After 6 Months, More Than a Quarter of all Properties Remain on the Market
At the time of writing, over a quarter of all available homes listed have already been sitting on the market for more than six months. Indeed, nearly 1 in 10 properties have had listings going for more than a year.
In both of the previous years, over a quarter of properties have also been available for sale for more than half a year.
Still, these recent figures are a good step up from 2012, when more than a third of all available properties hadn’t secured buyers in six months. Nearly a third were also without buyers after their first year back then.
A local property expert suggested that any seller failing to find buyers, even after multiple months of marketing, might be facing stiff headwinds in terms of low demand thanks to local market circumstances. On the other hand, if there are other properties selling when yours isn’t, then you might have a property whose appeal is limited, or your price might be too high. In some unfortunate cases, both might be true.
Instead of dropping your asking price, then you might want to look into increasing the appeal, should you have enough funds available. That might mean refitting your bathroom or kitchen, which are two of the more influential rooms in terms of buyers and their perspective. If you can, by either extension or re-arranging the layout, then look into en-suite bathrooms, open-plan kitchens and electric heating systems, as these are all quite popular features.
It might even be as easy as redecorating using neutral colours or just giving a place a thorough cleaning followed by a garden makeover. If there are more costly and serious works necessary, such as rising damp, a new roof, heating, or wiring, then it might be better to look into price reductions to make room for such things. Just make sure your agent makes such things clear on your listing so buyers already know you’ve priced accordingly, otherwise, they’ll try to knock the price down once more. Get detailed feedback from all viewers. Also, listen to any advice you get from your estate agent so you can choose the wisest course of action.
The following eight tips can help you in selling your home:
1) Don’t Rush your Internet Listing Before Everything’s Ready
The majority of properties get over two-thirds of their interest in the first fortnight. Do not launch without a floor plan or using placeholder descriptions and photos, as you’ll pass up your best opportunity to impress keen buyers. A great listing needs to have a minimum of five photos along with a good floor plan and a meticulous description targeted at a specific audience.
2) Kerb Appeal Matters!
Prospective buyers will form impressions within just seconds of physically seeing your property. If you want to make a great impression, then it’s crucial that your home has great kerb appeal. Paint your front door, put out some hanging baskets, and tidy the garden up.
3) Use Every Tool at Your Disposal
That means using any tools at your agent’s disposal too. Professional photography goes a long way in helping your property pop. Keep a close eye on your competitors.
4) De-clutter Everything!
Buyers ought to be able to picture their own family living in your home, so it’s hard for them to see through endless walls of your family photos. De-clutter to the point of neutral decor as much as you can.
5) Don’t Mix Viewings with Animals!
Be sure that pets are somewhere else and at least out of the way when viewings take place. Also, hide the cat litter tray.
6) Listen to What your Agent Has to Say
It’s the job of an estate agent to provide impartial and honest advice, so take it all into consideration when getting your home ready for sale.
7) Be as Accommodating as you Can with Viewings.
If there’s an open house, consider heading out and leaving things to your estate agent.
8) Price Strategically
You need a strategy, but how fast you want to sell your home will impact your asking price. Do your research, be sure to price it competitively, and then brace yourself for negotiations. These will all improve your favourable selling odds.