 Options
About
Get a Quote
Rent Back
Quick Sales
Probate Sales
Get out of Debt
Contact Us
Research
Why isn't my
property selling?
(Top 5 Reasons)
How is the property market doing?
Myths about selling
your house
(Top 9 myths)
Property Links
Latest Property News
Real Estate Directory
|
Top 5 reasons why your property isn't selling today
by Graham Brown
See also
most common myths about selling your house
status update on the property market
In the current market it's quite common and not necessarily a reflection on your property or area.
Can't sell your property? Click here to find out if we could buy it
There are a number of reasons why your property won't sell to your average buyer. Here's my top 5 based on developments in 2007-2008:
1) Lending is tightening up. Your average buyer is less likely to have access to credit in 2008. BBC reports a dip in lending of around 12% (or £30 billion at the end of 2008) [read full story] - that's one in 8 people off the market, and it's continuing to grow.
2) Agents can often be unrealistic about the asking price. An agent will often promise you a higher sale to tempt you onto their books. The more on their books, the more they have to offer. For an agent, one extra property comes at no extra cost and helps them appear busy. Rather than take an agent's word for it check out what properties have been selling for in your area through the official Land Registry statistics used by the surveyors [visit the website here] (simply enter your postcode to get a summary of local sale values).
3) Surveyors can end up scuppering your deal. They're just doing their job but a reduced valuation can mean a buyer has to front even more ££ to make the deal happen. Normally this is not an issue, but in the current market it's an increasingly common phenomena. RICS (the chartered surveyor's professional body) is already talking prices down [Read the full story here] so surprise down-valuations of properties are unfortunately now not uncommon.
4) Landlords jumping ship. A large number of landlord investors are leaving the market because it's not so profitable for them to own buy-to-lets anymore (interest rates, charges and static rentals). [Read the full story here] and [here]. Now property owners can't simply just own a property and make money by sitting on it, it's a lot tougher and needless to say the vast majority of part time investors don't want the hassle or the negative monthly cashflow. What does this mean? It means they're selling up their buy-to-lets and creating a glut of entry properties on the market which has a knock on effect on all houses up the chain. Similarly, being on the sell side removes a number of potential buyers who may have snapped up investments such as your property at one point in the past.
5) You!. Tough as it may sound but it may just be your own motivation. Have you resigned yourself to the fact it just may never sell? Long past getting upset with estate agent promises that "the market is picking up"? Maybe you're tired of people viewing the property only never to come back or buyers promising an offer then the chain falling through or credit being withheld. I've seen a large number of vendors in the last 6 months simply demotivated by the current state of affairs. Key message is Don't Despair!. Any property can sell any time - I can guarantee you that. You just need to be motivated and find a buyer who is serious.
What are my options?
Smart owners know that prices are relative - ie a 15% fall in your property value will reflect in a 15% fall in the property you're looking to buy. However, you're unable to exercise any choices as long as you remain on the market holding out for the original market price. Taking a cut in your asking price in return for becoming a cash buyer puts you in a very good position. You can make a good offer on your next property which may have been on the market for some time.
Agents will always advise you to hold out for the full price, because it means a larger commission for them - plus they'd prefer to tell vendors that they can get full asking prices for properties while their competition is taking offers. You obviously are the better judge of the sincerity.
If you have a property you want to sell fast regardless of length on the market or the speed of your timeline feel free to contact us, Graham Brown Property on 0800 612 9154 or simply enter your postcode online and we'll give you a decision on whether or not we could buy it off you and for how much.
|
How much cash can you get for your property?
Simply enter your post code and we'll tell you instantly whether or not you can sell your property for cash
Free with no obligation
|
