31 May Five Reasons Why Your Home Won’t Sell
With continuing uncertainty over Brexit and the General Election, there are plenty of buyers hesitating to commit to their next property purchase. This means vendors are finding it harder to sell and properties can spend months languishing on the market.
The days of multiple offers and sealed bids on just about every property are long gone and, according to Rightmove, it now takes an average of 59 days to get an acceptable offer on a property. The reason your home just isn’t selling is often a simple one but can be easy to overcome.
1. Your home is overpriced
Price is the single biggest reason your home isn’t selling. It’s common for estate agents to over-promise on what your home is worth to get you into a contract, and then reduce the listing price over time.
To get a realistic valuation, you can visit the valuation page of our website by clicking here and use our property valuation tool. Alternatively, search Rightmove or Zoopla for recently sold similar homes. Comparing price per square foot is also a good measure.
However, the size of the property isn’t the only feature to take into consideration when trying to work out the value your home – it’s also very useful to get to know its key selling points, as these will be the deciding factor for a lot of buyers.
Be proactive by carrying out lots of research into your property and the area that it resides in, as you may unearth some unique or sought-after features which will add to the property’s value.
The key features to take into consideration are location, storage space, crime rates, local amenities, school catchment areas, transport links and planning permission.
If you live in a flat or apartment, it is also sensible to consider the features your flat offers, or perhaps doesn’t offer, compared to similar nearby homes. Consider questions like do I have my own front door? Do I have my own garden or access to a communal garden? How many access points are there to the property? Can the property be extended? Is there parking?
Ground floor flats, for example, tend to generate higher offers because they have access to gardens or can be extended. Snoop around the neighbourhood and make a list of all the features that your property has, or is lacking, to help to guide your valuation.
2. You lack a knowledgeable agent
Your agent needs to know everything about your home, but all too often agencies use the ‘bait and switch’ tactic; this is when a senior agent is sent to value the property, while viewings are passed to a less experienced junior agent, who you haven’t met, and they don’t know your property well.
You need to meet the actual person who will be managing viewings and give them a tour of your home. Ensure they leave knowing the most important selling points.
3. You need to depersonalise your home
If your home isn’t selling, you might need to go further and depersonalise it. Decluttering is the obvious way to do this. The ideal balance is a home that feels warm, welcoming and lived in. But put in too many personal touches and it might get in the way of someone visualising how they can make their own mark on the property.
Invite a friend round for some honest feedback and ensure you remove all bric-a-brac to create a more neutral environment. Less is definitely more.
Remember, buyers need to be able to visualise themselves in your home, not visualise you in your home.
4. You have a shoddy exterior
It’s a cliché but first impressions count. Home sellers often spend all their time tidying the inside of their home, whilst leaving the bins in a mess and the front garden unkempt. Does the gate catch? Fix it. Is the front door scruffy? Paint it. Even just buying a few brightly coloured plants from your local garden centre can make a world of difference.
Set aside a weekend to make small external improvements which deliver a big impact.
5. Your property marketing and strategy is poor
Almost all property searches start online so if your home isn’t getting much interest, it’s probably because of its advertising. Rightmove and Zoopla are the default of where to find a new home, and photos are often the only thing a prospective buyer looks at. You only have a few seconds to grab someone’s attention so excellent photography is crucial.
Declutter and ensure you are present when photos are taken to assess the rooms. Always request image approval before they are used online and in brochures.
If you’ve done all of the above and your home still isn’t selling, the only thing left to do is turn Private Eye.
Become an investigator
If you’re still not sure why your home isn’t selling, try mystery shopping. Ask a friend to call your estate agent and go through the process a normal buyer would. Ask questions about the property and even go on a viewing to make sure your agent is doing the best job of selling your home. And if they’re not, get rid of them and find an agent that will do your property justice.
Are you struggling to sell your home? If you’d like a free, no obligation chat about how to turn your ‘for sale’ sign into a ‘sold’ board, call us today on 01325-776424.