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.