It is perfectly understandable if you are stressed about your house not selling. You’ve done the hard work, researched the market, and waited until the best time to sell. Unfortunately, progress can be very slow. There are several common issues and solutions which can help to alleviate the pressure. They can also reduce the impact on your mental health. So, where do we start?
What are the main reasons for a house not selling?
When you dig a little deeper, you will notice that many reasons out of your control can impact the timescale and the ability to sell a house. If you are stressed about your house not selling, it can sometimes be challenging to take a step back and look at things from a distance. While often easier said than done, it is crucial to be proactive rather than reactive and take the sale process into your own hands. Those who sit back and expect things to happen could wait for a long time!
If you ask yourself, Why Are Houses Not Selling at the Moment, you would likely find that many possible reasons come to mind. So, how can you use this to your benefit? Put yourself in the shoes of a potential buyer, imagine what they are looking for, and take it from there.
Property market conditions
In tandem with economic cycles, the price of property will fluctuate along with demand. There are many different factors which will impact housing markets, including:-
- Interest rates
- Employment rate
- Economic performance
In recent months, the Bank of England was forced to increase interest rates to combat strong inflation. While inflation led to a significant increase in the cost of living, the rise in interest rates pushed mortgage rates higher, making funding more expensive. The impact of inflation will eventually lead to a downturn in the economy and reduced employment numbers. This is not conducive to those looking to sell their home.
Conversely, a relatively strong economy, high employment, controlled inflation and interest rates can create a boom time. This will enhance demand for property, pushing prices higher and creating a market often desperate for housing stock. These two scenarios are obviously at different ends of the property market spectrum.
While you can’t control interest rates, inflation, employment and the economy, you can forecast forward a little by listening to economic experts. The Bank of England MPC committee, the people who decide on interest rate changes, regularly release their short to medium-term economic forecasts. It may be helpful to speak to the experts, as considering short to medium-term expectations can help you to better time your sale.
Setting the right price for your house sale
When setting the price for your house sale, you must speak to the experts. People on the ground and advisers who have been there and seen it are all before and have likely built up a lot of contacts over the years. It is not difficult to see why people may get stressed about their house not selling, prompting a possible knee-jerk reaction and a giveaway price for their home. It really doesn’t have to be that way!
Overpricing and underpricing your home
The first few days of a new property listing are the most important; these will likely be the days you attract the most eyes and potential buyers. Therefore, the property must be listed at a reasonable price. Potential buyers may move on to the next property and ignore you if it is overpriced.
Where a property is under-priced, this may prompt alarm bells, a sense of desperation, and music to the ears of potential buyers. Some buyers can be ruthless if they sense the need for a quick sale at a reduced market price. But that isn’t how we operate – here at Cash House, we purchase many homes for cash with our transparent, upfront and honest approach. One of the few actual 30-day House Sale Specialists in the UK, we are proud of our record, customer feedback and flexible approach.
If you are prepared to wait for a potential buyer to emerge, you should probably consider the “market price” or even a touch higher. When looking for a quick sale, maybe in a chain or struggling financially, a discount to the market rate will likely attract buyers, often relatively quickly.
The condition of your property is within your control
Firstly, curb appeal; you never get a second chance to make a first impression. Secondly, the overall condition of your property is another critical factor. If you are stressed about your house not selling, again, put yourself in a buyer’s shoes.
Not all properties are perfect
In theory, improving and enhancing your property’s condition makes sense before listing your home for sale. Simple things. Such as a new coat of paint, tidying the garden and making the exterior of your home more eye-catching. They don’t always need to cost a fortune. Those who strive for perfection before selling their home will likely struggle as it is challenging. Maximise the look of your property as much as possible, but don’t go overboard on expenditure!
Rundown and in need of repair
The team at Cash House will consider all types of properties in varied conditions. Including those in need of repair to those ready for a tenant or resale. Unfortunately, the economic challenges of recent years have hit household budgets, forcing many to downsize their home. Unable to afford the range of repairs they would typically need before completing a sale. However, if you are struggling financially, it may be sensible to sell your home “as seen”. Many people prefer to add an element of their taste and personality to their future home.
We work with many homeowners experiencing financial pressures, struggling to pay the mortgage or maintain their home. Again, we take an honest and upfront approach, reviewing properties and making offers where applicable. We work with a team of legal experts experienced in relatively speedy transactions. All the while maintaining the integrity of a sale and protecting all parties. As part of our service, we will cover the transaction costs for both sides. This reduces further outlay for the seller and helps with a relatively quick settlement.
