Making the Most of the Market: The various ways of selling your property in 2016

Mon, Feb 1, 2016

Financial Advice, Investment

Historically, vendors had a relatively simple task when listing their home on the market and making a sale. More specifically, they only had to select a reputable high street estate agent or realtor with which to partner, choosing the firm that offered the most competitive valuation and the widest range of potential clients.

This has changed in 2016, however, with vendors now having access to a plethora of on and offline options that include everything from generic sales to specialist, cash transactions. With the freedom of choice is a wonderful thing to have, however, there is also a huge burden on vendors to choose the right option that ultimately suits their needs.

Many of these options are designed to suit specific vendor demographics, so it is crucial that you compare the market in its entirety before making a final commitment. With this in mind, here are three of the most popular methods of selling your property in the modern age.

Sell your home online

As a general rule, traditional high street agents charged a fixed percentage of your properties final resale value when completing a sale. This fee usually reflected 2% or 3% of the total price, and while this was perfectly viable when the market was more reasonably priced it now means that vendors are likely to spend in excess of £1,200 ($2,000) on commissions when selling their homes.

This is why the online marker has become so popular in recent times, as the market leading firms in this space often charge a one-off fee that is transparent and inclusive of the all services. The industry standard is between just £300 and £600 ($550 and $900), meaning that home-owners can save up to 50% as a minimum by choosing an online agent and realtor over a traditional alternative.

The Quick house sale Market

Here we enter the territory of niche (if still invaluable) market services, as the quick house sale sector enables vendors to offload the property quickly in exchange for a direct, cash sum. While these firms tend to offer below market value in order to optimise the resale value of the property, this is more than compensated for by the speed of the transaction and the reduction of the associated legal fees.

This market has also evolved since the great recession, when it was initially targeted by struggling home-owners who were unable to meet the terms of their mortgage. It now has a more diverse client base, however, as increased regulation has made it accessible to investors and those who need a quick sale when relocating.

Sell your home independently

Are we approaching an age where the majority of home-owners will choose to sell their properties independently? May be not, but those with knowledge of the market certainly have the expertise and the means to attempt this in the current technological climate. From video marketing tools that enable owners to host virtual viewings to the ever-widening range of websites that exist to service those who wish to go it alone in the property market, selling your property independently is no longer as fanciful as it once seemed.

This certainly makes sense in terms of achieving financial savings and optimising profitability, especially with UK consumers alone collectively owing a substantial £178.2 billion at the end of 2015 (and household debt levels in the U.S. having risen to pre-recession levels last year).

Interestingly, the rise of big data is also making this dream increasingly tangible. If we reach a time when vendors can collate complex data-sets regarding land, price histories and planned developments within a specific region, the rate of independent sales could soar in the next decade.

 

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