There are many reasons why a property may fail to sell, although many estate agents put this down to an unrealistically high asking price. You may need to sell your home fast for example and thus, this can become incredibly frustrating. Also, if you form part of a ‘chain,’ your property’s failure to sell can have knock on effects with regards to fees and costs as well as securing your next property. However, sometimes it is hard to determine exactly why your property is not selling, or why the process is taking longer than expected.
There are a whole range of reasons why your property is not selling that you may not have even thought of. Some of them may relate to the inherent elements of a property; however, some of them might be easily and quickly fixed (find out more about the top property fixes to undertake before selling your home). Being aware of the different factors that could make a property unsellable will help you when preparing to sell your home.
What Causes Properties to Not Sell?
Your Property’s Condition
The condition of your property will determine the property’s value; this covers everything from how many bedrooms it has to how structurally sound it is to how well it is maintained.
When it comes to structure, there are certain features that will help your property sell. For example, a large amount of space, natural light, high ceilings and no structural damage will be key selling points. The problem with structural issues is that they are not easily changed which could mean that you need to modify your asking price. However, there are always modifications you can make to maximise your space such as playing with lighting, textiles and colour palettes to make the house seem brighter.
If there is any damage to the house, this could deter buyers. Houses which seem to require a lot of repairs or maintenance will signify a greater cost to buyers. Generally speaking, buyers prefer homes which are ready to go for which they will not have to invest large amounts of money to fix. Therefore, if you have any minor repair work to do, make sure that you do this before you put the house on the market to prevent it from further damage. If there is large-scale repair work to do, such as treating damp, investing in this could help you in the long run when it comes to selling the property.
Houses which are shabby or derelict will be unappealing to prospective buyers; luckily, you can make your house better prepared by carrying out quick and low-cost fixes to maximise impact at minimum cost. Rather than large-scale renovations, there are small decorative fixes and touch-ups you can make which can go a long way to maximising the worth of your property. Even staging your house in a way that maximises space and minimises clutter can have a huge impact when you need to value your home. When you get your home valued, every aspect will be under the spotlight, so attention to detail can make a big difference.
Does Your Asking Price Affect Saleability?
When trying to sell your property fast or even if you are in no rush at all, setting your asking price too high can make your property sale a non-starter and will automatically rule out a large proportion of prospective buyers. When looking for a property, buyers will be looking for something which they believe to be good value. They will have likely done their research and will know how much certain property sizes with certain features should cost. That means if you are grossly overcharging, it will be immediately ruled out by potential buyers.
If you are unsure what would be a realistic asking price for your property, you can carry out a valuation online or with an estate agent. You can also do your own research looking at similar properties in your local areas. For example, if you have a three-bedroom house with a garden, you can look for a property with similar features in the local area to see what price they are asking for.
When considering why your property may not be selling, you will also need to consider the context. For example, if your local area is going through a bad time economically speaking (i.e. high unemployment rates, high crime rates), it may not be the best time to try and sell your property.
Additionally, you need to think about the local area and what amenities could be assets versus which could be potential liabilities. For example, if you are near a shopping centre, good schooling or restaurants, this could make your property more desirable. However, if you are near a pylon, a graveyard or another undesirable spot, it might be more difficult to sell your property.
If you think that you might be in an undesirable location, you may need to consider a lower asking price in order to shift your property.