Can someone explain the housing market as if I am a child?!

[WhatWouldHopperDo]

DH and I bought our house 26 years ago and have stayed put ever since. We are about to have to sell MILs bungalow and I feel a bit clueless.

What is the housing market like currently (South East Coastal town). Are houses taking a long time to sell? It is a bungalow - no major structural issues but a bit tired inside so would probably need at least a new kitchen and carpets. (We can't afford to do before selling). Driveway and garage and 5 minutes from nearest train station. On a bus route to nearest big supermarket and into town.

How much work is it worth doing in order to sell? Gardens are nice and we can mow/tidy up. We need to fix a couple of fence panels and massively de weed the driveway. She doesn't have a lot of 'stuff' but we will make it neat and tidy with everything put away.

Any other tips?

I think markets are very variable so you'd need to be more specific.

I'd ask the EAs that do the valuations what work is needed, that's what I did and just ended up painting my kitchen.

Looking on Rightmove will tell you how quickly houses are going to sale agreed/ sold. I'd say there's always a market for bungalows. If it's old fashioned and in need of significant updating then I wouldn't do anything. Price it to reflect that.

Bungalows are very sought after, they are often on bigger plots and can easily be extended up and out.
Have a look at the neighbours and see if any have extended, if they have planning permission should be easy as a precedent has been set.
My advice would be to tidy and clean, clear out rubbish etc.
Get 3 valuations but beforehand call the 3 agents and ask about properties like the one you are selling, see how helpful they are.
Very often builders and developers snap up these properties.
The other alternative would be to keep the house until the market is more stable, tidy it up and let it.

Bungalows usually sell well as they’re in demand. It all depends on how much time/effort you want to go to. If you can it is worth at least painting every room. Some people really lack the ability to see past old wallpaper, etc. otherwise clear out any clutter but it is easier to visualise rooms if they have a bit of furniture in and are a bit dressed/look cared for.

if you can’t do the kitchen and carpets just clean them up as best you can.

overall do take your EA advice and don’t over price.

I live in the South East and work in the mortgage sector.

Bungalows are very sought after, and pricing is very dependent on area.

Personally I'd get three EAs out to do a valuation and go with the middle ground. Lots of people will be fine with replacing bathrooms/kitchens/etc but ensure the price is realistic.

Has probate been granted (apologies if I've missed it in your post).

I’d ask local estate agents. I probably wouldn’t bother doing anything apart from cleaning and tidying - so many buyers want to chose their own decor. And are happy to pay a lower price!

It’s currently very difficult to get a sale over the line. Buyers are pulling out a lot of the time - so you may find yourself under offer quickly but it won’t necessarily go through. Be prepared for the whole thing to take months - but if you’re lucky and get a committed buyer it could be fast. Bungalows are in demand usually so it could be better than is typical this year.

Don’t bother spending money on refurb, just tidy and clean.

Get at least 3 agents to come and value it and ask them what their marketing strategy would be. Ask people you know locally for recommendations. Beware any very high valuations, they’ll just be trying to get your business.

Thanks all so much, this is all really helpful. MIL is still with us but her care needs mean she can’t live at home so she is going to live with BIL and SIL.