“I Can’t Sell My House” : The Complete Guide to Selling Your House Fast
- 1 How long do most houses take to sell?
- 2 Why isn’t my house selling?
- 3 So, what is the best month to sell a house?
- 4 Does an empty house sell faster?
- 5 What to do if your house won’t sell?
- 6 Should you consider selling your house with a lease option?
- 7 Selling your house to an investor for cash.
So, your home has been on the market for a while now without attracting any attention, or those that came to the showing didn’t make an offer? Property purchase and sales process can be nerve-wracking. The stress is even greater if the deal doesn’t go as expected.
While even house sales in hot markets stall sometimes, they eventually move. It’s always a good idea to sell your house fast, lest value gathering dust’ on the market. If your home has been wasting away on the market for a long time, something is not right; it’s time to take a more in-depth look and perhaps change a few things to boost your chances or look for other ways to sell it.
How long do most houses take to sell?
According to data from TheAdvisory, there’s a lot of misleading information on time to sell statistics. There’s a difference between the time it takes to get an offer, the time it takes to exchange contracts, and the time it takes to complete the sale from the first day of marketing.
Most online resources will tell you it takes an average of 4-14 weeks to sell a house in the UK, but that is not true. 4-14 weeks is just the time it takes to find a buyer for your property. From there, it can take up to 9 weeks to exchange contracts and an additional 2 weeks to complete the sale.
On average, it takes 18 weeks (4.2 months) to sell a home in the UK. That’s the mean length of time from the first day of marketing to the day of finalising the sale. Of course, the period varies depending on the market. Specifically, it takes about 15 weeks to sell a house in a hot market; in cold markets, the number of weeks rises to 25!
Regardless of the market conditions, if your house has been on the market for more than 18 weeks with little to zero attention, you have to look at factors in the play. Try to change what you can or look for alternative ways to sell all together. It’s not good for a house to stay on the market for long. Most buyers check a house’s days on the market (DOM) to gauge how fellow buyers are reacting to it and whether its price is low or high.
Most buyers believe properties with high DOM to be tainted; others believe it gives them more bargaining power to buy at a lower price. No matter the case, always try to move your property quickly.
Why isn’t my house selling?
According to data from a survey of professional house movers, market analysts, and other industry leaders in the UK, factors that impact a house’s sale include price, market heat, and quality of solicitors, the estate agent’s experience, and condition of the property among others. Some factors impact property sales more than others.
Here is a look at what may be causing your house not to sale at a fast rate.
The asking price is too high.
The asking price is the major influencing factor on a house’s sale. Most sellers will list their homes higher because most buyers negotiate prices down. But oftentimes, most buyers do not go looking for properties that require negotiations; they don’t have the time or patience for the exercise. Do not always assume buyers will propose a price that can then be discussed.
How do you know if your asking price is high?
If you are convinced your estate agent is up to scratch and your home is even getting viewings but still no committed offer, the price has much to do with it.
- Always talk it over with your agent. The best estate agents have experience in the niche market. They know how much similar homes are selling for on the market.
- Get your property revalued. If it’s been a while since you had your property valued, arrange for a valuation to put it back with comparable homes in the area.
- Ask less than the competition to ramp up interest in your property.
The market is ‘cold.’
Market conditions impact how long properties take to sell too, and you have no power over it at all. But postponing a sale in the hope conditions gets better could help.
In a hot market, properties are in high demand, and there are even bidding wars. You have the advantage. You can set sensible prices, and the house will still sell fast.
In a cold market, demand is low, and buyers have an advantage. Setting a sensible price isn’t the best thing to do. Ask less than what sellers with similar homes are asking.
Solicitors prepare legal documents involved in the transaction. If a solicitor takes their time to respond to enquiries, the sale’s going to stall. You can always change solicitors.
- Don’t choose cheap solicitors; they are mostly overworked.
- Don’t go with the conveyancer suggested by your agent. Conveyancers run by corporate estate agency groups are mostly not up to scratch.
Bad estate agent
In a house sales process, every little detail matters a lot. From the house’s description in the listing to its pictures, you can always tell whether your agent is keen on selling your home or just taking you along for the ride.
Different property agents have different motivations. Some really want to move houses; others are only interested in commissions, and still, some double deal by serving both the buyer and the seller.
Always look into your estate agent’s intentions. The days of suffering under a bad estate agent are long gone; you have remarkable options. If your agent shows up to meetings late, doesn’t make follow-ups, or has little patience for you, make the switch. But avoid listing your house with multiple agencies lest buyers sense desperation on your part.
