Many Brits are about to let go of their property as a way to increase their wealth or move on to a better property. And yet, they can’t.
It turns out many factors that can affect a property’s sale, and these may then influence how long it stays in the market—and remains unsold.
1. Estate Agents
Those who want to sell their properties follow the familiar route: let the estate agents do it. The problem is they may not succeed all the time.
One of the common reasons is their lack of understanding of the geography and demographics of the target market. It then becomes challenging for them to match, say, a home in Stratford to someone who may be actually looking for a house like the ones in Kent. It may sell the property fast to work with estate agents in Stratford if the home is in the area.
Some agents may also fail to maximise the tools available for them. These include digital marketing, connections, and listing. Some offices may be swamped with too many homes to sell.
2. Overvaluing the Property
Even the wealthiest person in the world may have a threshold on how much they’re willing to pay for an asset. A seller may be struggling to get rid of the home because it’s way beyond what the market is willing to pay.
It usually happens when the assessed value of the property is outdated. It may also because the owner thinks differently (or highly) of the home. For example, they may have spent a considerable amount of money on the renovations.
There are many ways to know the updated value of the home. One of these is to refer to the market’s historical data. How much were similar homes worth? Owners may also look into the current market value based on the prices of other properties in the area. They can get help from an estate agent or an appraiser as well.
3. Lack of Understanding of the Target Market’s Needs
Selling a home may be a disappointing venture because homeowners fail to know what the target buyers want. What they want can change over time. For example, in 2019, many were searching for properties with central heating and double glazing.
Other types of research and surveys revealed that a lot of potential home buyers prefer excellent kitchens and bathrooms. Some may even suggest that specific colours sell better than others.
Homeowners may learn more about their target market’s needs by conducting due diligence. What are the current home trends? How are the tastes between millennials and baby boomers differ?
Knowing their target market also saves them from spending money on unnecessary changes or renovations that don’t have the best resale value.
4. Seller’s Remorse
It’s not only the buyers who can go through remorse—sellers do, whether they care to admit it or not. They may be having a hard time letting go of the home because of its memories or the belief its value may still increase over time. They may be sabotaging the sale through rejecting home offers or delaying closing the deal.
For a lot of people, home sales are never easy. That’s why owners need to take some time to decide correctly. Once the process begins, it may be more challenging to stop it.
For those having trouble selling a home, all is not lost yet. Homeowners may now know the barriers that may prevent them from doing so. Removing it may finally close a deal.