The time it takes for a property to sell has hit a record high, and there are plenty of reasons for delays.
A mix of “buyer financial uncertainty and a shortage of conveyancing firms”, means it now takes “longer than at any time in at least a decade” to sell a property, said The Times.
Figures from property data firm TwentyCi show that it takes an average of 211 days – or 6.9 months – between a property being listed for sale and new owners moving in.
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Meanwhile, almost half of homes listed on property portals over the past three years have failed to sell, according to Zoopla.
Unrealistic pricing
The “biggest sticking point” is pricing, said Zoopla. “Overambitious and unrealistic” values are the “biggest reason homes remain unsold”.
In many of these cases, the appropriate course of action is to lower the asking price, as this is often “the only way to attract a buyer”.
Reduced demand
Sellers are also suffering from a lack of demand, amid concerns about geopolitical tensions, while “political uncertainty is emerging as another headwind for the market”, said the Royal Institution of Chartered Surveyors.
High mortgage rates are also impacting buyer budgets, and leading to hesitation.
Competition
Data from property website Rightmove shows the number of homes for sale is at its highest level since 2015.
This makes it a “buyers’ market”, said MoneyWeek, so sellers need to be “more flexible on pricing to attract interest amid high levels of competition”.
Poor first impressions
Lower levels of demand and high supply make it more important that your home is accurately priced and attractive to sellers.
Think about “first impressions”, said the HomeOwners Alliance, such as the state of your garden and whether your wheelie bins are on show.
Buyers may struggle to look beyond the wear and tear inside your house, so you may need “enhancements or staging to help it sell”.
Additionally, while buyers expect to do “some work to a house” they buy, it could be worth your while sorting out problems such as damp, subsidence, or anything that could be flagged in a survey, before listing, rather than “waiting for a buyer to find out”.
Market conditions
There may be market conditions outside your control such as high mortgage rates and economic uncertainty. These can “shape how confident buyers feel and how quickly properties move”, said the Guild of Property Professionals. This may mean sellers have to “adapt their expectations and strategies accordingly”.
Many sellers don’t realise how much “seasonality matters”, said Lynch Brother Homes, with January, February and March producing the “quickest average time to sell”, while late November to Christmas is typically the “deadest period”.
The wrong estate agent
Not all estate agents are “created equal”, said agency brand Tucker Gardner. Factors such as “dark, blurry photos or a minimal description” on online listings may mean potential buyers “simply scroll past to the next property”.
So, if you aren’t getting viewings and your agent seems to have put your property “on the back burner”, it might be time for a change.
