The current turbulent state of the UK property market makes selling your home a more difficult process right now. Recent statistics further indicate that approximately only 50% of homes that are listed result in a sale. For those that are looking to sell, it’s crucial for them to find a buyer as soon as possible to avoid overexposure and loss of value in this tender market. Easily said, but not so easily done. There are many reasons for why a property isn’t selling, here are a few of the most common.
1 – Price
Everyone wants to sell their home for the highest value that they can, preferably making a significant profit. However, finding that sweet-spot price which will attract buyers but also satisfy you as a seller can be a difficult task, and is generally the biggest factor for why a property might not be selling.
Clinging persistently to an overly high price can kill off interest from buyers, and risks a property becoming overexposed on sites such as Rightmove for months on end. Particularly in this current market, where prices are down 15-20% from their peak a few years ago and are forecasted to fall further, it’s vital for sellers to be realistic with pricing and not to expect a sale of equivalent value to previous market peaks. While it’s easy to blame a slow market for your property not selling, it’s easy to overlook that part of the fault may be attributed to an unwise asking price.
To ensure that your home has the best chance of selling, research equivalent properties that have recently sold, or as importantly those that haven’t sold to give you an indication of where you should expect to price your property. In addition, invite three or four different estate agents to conduct a valuation for their advice, and be wary of any suggesting a very high asking price – however tempting a claim it may be.
2 – Estate agent
Choosing the right agent for your property goes hand in hand with choosing the right price as the two are inherently entwined. While it isn’t always advisable to take on an agent that claims they can market your home for the highest price, it’s also not always sensible to take on the agent who will instruct your home for the lowest fee.
While next to nothing fees from online agents who also promise to sell quickly may be tempting, there’s less of a guarantee that they will actually be able to sell your home. Often these agents don’t have their own list of registered buyers to contact, meaning that unfortunately, the often used resort for generating interest is persuading a seller to reduce their property’s asking price.
Fortunately for sellers, Invisible Homes solves this issue by bridging high street agent effectiveness, with online agent prices. By using remote, local agents, we’re able to offer a low commission rate of 0.5% that saves sellers thousands in fees, and doesn’t compromise on delivering a successful service.
3 – Presentation
An often easily overlooked reason for why a property might not be selling, even after viewings has happened is the simple fact that sellers haven’t shown their property in the best way that they could. The extra effort into arranging your home to win over the buyer on a viewing will always pay off. If you’re a landlord and tenants are occupying the property, ensure that they’re informed well in advance of viewings and even consider offering an incentive to them to tidy if it’s a serious buyer taking a look.
To showcase your home in the best possible way, make your home feel just right for the buyer, depending on the time of day and season of the viewing. If they’re looking around your home in the day, ensure that your home looks as bright as possible – open all curtains and blinds to let as much light in as possible. If the viewing is in the evening or during the colder months, reduce the amount of light that gets in – close curtains, blinds, and windows to create a warm and cosy feel to your home. By doing this, your home will seem perfectly suited to the environment in which the buyer is seeing it.
If you’re struggling to sell your home in Fulham and have been on the market for a while, get in touch with us at Invisible Homes, and find out how we can give you a much better chance to sell by selling off-market.