When should you worry that your house isn’t selling?
If you’ve put your house on the market, you no doubt want to sell it quickly – normally because you have a new house lined up. Delays to a house sale can cause stress, but most sellers can’t expect their house to sell incredibly quickly.
There are always stories from friends and family of a person they know who sold their house in an unrealistically quick time. However, there are a lot of factors at play that determine how soon your house will sell. For some, it takes quite some time.
It could be because of a lack of buyer interest, high interest rates putting people off buying, an estate agent not doing enough, and even the state of the property market conditions.
But, if you’re worried about how long it’s taking for your house to sell, our guide can help allay any concerns and offer some guidance.
Why isn’t my house selling?
There are a plethora of reasons why your house hasn’t sold yet, and it could be that certain aspects are putting off potential buyers. To make a successful sale of a property, you must make your property as attractive as possible.
Here’s a list of reasons that could deter potential buyers from buying your home:
- Your home is cluttered and tired
- Your home lacks kerb appeal
- Low-quality photographs
- Poor location
- The estate agent isn’t pulling their weight
- Your asking price is too high
- Difficult property market conditions
- Your home isn’t suitable for a mortgage
Your home is cluttered and tired
One of the most common reasons potential buyers are put off by certain properties is because of how tired and cluttered they look.
When potential buyers look at a property, they want to imagine what it could be for them. For old and cluttered homes, all they see is a small space that will take a lot of work to make their own.
You must declutter your home and try to upgrade some aesthetic aspects. If your home has dark walls, for example, brighten them up with a fresh coat of paint to attract buyers. Tidy up and remove unnecessary items of furniture.
Your home lacks kerb appeal
You can spruce up the interior of your home as much as you like but first impressions count. If your home is not kind to look at from the street, it will deter potential buyers.
When local estate agents display your property on their website or in their shop windows, it must look good or it simply won’t sell.
Low-quality photographs
Most house buyers now look for their next home via online property portals. From there, the only impression they get of your home is the photographs uploaded.
If the photographs are blurry, taken from poor angles, and don’t show a lot of the house, you’ll struggle to drum up buyer interest. They’ll end up scrolling past your home and looking at similar properties with better pictures.
Whether you or an estate agent has taken the photographs, you should ensure they are the best they can be, and show off the property well, before being published. If you’re not happy with the job your estate agent has done, you can request for the pictures to be retaken.
Poor location
Location can be another issue when attempting a property sale; it is one of the main reasons why a person would or would not buy a house.
And, while you may love your area, it may not be suitable for a lot of people. For example, if you live in a wooded area that has lots of fantastic outdoor walking opportunities, but isn’t close to schools or hospitals, it can put young families off.
Likewise, if you’re based in a suburban area with a lack of activities, it may not appeal to a naturistic buyer.
The estate agent isn’t pulling their weight
Many homeowners will visit their local estate agent and hire them to sell their property without looking around elsewhere. For many sellers, this can be beneficial – but it doesn’t always work.
Some homes that aren’t selling or drum up interest can be because an estate agent isn’t doing all they can to market the property.
If you’ve chosen a high street estate agent, you should stay in regular communication with them to ensure your property sale is still being managed.
To ensure a successful sale, many homeowners now list free, online estate agents, like Purplebricks, to cut out the middleman and take care of the sale themselves. If you think your estate agent isn’t pulling their weight, consider your options.
Your asking price is too high
Another common issue with properties that take too long to sell is the asking price.
It’s important to speak to several estate agents to get a good idea of your home’s valuation. Also, think carefully about the valuations you receive.
Some estate agents will value your home a lot higher than it should be to entice you in for your business, while others may value it too low in a bid to make a quick sale and a commission. At the end of the day, this is all about what you feel comfortable with.
Use real estate agents and do your research on other properties in the area, including the price some homes have sold at in recent years. This will give you a good indication of how much you should be expecting to sell your house for.
