Archives March 2023

As spring gets closer, there is a surge of enthusiasm and new buyers in the real estate market. There’s no time like the present to start preparing for a home sale in 2023.

These days, house hunting is a lot like online dating. Potential purchasers may dismiss your listing with a quick browse or swipe if it doesn’t look appealing enough. In a competitive housing market, we hope these helpful hints will help you make your property stand out so you can sell it faster and for more money.

Look At It Objectively

There are three primary considerations when looking for a home: cost, proximity to amenities, and square footage. Even though you’re stuck with the space’s physical location and the price is set by market forces, you can influence how potential buyers perceive it.

Those errands around the house that you’ve been putting off should be done immediately. You should expect that potential buyers will judge your home harshly based on imperfections such as a broken kitchen door or peeling paint in the bathroom.

In order to attract buyers, you must take an unbiased look at your home and envision yourself in their shoes when house hunting. After all, you are likely a buyer yourself.

Examining comparable properties within a 10% price range will provide you insight into how other sellers have marketed their own homes. Potential buyers may pass over your home in favour of one that appears more presentable in online photos or during in-person showings if you haven’t made the necessary improvements, so you need to make your property stand out.

Tidy Up And Declutter

Some of us may be shocked by how much clutter may build up in our homes, so it’s best to get started on decluttering as soon as possible. After living in a home for a long time, you may become blind to flaws that potential purchasers may see immediately.

Keep in mind that you are not selling your belongings but rather the actual property itself, so make sure that everything has a designated spot. Ironing boards left out in the open, laundry hampers overflowing, shampoo bottles in the shower, and piles of mail on the kitchen counter all contribute to an untidy and unappealing appearance. This will make your property stand out, but not in the right way.

The same goes for family photos; it’s fine to show a few, but too many will make the room feel awkwardly intimate. Potential buyers may have trouble visualising themselves in the home as a result.

It’s a good idea to declutter and create a blank canvas in the primary areas, such as the living room and the kitchen, so that potential buyers can more readily visualise their own belongings there.

Be Flexible With Viewings

The key to successfully selling your home is often being as accommodating as possible during viewings. The sale of a home can be put in jeopardy if the seller insists on scheduling showings only when it is convenient for them.

If realtors are only allowed to schedule viewings within certain hours, you may have to wait longer to find a buyer. It’s also helpful if your estate agent has access to the property at all times, so they can show it to potential buyers whenever they want. Even though it may not be convenient for you, the majority of prospective buyers will want to visit properties after work or on the weekend. This will make your property stand out.

Plus, try not to be there when viewings take place. It can be awkward for the viewer and could put them off. 

According to recent statistics, the number of people over 55 who live in private rented accommodation has increased by 110 percent. Landlords and real estate professionals should welcome the increasing number of seniors renting privately, as this demographic group often provides more stable income through longer tenancies.

Renters over the age of 65 make up a growing portion of the privately rented population, and the number of individuals who have privately rented accommodation for ten years or more has increased by 115 percent since 2002. Both tenants and landlords value long-term stability in their rental agreements.

Tenants By Age Group

Changes in occupancy rate have been found to be highly age-dependent. The number of private rental accommodation by tenants under the age of 35 has decreased, while the number of private rentals by tenants above the age of 35 has increased. More young people are staying at home for longer periods of time, which has led to a 3.7 percent decrease in the rental market for persons aged 16-24.

The 25-34 age group boosted their private rental presence to 6 percent, which is likely related to the inaccessibility of property ownership for millennials.

Over the past decade, the population of people aged 65 and up who are renting private residences has increased by 38 percent. There was a 50 percent increase in the age bracket between 45 and 65.

Number of individuals over 35 living in private rentals has risen to 2.5 million, up from 1.9 million in the younger age groups.

What The Government Says

The private sector, according to official data, has increased by a factor of 10 over the past decade. There are presently more than 11 million people living in its 4.4 million dwellings. There are 17 percent renters and 65 percent owners in this group, making up 19 percent of all households.

Those between the ages of 25 and 34 continue to make up the largest demographic of renters. The amount of retirees, at 8.6 percent, is relatively low compared to other demographics. However, this share has grown by 38 percent in the past decade.

The data also shows that private renters pay a much larger share of their income on housing than either owner-occupants or social renters. Many people who live in private rentals receive housing assistance in addition to their regular income.

The average renter now lives in their house for 4.9 years, but that number is on the rise as more and more seniors choose to live in private rentals.

What About The Rental Sector?

Renters of all ages have been hoping for more secure tenancies, which would also be great for landlords in a big way. Most of the time, landlords have to pay a lot to get a new tenant, and the time between tenants can be bad for them. Renters who are older and less likely to move out can be very good for the real estate business.

Older tenants are more likely to pay their rent securely, regularly, and on time, which is a huge benefit for both letting agents and landlords. Statistics show that they are also less likely to damage your property.

What kind of renters you get depends on what kind of property you’re renting out. Older tenants are more likely to need more space for their families to visit, while young professionals are more likely to rent newer apartments in the city centre.