FAQ: Everything you need to know about selling a house,
22nd June 2017
If you’re thinking about selling your home, it’s only natural that you’ll have a lot of questions. Luckily, Lisney has over 80 years of helping vendors achieve the best possible results in the Irish market so we can help you every step of the way.
To answer some of those questions, we’ve turned to Stephen Day, one of our divisional directors in our Leeson Street office in the heart of Dublin 4. Stephen has 13 years of experience in the Irish property market and is a member of the Society of Chartered Surveyors Ireland and the Royal Institution of Chartered Surveyors.
So what do people really want to know when interested in selling? Let’s take a look!
I’m thinking about selling my house. What do I do first?
If you are weighing up whether to sell your house or not, your first step should be to call a reputable agent who is active in that area. Lisney would arrange a time that suits you to inspect the property and have a detailed walk through. When we’ve done the preliminary work, we will sit down with you and discuss the valuation in depth together with market trends and what is important to you in the process.
This will tell you how much you can expect your property to achieve, the costs of selling and all the details you need to know. There is no charge for this visit to the property.
If you’d like a step-by-step look at the process, why not download our Ultimate Home seller’s Checklist?
Why do I need an estate agent at all? Can I not do it myself?
At the end of the day, it’s up to each seller. What an estate agent provides is comfort and extra knowledge. We find that viewers are reluctant to give their honest opinions about a property to the vendor for fear of offending them. If a vendor is selling their own property then, of course, they are likely to be more protective of it. That’s only natural but if you have an estate agent they can answer those tricky questions.
It is a stressful time for people as they are usually selling their most valuable asset and appreciate a third party to guide and advise them throughout the process. It is also possible for an agent to sell a property off market due to their knowledge of buyers in the locality; this can suit certain sellers, especially if they are under pressure for a quick sale. They will also advise on the type of sale, marketing campaign and timing to sell best suited to your property.
Agents will also give important advice on the buyers in the market as the highest bidder is not always the best option together with organising booking deposits and chasing contracts.
How do I know that it’s a good time to sell my home?
This often depends on circumstance. Maybe you’ve a growing family and you need more space. That means it might be pretty urgent for you. In the alternative maybe you are looking to downsize and therefore you might not be in as big a rush to move.
One thing that I always tell vendors is to have a look in their neighbourhood. If there are lots of ‘For Sale’ signs on your road, then now might not be the very best time to sell. Scarcity of stock often demands higher prices as if a buyer has a choice of four very similar properties on the same road they have more bargaining power.
The general rule of thumb is the more properties on sale in an area, the better it is for the buyer. The fewer properties on sale, the better it is for the vendor.
Okay, so I’ve decided to put my house on the market. What happens next?
If you decide to choose Lisney and we do the initial valuation, the next thing that happens is that we get started with the marketing of the property. This means getting a photographer to come to the house to take professional photos. Our approach is to make this as stress-free for the vendor as possible. We then get your property in front of as many buyers as possible and arrange an open viewing, usually on a Saturday.
This usually lasts between one and two hours and you don’t even need to be there for that. We will also facilitate ad hoc private appointments for viewers who cannot make Saturday viewings to ensure all potential buyers are considered.
What tips can you give me for making my house more attractive to buyers?
First impressions count. You can call it kerb appeal or whatever you like but there is no doubt that buyers are influenced by what they see when they first arrive to a property. You want a nicely-painted front door and a well-maintained entrance for buyers when they arrive.
The second, and maybe most important rule, is to make sure your home is clean. This might sound obvious but you want to have all the beds made and looking crisp and any clutter you can get rid of – do! It just makes the space look a lot bigger and better.
What if my house doesn’t sell or get the offers I expect?
That’s why hiring an agent with the right experience is important. We know to put the property on the market at a suitable asking price. We know that it’s part of our job to balance the desires of the vendor with the price you can actually realise on the market.
We can generally be able to gauge interest in a property after the first four weeks of it being on the market. There are many factors that could be hindering demand. There might be lots of properties available in your area. Your décor might need updating. If the market is suggesting that your price is too strong then we can look at that issue and guide you at every step of the way.
Do you think the current strong property market is set to last?
The property market is led by supply and demand. At the minute, there is an obvious lack of supply out there so in most areas you are really looking at a seller’s market. In particular, properties in the €400,000-€750,000 range are achieving strong results and there is a lot of demand. I foresee continued growth in this area.
For properties over €1 million, it’s slightly different. There are a lot of factors around Brexit and executives and CEOs that might be making their base in Ireland so people are hanging on a bit longer to see how that plays out. But in general, I think there will be solid growth in the Irish property market for the next 12 months at least.
Are you thinking about moving home?
If you have any more questions about your home, then get in touch today. We’re happy to answer any questions you might have. With 80 years’ experience in the Irish property market, there is no question we can’t answer. And remember to follow us on Facebook, Twitter or LinkedIn for all the latest Lisney news.