Difficult property market conditions
Of course, struggling to sell a property could be completely out of your hands. The condition of the property market can often cause problems for homeowners looking to sell.
Maybe mortgage rates are on the rise which results in fewer people buying property. Maybe, the price of homes in your area has increased beyond a comfortable level for potential buyers.
Either way, take a look at the market before listing your property. See how long similar properties have been on the market and think about whether it’s a good time to sell.
Your home isn’t suitable for a mortgage
Some properties are quite difficult to obtain a mortgage for, which makes them extremely difficult to sell.
For example, homes with short leases, flats above shops or homes made from unusual materials can be difficult to sell to buyers with a mortgage.
There are specialist mortgages available for some buyers, though, but they’re not as appealing.
My house hasn’t sold after 6 months
If your house isn’t selling after six months on the market, there may not be too much to worry about – but it depends on your circumstances.
For example, a house with quite a few viewings and plenty of interest but hasn’t sold will only require a few things to tweak.
If your house has been on the market for six months but hasn’t attracted any interest, you have much more to change.
If you’ve had interest but not a solid offer, consider dropping your asking price slightly. Potential buyers are interested enough in your home to arrange a viewing, but there is an obstacle preventing them from going one step further.
If you’re not experiencing any interest, you could drop your asking price and update the physical elements of your home. How does the exterior look? Could your decor be updated?
It is amazing how much a fresh coat of paint can improve the look of your home. Before taking new pictures, stage the home how you would imagine a buyer would like to see it: lots of space, natural, bright colours and modern fittings.
Read our blog on how long it takes to sell a house to learn more.
My house hasn’t sold after 12 months
If you’re at the 12-month mark without a sale, you should do all of the above, such as decorating and lowering your asking price.
There are many issues with your property listing if your home is on the market that long without any interest.
You should either speak to your estate agent about adopting a different strategy or find a new estate agent. Try another local agent and look at online options.
Now is the time to market your home as much as you can. While you may love the way your home looks, it isn’t appealing to buyers so make a change.
When you should be concerned your house won’t sell
According to Zoopla, the average house takes six months to sell.
Concern about your property not selling depends on the context. If it’s been eight months and you’ve had a lot of interest but no offers, there are minor things you can change, like the price and depersonalising the interior.
If it’s been six months or more and you’ve had no interest, you should be more concerned with how your property looks to buyers.
If you’re desperate for a sale and don’t have the time, skill or finances to radically improve the look of your home, you can always try a property-buying company.
These types of companies can purchase your home from you and have the sale wrapped up in no time at all. However, there is a cost – your asking price. You will not get close to your asking price as these companies are only purchasing your home to make a profit. As you’re so keen to sell faster, you’ll have to accept a lower offer.
If the money isn’t a huge deal and you’re desperate to sell, it’s a wise option.
If not, take the above steps to improve the appearance of your home so buyers take more notice.
When to reduce your asking price on your house
There are a couple of different reasons why you should lower the asking price of your property, and they are:
If you’ve had lots of viewings but no offers – Clearly, your property is attractive to potential buyers, but they’re not willing to make an offer. Lower your asking price to take advantage of your home’s popularity.
You’ve listed it too high to begin with – If you’ve put your property up for sale a lot higher than other properties in the area then you’re unlikely to sell, forcing you to reduce the price.
You’ve had no interest in six months – This is a simple one. If you’ve had no interest after a few months, think about lowering the asking price – it might bring increased interest.
Speak to expert property solicitors
When you finally find a buyer and are ready to go, GD Property Solicitors is here to help you.
If not, you’re in the right place. At GD Property Solicitors, we are a team of highly qualified and experienced conveyancing solicitors in Manchester who can help conduct the process of a house sale, purchase, remortgage and much more.
If you’d like to get the ball rolling on your house sale, contact us now by calling 0161 710 1786 or by sending an email to info@gdlegal.co.uk.