On Rightmove so far, 28% of available houses have been on the market for more than 6 months. At least 8% of homes have been listed for over 12 months. In 2018, 26% of homes had been up for sale longer than half a year and in 2017, the figure was 27%.
However, these numbers are a significant improvement from 2012, when over 40% of houses had not secured a buyer after 6 months and 29% of homes had still not secured a buyer after a year.
Property expert at Rightmove, Miles Shipside, said that if you did not find a buyer after a few months of marketing, then the overall demand in your region is low as a result of the local housing market conditions. However, if other houses are selling but not yours, then the price is either too high, or you have a home with a limited appeal. If you are unlucky it could be both.
Well, instead of lowering the price, if you have the money, you should consider improving its appeal. This may mean refitting the bathroom and kitchen, which are the most impactful rooms when it comes to selling. You can rearrange the layout or install an extension that makes an ensuite bathroom or an open plan kitchen.
It can also be as simple as giving the property a proper cleaning, a garden makeover or putting on a fresh coat of neutral colours. If there are more expensive works needed like heating, wiring, installing a new roof, etc. Then, you may want to consider reducing the price to allow for those things. However, get your real estate agent to make it clear on the listing that you’ve priced it accordingly so that buyers don’t try to negotiate for an even lower price. Also, detailed feedback from viewers and taking your agents advice can help you choose the best course of action.
That being said, here are a few tips that can help you sell your property relatively fast:
Do Not Rush to List Your Home if Everything is Not Ready
Most houses get about 70% of their interest in the first few weeks. As such, it not advisable to launch with placeholder photographs, descriptions or even without a floor plan as you will only blow your chances of impressing keen homebuyers. Ideal listings have at least 5 photos, a well-written description and a floor plan.
Potential homebuyers need to picture themselves living in the house and it can be hard to do so when your personal items are in the way. Remove those family pictures and any other unnecessary items to make the space as neutral as possible.
People form an impression the second they see your property. So, to make a good first impression, it’s imperative to give your property kerb appeal. So, tidy the garden and paint the front door. An appealing front yard will make the buyer interested in seeing the inside.