and buyers across the UK, we have a wide range of investment properties and property development opportunities in your local area, too. Contact us today for more details.