Once a decision is made about selling your property, you are hopeful that many prospective buyers will show interest and make a beeline to be in the “first come, first served” bracket. However, sometimes that does not happen and you are the one waiting for buyers to show interest. Many reasons could contribute to a delay in the sale of your property. Here are some examples:
Flexibility with pricing: Every owner would like to get the best price on the sale of their property. However, research should first be conducted on what the average price of this type of property is in your particular location. Your asking price should be competitive. If you list a price that is too high, you are unlikely to receive offers. Most buyers do their research and check online portals and so are aware of what the price should be. Sometimes, “psychological” upper limits are set – it is surprising how many people will rush for a price of £995,000 instead of £1,000,000.
Efficient estate agent: So much depends on choosing the right estate agent, as it can make such a difference to the sale of your house. Here again, research needs to be done and an agent with a high rating should be chosen. It is worth spending some time looking into their marketing strategy, online reviews and how they display their listings on their website as these can be great indicators on the level of service you are likely to receive. With many buyers conducting virtual viewings before physical inspections, good photographs and staging the property to look even more appealing are extremely important. Kerb appeal, without clutter, could make a good first impression. The photography should be organized for a time when the sun is bright, maximizing the effect of the light. The agent should be capable of arranging this.
Floor plans: These details are sometimes overlooked but including the floor plan in your listing will give the viewers more information about the property. As one professional said, “Buyers love floor plans. Floor plans help sell properties. And they make your listing stand out from other property listings.” Sometimes, with virtual viewings, a buyer is unable to imagine how the images “flow together”, especially if the property is empty. A floor plan shows important details, giving measurements of rooms, the number of windows in each room and the storage space available. Coupled with good photographs, the floor plan enables a prospective buyer to decide whether the property fits their expectations, usually resulting in an early decision and a quick sale.
Location: This is important to every buyer but each one may have different priorities. If the buyer has a family with children and there are no good schools nearby, it could be a deterrent. So could a lack of shopping facilities, especially for essentials. If there are noisy traffic lines close by, it could put off a buyer. The likelihood of new-build properties coming up in the vicinity could be a negative point. Difficult or troublesome neighbours could keep a buyer away. It is usually difficult to obtain mortgages on some buildings, such as those located above shops, former pubs, houses with short leases or those made from non-standard materials.
Structural issues: If there is a physical problem with the property, it needs to be rectified. A fresh coat of paint can make the exterior appealing, but structural damages could reduce the number of prospective buyers. A study by one of the leading financial services comparison websites showed that 71% of people would not buy a property that looked like it had a damp problem, while 65% were put off by rotten windows and other signs of the property being in a poor state of repair. If the structural problems are serious, insurance companies will not cover the building nor will lending companies issue a mortgage against it. You should entail the service of a structural engineer to inspect the building’s structural support system and see whether there are methods to remedy any damages.
Conclusion: Some of the reasons for the delay in the sale of the property can be rectified, while others, unfortunately, cannot. It is worth looking into what can be done to generate more interest and attract prospective buyers. The managing director of a top estate agent says that “A property has its best chance of selling within the first six weeks of it being on the market.” Hence, besides choosing the most feasible time of the year – spring or autumn instead of summer and winter – seeing to the factors listed above could rectify the reason why you have not yet sold your house.