There are only ever two reasons why a property fails to sell.
Agent. And price.
If your agent is failing to present your home with multiple internal photographs and a floor plan then you are already pushing uphill.
Many agents list their stock on Rightmove but that’s about all. Given that the days of window gazing and office visits are gone, your desired property firm must also advertise on the other big portals like Zoopla, Prime Location, Globrix, Property Finder, Nestoria, Homes24, NeedaProperty and so on. A proper internet presence is as essential for an estate agent now as having a prominent office location used to be ten years ago.
So, if your agent is ticking the ‘presentation and market exposure’ boxes then you must have a price problem.
It doesn’t matter what an estate agent has ‘valued’ your property at previously. Most of them lie about price anyway in order to entice you their way, tying you into a long, long sole agency contract to make sure you can’t escape to a more honest agent down the line. They’ll get their massive commission anyhow that way you see? Indeed many of the big ‘corporate’ agents train their valuers to work in this way purposely.
But buyers are a canny lot. They research areas, specific neighbourhoods and house types. They will check the property portals several times a week to become familiar with asking prices and what’s selling and what isn’t. And they will take a look at the HM Land Registry online to see what you paid for your house. And what your neighbours did too.
There is no pulling the wool over the market’s eyes I’m afraid.
Be honest, as a potential buyer you do your homework on prices too don’t you?
If you’re the most expensive 4 bed detached or 2 bed flat in your area, buyers will pass you buy. They won’t enquire and they certainly won’t bother viewing. They know that in this market there are numerous properties to choose from and that it’s a BUYERS’ market. There’s little point musing that ‘someone will make me an offer though’ because they’ll be making offers on cheaper homes than yours instead and they will perceive that at your figure, you’re unlikely to come down to their sort of acceptable figure.
Your home is worth the same as the one that’s the same as yours up the road that has just recently sold. Your added conservatory and granite work surfaces make a difference, but probably not as much as you think. Many sellers ‘hope’ for a particular price or ‘need’ a specific figure in order to move onwards. But a buyer is not constrained by those wishes and wants unfortunately.
It is a fact that if your property is being ignored by potential purchasers that it’s because they believe your price in this type of economic environment to be wrong. I’m afraid it’s as simple and as brutal as that.
The upside? The house that you want to buy is ALSO cheaper than it was by the same measure (notwithstanding regional variations).
Price accurately and honestly or you just won’t sell.