Date Published 08 June 2017
Making the decision to sell your property is often a tough one.
The agent came around, sounded very positive, appraised your property, built up your hope that your property will sell within days or perhaps even hours. You were all excited and started planning your future life….but and now the property has been sat on the market for weeks or perhaps even months without a buyer in sight. You may have had 2,3 or 5 viewings and no offers.
Does this sound familiar? In that case, read on as I have listed 5 common reasons why generally property doesn't sell.
If you have not had many viewings of the property, it may be that the marketing has not been done correctly. What do I mean by that……Description! Description is often the key. It is not enough just to write ‘4 bedroom detached house in an attractive location'. Many agents list very little information hoping the potential buyer will call for more information so they can capture the buyer's details for their database. However, I believe that in the age of fast paced life, people often want to find out as much information initially to help them decide if the property is of interest to them.
2) NOT KNOWING YOUR BUYER
Experienced agent should be able to assess whom would your property will appeal to. Is your property suited to a first-time buyer, property investor, buyer who is downsizing or moving up to the ladder, retiring buyer? All of this is very important in order to be able to market the property correctly and approach the right audience. Buyers as well as vendors hate having their time wasted.
Have you heard that everything has got a buyer, depending on the price? This is the same with property. Home buyers purchase with their emotions and lifestyle in mind (if I am buying to live in the property, it needs to fit my lifestyle and criteria, correct?) and therefore are often prepared to pay more for the right home. Investors, on the contrary, the return of the investment.
It may be that the agent got you excited by the proposed high value of your property but that somehow that price is unrealistic.
Your property may be the best-looking property on the street or in the area but you may find out that the reason why it is not selling is due to its location. For example, too near to a train track or motorway, in the blighted area where the expansion is planned; i.e. H2S, airport expansion.
5) TITLE DEFECTS, LACK OF LEGAL PAPERWORK
Very often the sale falls through during the conveyancing process when it shows that there are issues with title, mortgage restrictions which were unknown at the beginning or lack of building regulations or planning permission for any works done on the property.
All these reasons are somehow interconnected and one feeds to another. At Distinct, we have seen it all and one of our specialities is to work with properties that just don't seem to budge. If your property is not selling, please call me on 01295 234 750 and I will be able to assess your situation and give you more thorough advice.
Your Local Property Expert