Reasons why your House is Not Selling Fast
If you have listed your property on the property market and no buyer is forthcoming, you must be frustrated and wondering how to turn the tide around.
Well, there are a number of reasons why your property may not be selling just yet. They include the following:
- An exaggerated asking price – If the asking price or your property is exaggerated, prospective buyers will be turned off hence the property will be on the market for a longer period than expected.
- Underpricing – Prospective property buyers tend to shy away from underpriced homes fearing that there could be something you are hiding. Therefore, ensure that your property is properly priced
- A downgraded Ofsted rating – Research shows that if your property is close to a school whose Ofsted rating is downgraded by a single point, then the value of your house could depreciate by at least 0.5 percent. Thus, you need to find out how the schools around your neighbourhood rank, as this could be the reason you are not selling just yet.
- Untidy home – A lot of emphasis has been put on the need to clean and declutter your home before selling it. The truth is that a messy home will have close to 2.8 percent of its value knocked off the asking price. Besides when buyers come for viewings of your property, they are likely to be impressed or turned down by what they will see.
- Evidence of animals – It is always advisable to get rid of pets and pet dander when putting your property on the market. Consequently, evidence of animals in the home could be the reason why you are not selling despite having numerous viewings.
- Kerb appeal – An impressive kerb appeal of your home is likely to cost you significantly. This is because a good first impression goes a long way in determining a purchase decision. Thus, you will do well to create a lasting kerb appeal such as cleaning your windows, introducing a fresh lick of paint and a well-kept garden as they pay dividends.
- Poorly maintained property in the neighbourhood – Well, when it comes to selling your property you need to keep up with the Jonesses. When your neighbours fail to adhere to immaculate standards, it could have a serious impact on not only the value of your property but also affect the ability to sell.
- Bad neighbours – If your property is located in an area where there are formal complaints made against your neighbours could hurt your intention to sell your property because your are required to inform your prospective buyers.
- Sinister property history – Property experts have found that home that have a sinister history are likely to be devalued by up to 25 percent and take as much as double the time to sell. Even then, the impact of sinister events usually reduces gradually as time goes by.
Apart from the factors discussed above, there are numerous other factors that may affect the sale of your house. Thus, you will do well to be conscious of the events that are happening within your locality including the general economic outlook to determine what may be hindering the sale of your property and what you can do to change the situation.