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The year 2024 has not been the most inviting time to sell your home. With high interest rates, buyers are scarce, leaving property languishing on the market. The advantage to this is that fewer people are putting their homes up for sale, so you can turn it to your advantage. Read on as we discuss the three main ways to sell your home in 2024.
Through an Estate Agent
An estate agent is the most traditional route and the one that will probably get you the best price for your property. A good one will have a wealth of knowledge about properties that can provide invaluable. They will know the area you want to buy in, average prices and how many other similar homes are on the market. Crucially, they will be able to get potential buyers into your house to view it using their network.
The downside is that they will charge a fee. This is based on a percentage so at least you will always know they are trying to get you the best price possible. It is also one of the slowest routes, with the average UK house sale through an agent taking around six months.
Cash Home Buyers
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Cash buyers have a distinct advantage over those applying for a mortgage. Firstly, they don’t have to wait for long lines of paperwork to clear so the process is more secure and often quicker. If you go through an estate agent and they manage to secure a cash buyer, you are in a very fortunate position.
The likelihood is that this won’t happen, and if you want to sell for cash your only other option is cash home buyers that operate as a company. These people will make you an offer on a home and can turn the deal around as quickly as seven days. Many people choose this option if they have a property they want to liquidate quickly, such as inherited properties or ones acquired through divorce.
Other advantages are that they will often buy properties in bad condition, that would not normally be able to be bought through finance. However, as they are buying properties to renovate and sell later they will provide you with the lowest offers.
Auctions
Auctions are a good middle ground between the two listed above. They will allow you to sell properties that may be too run down for buyers to get a mortgage on, and thus attract people looking to fix them up. You don’t have to do a traditional auction in a room either. People can bid on properties online over a period of time, which can yield better results.
The downside to an auction is you don’t know what price you will get on the day. You may get a few bidders who want your property and start a bidding war, or you may get a tepid response and receive only a few low bids. You can set a reserve, so it has a minimum price it will sell for. Fees will also be charged by the auction house.
Think about your goals. Are you willing to wait for the best price or do you want a quick sale? Knowing this will help you pick the best method and get the sale that is right for you.
