What you should do if your house is on the market and not Selling
What you should do if your house is on the market and not Selling
There’s a feeling of helplessness and vulnerability when your home has been put up for sale and months go by without a sale. You love your home and probably expected it to be noticed and sold earlier. What steps should you take if your house is in the market and is not selling?
The first thing to do is put your emotions attachments and sentimentality to the home aside and try to get an understanding of why the property is attracting its potential buyers. The two most common reasons why properties don’t sell are the conditionand the price of the property. Take one step back and look at your home open-mindedly.
Poor condition of the property
Firstly, your estate agent will be able to give you an outsider’s prospect and better observation of the property. Take their judgement seriously and make some small changes. If they think the price is too high, adjust it, if the house needs some minor renovations, give it a few adjustments.
Check any wooden decks or frames and see if the wood is looking a little aged or weathered. A fresh coat of clear varnish should bring them back to life. If the garden is overgrown or looking untidy, give it some general maintenance. Small changes can have a massive impact on the attractiveness of the house.
Secondly, listen to what potential buyers say when they view your home. Pay attention to their questions and concerns as these could give you an idea of why there are implications of trying to sell the property. If they are concerned about parking space or the fact that there is only one bathroom, perhaps have some plans drawn up to make alterations to the house and make changes of the cost. If you put in this initial effort, buyers are more likely to purchase a house that comes with approved plans for renovations.
The price may be too high
A good estate agent should have a general idea of the average property prices in the area and should be able to accurately value a home. They will be able to tell you what to expect when it comes to the selling price. If you set the price too high, it won’t sell - simple as that. People purchase homes on their anticipated value of the property.
If your estate agent thinks you should lower the price, then do so. If you suspect them of trying to lower the price to make a quick sale, claim their commission and move on, then get a range of opinions from a few different agents and see what the general evaluation is. Bear in mind that in 2017, the estimation of 90% of houses sold for less than their asking prices.
What if my property still doesn’t sell?
If the property is in pristine condition and the price has been decreased, but it still won’t sell, the next option to consider is to temporarily rent out the property.
Being a landlord is no easy task, so be prepared for all problems that occur and choose the tenants wisely. You need to get the rent on time, every time, so choose a tenant that you trust. You also don’t want them damaging the property.
Remember that the tenant has the right to occupy the property for the full period of the lease which is usually 12 months. This means that you won’t be able to sell the property until the lease ends. This strategy can buy you time until you can figure out a good solution.