Information on Newbury Building Society's 163rd Annual General Meeting.
More than half of homeowners think it will take two months to sell their property when in reality it takes on average just 50 days, according to research by Zoopla.
Although some properties are snapped up quickly, others may linger for much longer on the market.
From unrealistic asking prices to a lack of kerb appeal, below, we take a look at the most common reasons why people struggle to sell their homes, and what you can do to speed up the sale of your property.
Five reasons why your property may not sell like a hot cake
The asking price is too ambitious
Getting the price right could be the difference between selling your property in a matter of weeks rather than months. The best way to determine your home’s value is to research what similar properties in your local area have sold for. This will give you an impression on the price bracket your property may sit in. In addition, ensure you gather quotes from local estate agents and compare.
If your property is already on the market, there is no shame in reducing the asking price if it’s too high.
It is not being marketed properly
Gone are the days of prospective homeowners flocking to their local estate agent window to start their property search; the internet now reigns supreme when it comes to selling your home.
Property portals such as Rightmove, Zoopla and OnTheMarket are vital in capturing digital savvy buyers; therefore, it’s important you instruct your chosen estate agent to advertise on these sites. Zoopla, for example, launched its new app in the summer of 2019. In the first month alone, it reported the app had been downloaded 11.9m times with a visit to sales growth of 36% - an impressive result.
The photos don’t do it justice
Photos are an important tool to help highlight the best bits of your property. Acting as a window, it’s important you utilise imagery to allow purchasers to visualise themselves in the space. Small touches such as setting the dining room table with your best crockery, ensuring the curtains are open and fresh flowers on side tables can help encapsulate a homely feel.
If your photos are of a poor quality, talk to your estate agent about getting better shots taken. Experiment with different angles and ensure the images are sharp and bright. After all, a carefully considered snap could be all it takes to get potential purchasers through the front door.
Key features aren’t being highlighted
It is important to ensure desirable features such as parking, garage space and a garden are clearly listed at the top of all marketing materials. It’s also worth highlighting proximity to local amenities and public transport links. Many prospective purchasers skim content to pull out these buzzwords, and failure to highlight them clearly could mean your property may unintentionally fail to meet a prospective buyer’s criteria and fall to the bottom of the pile.
Your home isn’t viewer friendly
From too much clutter, tired looking décor to stains and smells, failure to make a good impression can be detrimental when it comes to selling your home. Avoid turning-off purchasers by making the best of what you have. Ask a neighbour to take the dog for a walk during a viewing, ask friends to babysit the children and ensure the property is clean, tidy and inviting before you welcome guests.
In addition, make sure you don’t have too many restrictions on when people can view your home as this can instantly work against you.
If you would like to discuss your mortgage options, please contact us or visit your local branch to arrange an appointment. We offer face-to-face, telephone and video advice mortgage appointments for those who cannot make it to a branch.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.