The most common reason a property fails to sell, according to many real estate agents, is an unrealistic asking price. However, there are many other reasons as to why your property may be harder to sell or may even be deemed totally unsellable. There are also certain actions you can take to make sure your property sells more quickly and more easily.
It is often difficult to put your finger on precisely why a property will not sell. For example, you may ask whether it is as a result of difficult neighbours, or perhaps as a result of some structural or other building issues you need to address to rectify.
There are many reasons that may lead to you finding it particularly difficult to sell your home, particularly if you need to sell a house fast, where even just the smallest details can make a big difference.
Is Your Asking Price Too High?
Having unrealistic expectations for your property’s value can kill your chances of a successful sale before you’ve even really begun. Setting your price too high will mean that potential buyers simply will not consider your property.
This is why before starting the process of selling your home, you should have an accurate idea of what your home is worth. Make sure to do some research as to other properties in your area, specifically ones which are similarly sized and with similar features. Knowing the type of prices that these properties sell for will help give you an idea of how much your property might realistically be worth.
What Is the Condition of Your Property?
Understandably, the overall condition of any property, both aesthetic and structural will make a big difference when it comes to getting a valuation online or otherwise as well as when you do actually come to sell the property in question. Buyers tend to prefer houses and properties where less work is needed, particularly in the case of larger works like under-pinning or treating damp.
Think about your property itself and consider asking yourself the following questions, before you even begin the selling process:
- How big is it?
- What features does it have?
- How is it decorated?
- How recently has it been renovated?
- Are there any pending repairs or maintenance issues?
All of these factors can impact the value of your home and render it either a stellar investment or unsellable. Certain structural or architectural issues such as layout, low ceilings and lack of natural lighting may be more difficult to fix.
However, there are certain changes you could make to the condition of your home which could make it more likely to sell. If there are any repairs or maintenance issues that you have been putting off, now is the time to address them. Buyers do not want to purchase a property which is in disrepair and which requires lots of time and energy to fix.
Additionally, small repairs or modifications like paint work, skirting boards or any small cracks are easily fixed and can make a big difference. Superficial repairs are low investment but make your house seem more valuable overall. Fixing these things before putting your house up for sale will make the property seem like less of a maintenance investment for potential buyers.
What Is the Local Economy Like?
One reason why your property may not be selling is because the timing may be wrong. If the local economy is in a poor state, for example if unemployment rates are high or redundancy rates are high, it could mean that people in the area are less likely to be looking to move house.
Similarly, it means that your asking price will need to be lower. You should be aware of where you are selling in a buyer’s market or a seller’s market as this will impact the level of supply and demand and determine whether your house is likely to sell and at what price.
Similarly, you may be trying to sell your house at a suboptimal time of the year. Certain times of the year are less popular than others when it comes to buying and selling properties. For example, the key season for selling and buying a home tends to fall between May and August.
September, on the other hand, is a less popular time of year for buying and selling homes. If you are struggling to sell your property, the time of year that you have put your house on the market may be having an impact.
Listen to Your Agent
Working with an estate agent who knows the local area as well as the housing and property market is an invaluable resource. It is your agent’s job to help you highlight the key selling points of your home as well as helping you understand the timeframes for a sale to go through and settle on a realistic asking price.
Make sure you are working with someone you trust as you will need to listen to this person and collaborate with them. If your agent is making particular suggestions or offering advice, you should be following these guidelines in order to increase the likelihood of selling your home under the right conditions.
