Reasons your house might not be selling
The reasons behind a house not selling can be complicated but the top reasons for a slow sale can be put into the following categories;
1. Market conditions
The UK property market can be a fickle beast and often the difference between a ‘good’ market or a ‘bad’ one is buyers confidence. If there is an air of economic uncertainty in the country this can make people more cautious when it comes to making big life decisions such as moving home. Coupling this with the fact that people’s incomes are being squeezed due to high inflation and mortgage rates are at an unprecedented high making financing a house purchase more expensive it is easy to see why the housing market might grind to a halt. You only need to check platforms like Rightmove or Zoolpla to see how many houses are currently on the market which leads us to the next point.
2. Too much Competition
If there are a large number of properties on the market in your area then this will make it harder for you to get a sale agreed, more houses for sale means more competition, more competition means fewer people that might be interested in your specific property. This is especially true if there are multiple properties of the same type as yours for sale in close proximity. If this is the case then your property needs to stand out as the most desirable of all of them to attract a buyer. There is also another factor that comes into play with high competition.
3. Price
It’s well known in the property industry that estate agents tend to overinflate the value of a property when they are initially speaking to house sellers so that they can win the listing only to have a conversation 1 or 2 months in about lowering the price. Setting the asking price too high can have the effect of putting off potential buyers, this is compounded if there are similar properties on the market at lower prices. An indication that your asking price might be putting buyers off is if you are getting very few viewings and if the viewings that you are getting are not leading to any offers. Reducing the asking price is one of the few proactive steps that you can take to get your house sold. If you think that your property might be priced too highly have a conversation with your agent.
4. Marketing
Price is not the only factor leading to few people either viewing or making an offer on your house. The marketing material for your property is an important piece of the sales puzzle. For example if you have an inaccurate description that is either misleading buyers or is missing the key selling points of your property this will have a significant knock on effect.
You need to make sure that your house is shown in the best light and is appealing to the sort of buyers that would want to purchase a property like yours. Make sure that the photos are of good quality and are an accurate representation of what people will see when they come for a viewing. If the property is ideal for families then make sure that the description highlights that the house is close to good schools or other amenities that would appeal to that demographic.
Having a great marketing pack is only beneficial if people can actually see it, make sure that people can find your property easily on online platforms and that it has a prominent place in the estate agents window. Ask your agent if they have included your property in email newsletters to potential buyers in their databases. The idea is to get your house in front of as many potential buyers as possible.
5. Condition
It goes without saying that the condition of the property will affect its salability. If the property is a bit rough around the edges buyers could be put off if they are looking for somewhere they can move into without much work to do. If there are minor cosmetic issues with the property then you might want to consider rectifying them if you can. Painting rooms in a neutral colour is a relatively inexpensive way of appealing to more buyers along with tidying any outside areas and decluttering rooms so viewers don’t have to look past any untidiness to visualise themselves living there. If there are any major issues with the condition that can’t be resolved then you need to be open about them in your marketing material and make sure that the asking price reflects the issue and any outlay a buyer would need to rectify it themselves.
6. Legal issues
If there are any contentious legal issues such as boundary disputes this would make most buyers cautious of proceeding with a sale. If you are selling a leasehold property then there may be some terms or covenants in the lease that might put buyers off. Trying to settle any legal disputes would make the sale run more smoothly and reduce the chances of the last point.
7. Fall throughs
It may be the case that you have received good offers and even had a buyer agree to purchase the property only to have had the sale ‘fall through’ before the sale is due to complete. There are a multitude of reasons that a house sale might fall through, ranging from buyers remorse, bad survey results, through to complex legal issues. Fall through can add many months to a house sale so they are best avoided where possible, one might be bad luck but if your house sale falls through multiple times this could be an indicator of a more serious issue.
