Selling your home? Get Answers to FAQs
Rightmove have posted a great article online. They received thousands of questions from home movers across the UK who want to know how their plans will be affected by the current coronavirus situation and they recently hosted a live talk for those of you who are currently selling your home.
Their guest speakers were Dan Barea, Rightmove’s data analyst and market expert, and Mark Hayward, CEO of NAEA Propertymark (National Association of Estate Agents), the leading professional body for estate agents responsible for upholding high standards within the industry.
Have a look at a small selection of the key questions that were answered below and if you’d like to watch a recording of the session you can find it on www.rightmove.co.uk and they also have a dedicated hub for more information.
Q1: Should I take my house off the market? Is there even a market? Rightmove: We’re in unchartered territory right now. But, and we can see this with the activity on Rightmove, some things in life remain constant. One of those is the need for a home and the need to find a home. Given everything, we’re still seeing millions of searches and thousands of enquiries coming through, but quite rightly everyone is staying at home to keep people safe.
There are a lot of people with a huge interest in what is happening in the market right now. People are still doing their homework and contacting agents so that when this lockdown is lifted, they are ready to go. There is no need for you to come off the market right now, agents are being extremely proactive and creative.
We’re also hearing some amazing stories of agents really stepping up and becoming pillars in their communities; helping the most vulnerable and the elderly by doing shopping trips for them – right across the country – and it’s so encouraging to see.
Q2: Are agents still fighting to make things go through for people? Rightmove: Agents are being creative; they live and work in your communities. They’re doing all they can to reassure the seller that when this appalling situation does ease, there will be a market there. Talk to an agent, they will know your property very well, they may have even sold it before. They may have ideas for things you can do to your property while you’re staying at home.
Q3: Should I put my home on the market? Rightmove: I wouldn’t wait as long as you already had pictures taken and your property valued before the lockdown. Just be prepared to be more flexible. The main hurdle in coming to market now is that we can’t have anyone come to visit our homes.
Everything is done remotely now, and agents are very good at assisting with that. They will know your area and your property like the back of their hand, they have so much data available to them.If you didn’t have an agent visit your home before the lockdown, we would suggest you hold fire until they can visit and get your house market ready in the meantime.Q4: We are due to exchange in three weeks? What problems might we face? Rightmove: Make sure you are talking to your lawyer and your agent on a very regular basis. Make sure all parties are communicating so you all understand the pressures and can continue the process, bearing in mind you should delay the exchange unless the property you are buying is unoccupied. Don’t panic, don’t withdraw, sales take a long time to go through in any event.Q5: What defines a move as critical? Rightmove: There will be reasons that for some people it is absolutely essential to move, it may be because of health or a job and you simply have no choice but to move. They’re not out there policing this but I think everyone needs to be sensible. These things can happen if it’s absolutely critical, but that is somewhat subjective.You have to factor in the removal companies and so on, and for the removal company employees, they touch on average 700 items in a move, so they need to ensure that they are safe. Do your research and talk to your agent about what might be possible while sticking to government guidance.Q6: How does the current situation affect my mortgage offer? Rightmove: The government’s instruction to lenders is to be as flexible as possible with regard to mortgage offers. Their lifespan is usually three to six months. The lenders need to be as accommodating as possible.Q7: How much of a delay will the lockdown have? Rightmove: We don’t know at the moment. It all moves very quickly, but I don’t believe we’re here just for three weeks. The length of selling a house takes months not weeks anyway.Q8: Can people still accept an offer? Rightmove: Absolutely, providing the agent has checked out a buyer’s ability to offer.Q9: What’s your final piece of advice for anyone in the early stages of selling? Rightmove: If your property has already been valued and photographed, I see no reason why you should not come to market. You might be surprised at the level of interest it would generate. If you’re earlier on in the process, get in touch with your local agent and get their advice. Rightmove can look at things at a national and regional level but your local agent knows about your specific street. Don’t try to circumnavigate anything, speak to the experts.But the number one priority is that you remain safe and healthy and stay in line with the government and NHS guidelines. Stay home, wash your hands, and do all those things you need to do to keep you and your loved ones safe.Article taken in part from www.rightmove.co.ukImportant Information All property sales and the financial advice that surrounds them are as unique as the people engaging in the transaction. It is important to not make a decision without seeking professional advice. If you want to sell your home and are considering redecorating before marketing, speak to one of our Property Professionals to get the best advice for presenting your home for sale before making any investment. This article is for the purpose of information only and should not be seen as financial advice.