What are the Most Common Reasons a Property Fails to Sell?
Selling property can be a long and drawn-out process, especially if you do it the traditional way of putting it on the market and using the services of an estate agent. Some properties take longer to sell than others and a lot of this can’t be helped. If your home has been on the market for a few months and it does not seem to be attracting any interest, however, you may wonder if you are doing something wrong.
In the following post, we are going to highlight the five most common reasons why your property may be failing to sell.
Overvalued and Listed for a Price that is Too High
One of the most obvious reasons why your home might not be selling is the asking price is too high. Overestimates when it comes to valuations are actually quite commonplace. This is why it is wise to look at other properties listed for sale in the area. If others similar to your home are selling quicker but are on for a much lower price, it may be time to reduce your asking price.
If you don’t think it’s the asking price, it may be not enough of the right potential buyers are seeing your property is available to purchase. This comes down to marketing. Remember, not only is it important to make sure your house looks attractive for when buyers come round for viewings, you need to make sure you really sell it online. This means detailed and informative descriptions and lots of professional pictures of your property. If you are going to take care of the images yourself, make sure you experiment with lighting and angles to produce the best results.
If you can afford to and don’t have the time to mess around with camera settings, you should hire a professional photographer. Look for one that has experience working in the housing market. Use listings for other properties that have sold for inspiration.
As the housing market can be very unpredictable, it may be it was the wrong time to put your house up for sale. Property prices fluctuate in response to uncontrollable and wider factors and mean the market can change from favouring buyers to sellers very quickly.
For example, if there is little demand for houses and there are lots for sale, that’s referred to as a buyer’s market. That means you may have more competition to go up against when trying to sell.
If possible, it may be sensible to delist your property for a while and see if things change. That’s not to say that you won’t be able to sell your house at all in a buyer’s market as there are still people looking for property. It just means you may have to do more to make your house stand out from the crowd.
Ineffective Efforts of Estate Agent
If you are working with an estate agent and not seeing the kind of results in terms of interest, viewings and offers that you expect, it may be that the agent and their efforts are to blame. When you engage in their services, you obviously put a lot of trust in estate agents to market your property to sell and if they are not doing all in their power to push it, potential buyers may not even know it’s up for sale.
The best thing you can do is ask them directly and regularly for feedback after each and every viewing of your property to see if there is anything that you or they could do to increase the chance of it selling.
You could also take the wily approach of assessing how well your estate agent works by asking a relative or friend to pose as a potential buyer. If at any time you do not feel like you are getting the service you will eventually pay for, look elsewhere.
Proper Etiquette During Viewings
Encouraging buyers to view your property is only part of the process. You need to make sure, once they arrive, if you are there for the viewing, that they do not feel overwhelmed or pressured. While it’s a good idea to greet them politely and give them a brief introduction to the property, it’s best to give them some space and time to explore it at their own pace. Be available to questions if necessary, but also consider offering a viewing when you and other members of your household are not at home, as a lot of buyers feel more comfortable viewing empty homes.