December 14, 2023
In the ever-changing landscape of the property market, selling your home can appear to be a daunting task. Just over a year ago, properties practically flew off the market, and bidding wars were the order of the day, inflating prices to unimaginable heights. However, times have changed. The prevailing winds now blow in a different direction, characterised by higher mortgage rates, stagnating property values, and an air of economic uncertainty. In this challenging environment, the balance of power between sellers and buyers has unmistakably shifted.
Potential buyers have adopted a cautious ‘wait and see’ approach. Sellers, in turn, find themselves navigating turbulent waters, working diligently to secure offers at their desired prices. A worrying trend, known as gazundering, seems to be on the rise, adding to the woes of those trying to sell their properties.
The question on everyone’s lips is: Why do some homes stubbornly linger on the market while others find new owners with ease? There are several common pitfalls that sellers fall into, and the good news is that many of these can be rectified with the right approach. This blog will explore the five key areas where sellers might be missing the mark and explore what can be done to course-correct.
Estate Agent
Your choice of estate agent is one of the most crucial factors in successfully selling your home. Choose an estate agent who is dedicated to promoting your property to the right audience. Assess agent performance on metrics like average time to sell, consistent achievement of the asking price, and customer satisfaction. Avoid being swayed by agents promising the highest price or the lowest fees just to get you to sign with them.
Price
Overpricing a property is the number one reason why it doesn’t sell. The frenzied price surges of 2021 are a distant memory; the market has cooled off back to normal levels. Sellers who stick to unrealistic price expectations risk their homes languishing on the market, deterring potential buyers. It’s essential to adjust to the new market reality and price your property in line with current conditions. This also helps avoid the disappointment of deals unravelling later due to mortgage application complications.
Preparation
Presenting your home in the best possible way is now more critical than ever. Beyond cleanliness and tidiness, it’s crucial to address minor maintenance issues that could deter potential buyers. A property with chipped paint, dirty windows, or an unkempt exterior can put buyers off as they worry that small maintenance issues are the tip of a hidden iceberg. In the current market, every detail matters. Decluttering, fixing up, and showcasing your property’s features can significantly enhance its appeal.
Photos
In an era where online property listings dominate, the quality of your home’s photos can make or break a sale. Professional, well-lit images showcasing every aspect of your property, both inside and out, can make a substantial difference. If your listing has been around for a while, consider updating the images to reflect the current season to avoid the telltale signs of a stagnant listing.
Presentation
Sometimes, the problem isn’t the house; it’s the owner. When attending viewings, sellers should strive to appear friendly, positive, and helpful. If you’re often present during viewings, it’s crucial to put your best foot forward. The seller’s attitude can be a stumbling block, making it essential to turn on the charm or let your estate agent handle viewings entirely.
In a market where the sands are continually shifting, success in selling your home hinges on adapting to these new realities. By choosing the right agent, pricing your property reasonably, preparing it effectively, showcasing it with high-quality photos, and presenting yourself positively during viewings, you can enhance your chances of achieving a successful sale in this challenging property market.
If you are struggling to sell your property in North Hykeham please give us a call or send us an email to northhykeham@lovelle.co.uk. We will be happy to pop round and give you our honest advice on how you can make your property more attractive to potential buyers.