Why Private Selling of Properties Works In a Down Market
There is so much chaos amidst the United Kingdom housing market. With the economy in a state of decline, and numerous companies finding themselves needing to do some necessary cut backs, many have their salaries got reduced. At the worse, some have become unemployed and are forced to find various ways to meet their financial obligations. Looking at such factors, it appears that people will not be as much as willing to purchase any property for the sake of owning one and achieving their dream of becoming homeowners. Because of this, home sellers are forced to make some unwanted price cuts. Due to the this extreme financial challenges that most everyone is experiencing, they tend to shop around more in an attempt to make the most out of their money's worth.
Apparently, putting their house in the housing market is not just enough to hook potential buyers. Not even with the help of estate agents. So far, the best option available to home sellers that they can utilise to maximise sales is to sell their houses privately. Looking back at the previous year, houses availability was scarce thus causing their price to gradually increase however, this should not have happened.
Because of the economy's unfavorable state and the fact that prices went up faster than people's salary's, a correction took place and many houses in the market were left to stagnate without any buyer. So if you want to sell your house for cash, you still have to deal with this correction. This is a big factor which caused most sellers to make drastic price reductions and be more realistic in their attempts to sell house fast. For one, houses in the northern part of the United Kingdom, particularly in Manchester and New Castle have made price cuts of around 7.13 to 7.15 percent due to the shoppers. On the other hand, a large number of home sellers in the south have made rate reductions with at least 50% of them coming from Swindon, 47% in Norwich and a smaller portion in Bournemouth around August. This goes the same for Poole, Exeter, Bristol, Coventry to name a few.
However, the price cuts were less significant compared to other sellers in the United Kingdom which are around 5% or so. But since houses around south are more expensive compared to the rest, the cuts are considered significant by most. Based on gathered information, economists and business professionals are predicting a second correction anytime soon. With HIPs just recently discontinued, the unemployment rate rapidly increasing as well as the availability of houses in the market, the only remaining alternative for homesellers to profit and be able to successfully sell their house is to sell their house privately at a reduced cost.