A lot of property sellers always belong to chains that involve buying and selling houses simultaneously. If the property movers in your market belong to long chains, it will take a while for your property to sale.
If you receive an offer from someone that has to sell their home first, don’t count on a fast sale. While most houses are saleable, some take quite a while to sell because of different reasons. Check the stats on the mean Days on Market for properties in your neighbourhood to get an idea of how long your home is likely to take to sell.
You are putting obstacles in the buyer’s way.
Many buyers want a quick sale once they develop a liking for your home. It’s always good to demonstrate that you can move quickly should they wish to move in soon.
Work with your agent to move the house too. While it’s their job to market your property, there is a lot you can do to help. Keep up with what’s happening and find out what you can do to help. Don’t be stubborn on that price; if there is evidence of staggering bids, try lowering your asking price a little.
It’s not the best time of the year to sell your house.
The exact time of the year you put your home on the market determines how long it will take to sell and at what price. If you have the convenience of choosing when to put your house on the market, choose the best time of the year for a quick sale at a maximum fair price.
Most agents will tell you can sell your house anytime, but it’s because they want your business now. Other experts will tell you spring is the best time, but it’s also not that simple; the type of property and local market conditions have an impact too.
So, what is the best month to sell a house?
According to data from TheAdvisory, homes that sell fast hit the market in March. It only takes them about 57 days to get a committed offer. But the same data shows different properties sell fast at different times.
- 1 & 2-bed flats & terraces sell faster in January, February & September.
- 3 & 4-bed family homes sell best outside of school holidays.
- For bungalows, the warm months of June to September are the best to sell.
Does an empty house sell faster?
While showing the buyer that you can move quickly should they demand, gives them the push to make a committed offer, showing them an empty house won’t help sell it faster.
In most cases, empty houses sell for less and take longer because they lack individuality, rooms look smaller, and buyers can spot flaws without even trying. Ask an experienced estate agent the best way to prepare your house for showing.
What to do if your house won’t sell?
Selling your house faster is always a good thing to do, regardless of the motivation. Properties that gather dust’ on the market for a long time lose value tremendously because buyers start suspecting structural issues.
Time is of the essence in real property transactions. It can be worrying seeing a property rot’ on the market without any attention. But you are not without an option. You don’t have to always sell on the market or use an estate agent.
Other ways to sell your home include:
- Selling privately to an investor.
- Selling to individuals, families, or couples.
- Offer buyers a lease with an option to purchase
Should you consider selling your house with a lease option?
Selling a house to mortgage buyers or those who have to raise cash by selling their home first is not simple. Adjusting the terms of sale can make the property irresistible. One way to move a stale property is to offer a lease option.
A lease option is an agreement that lets the buyer rent a property for a specified period with an option to buy it in the end. The advantage of using a lease option is you don’t have to pay the estate agent if you found the buyer on your own. A house with a lease option may also fetch a better price if its contract is attractive.
Sell your house with a lease option if:
- buyer needs to sell their house first to raise money for the new home.
- buyer has credit problems that can be sorted out during the period they rent your house.
- The buyer doesn’t have enough funds for a downpayment.
- The buyer wants to get a feel of the new area.
You can also sell your home to a cash property buyer such as an investor to avoid dealing with the hassles of a diffident property market.
Selling your house to an investor for cash.
An investor is an entity or person who buys properties on cash to refurbish and rent out or sell for profit. Selling to an investor is a direct sale. A cash property buyer won’t ever ask you to sign any other document apart from the contract prepared by your solicitor.
Benefits of selling your house to an investor include:
- Flexible terms of sale are possible.
- You won’t have to pay estate agent fees; this is a direct sale.
- Quick sales: Investors buy homes in all conditions. Forget the tiresome surveys and waiting for the market to get hot; investors provide a simple process to getting a committed offer on your property.
- Your property won’t lose value, gathering ‘dust’ on the market. Other buyers are always looking for reasons to reduce their Offer, and a stale listing won’t certainly help the matter. Selling to an investor helps sell faster and avoid stubborn buyers.
- Less risk of completion since investors don’t depend on mortgages
Are you looking to sell your home that has been on the market for a while? From abandoned properties to stale listings and houses with damp issues, we buy all kinds of properties. We provide a simple way to get your stale listing appraised receive a committed offer. Expect a quick sale with no risk of completion since we buy on cash, not mortgage. Contact us today for a no-obligation quote.