Marketing and presenting your home to the broader public
We encounter numerous situations where homeowners are stressed out about their house not selling. Very often, they fail to understand the power of proactive marketing. Due to a very liquid and flexible housing market in the UK, it’s easy to assume you simply list your property, and the buyers will come flocking. On occasion, this can certainly be the case in periods of economic growth with potential buyers awash with cash. However, even in this scenario, proactive marketing could further enhance the sale price.
Undoubtedly, the Internet has changed how we live today, how businesses operate, and it has had a powerful impact on the housing market. The ability to literally list your home on a site which will promote you to the whole of the UK, potentially overseas, is highly advantageous. That said, what makes you stand out from similar properties unless you take a proactive approach to marketing? Would you go that extra mile so potential buyers can visit your home?
Then there are relatively straightforward issues to consider, such as curb appeal, tidy gardens and an attractive external look. It’s also critical that you find an agent/website which fits in with the profile of your home and the criteria of your sale. For example, there’s no point listing a semi-detached property on a website specialising in flats. This is an extreme case, but it is essential to take a “horses for courses” approach when appointing an agent to sell your home.
Location, location, location is a critical factor
While you can’t help the location of your property, you can take greater control of your target market. For example, you may live in a leafy suburb with extensive gardens, garages and homeowners, requiring a certain level of space. On the other hand, you may live on the outskirts of a college or university. An area which attracts many students. Whether you have a one-bed property or a home that has the potential to become an HMO. There are ways to adapt how you approach a sale.
It’s also essential to make the most of the surrounding area, the facilities and the views. Yes, sellers will recognise the potential downside of a particular location, but if you give them something else to think about, this can balance off any doubt. Market your property to the ideal target market, and you have the best chance of attracting multiple interests – which can enhance the sale price. This idea is easy in theory, more difficult in practice, and very often requires the skills of an expert.
Reworking your marketing strategy
As we mentioned above, many people don’t have a strong marketing strategy when listing their home for sale. Content to let the “Internet take the lead” can often prompt a relatively slow and not always successful sales process. So what’s the answer?
If your marketing strategy isn’t working, and viewings have been low with limited formal interest, it may be time to revisit your approach. This can sometimes mean switching agents, but this can have its own difficulties if they are guaranteed a slice of any sale proceeds. The market is competitive enough for sellers to dictate, to a certain extent, the details of their arrangements with different partners. However, you will have to do some research if you find yourself in this situation.
The team at Cash House have a raft of experience; we have been there, done it and survived a whole range of different events in the property sector. Why are we successful? We are honest and upfront, flexible and accommodating to clients, and clients trust us. In this day and age of high-tech services, the benefits and value of trust and, where possible, being able to communicate and deal face-to-face are priceless.
Dealing with the emotional stress of a house sale
It is easy to overlook the emotional strain of a property sale and the number of people stressed about their house not selling. The mental and financial strain can be significant and, on occasion, prompt people to do things they later regret, such as slashing their sale price. Maintaining a clear mind is critical with any house sale. Take your time. Considering and responding to enquiries and offers with no knee-jerk reactions.
We provide the option to sell your home for cash, with some transactions completed in as little as 30 days. The process is simple: contact us with details of your property. We will make a conditional offer before one of our agents visits the premises. After the visit, we will confirm our offer, the process and answer any questions and queries you may have. We consider a wide range of properties, some of which can require considerable repairs. So, call us today if you want to avoid emotional stress and the financial consequences of a drawn-out sales process.
If the stress of the sale really is impacting your mental health, then each NHS district has access to trained psychology services and Cognitive Behavioural Therapy (CBT). This can help to teach you to deal with difficult thoughts when they arise by letting go. Arrange an appointment with your local GP if you feel this would be useful for you.
It is perfectly understandable why people get stressed about their house not selling. Especially when the reasons may be out of their control. The current system is such that many “agreed” property sales can fail further down the line, leaving homeowners back at square one. Recently, we have seen a significant increase in companies offering cash for houses. This process gives greater visibility and certainty; some property sales can be concluded in as little as 30 days!
What makes us different? We are honest, upfront and very transparent about our valuation process. There are also everyday examples of the financial consequences of a long, drawn-out sale. While we are open to negotiation, we are also respectful. We won’t waste your time if the figures don’t add up on your side.
If you have a property you want to sell quickly, a cash transaction with no chain, please get in touch. Our team are ready to discuss your situation in more detail and help where possible.