Sellers' Property Problems Series
Article Three: My home has been up for sale for six months with no offers
Putting up your home for sale for six months with no offers is quite a stressful situation to be in. It's important to bear in mind that the current credit crunch is making life very difficult for sellers and you are not alone in not having any offers. Unfortunately, there are so many properties for sale, so little finance available and confidence is at an all time low, that there is still a real lack of buyers.
It's worth talking to your agent to find out why no-one has put in an offer, especially if you have had lots of viewings (ten or more) but no offers. They should be able to find out why people haven't made any offers and if they have on other properties, and why. Is there something that is putting buyers off? Bear wires around the house or too much work to do. It may be that you can do something quickly to the property that would attract buyers into making an offer. For example, if there is a crack in the hallway or appearance of damp, this might be putting people off. If you get the damp repaired and investigate any cracks, then that may help to secure an offer.
When property prices are falling, the only properties that tend to sell are those that are priced more competitively than anyone elses. For example, if there are three similar properties on the market for £185,000, £200,000 and £220,000, the property that's below the £200,000 at £185,000 is the one most likely to sell. The one priced at £220,000 is unlikely to receive too many viewings and people might be put off even making an offer at all.
Finally, it maybe that you have a property that does take a while to sell. For example, it's on a busy road, next to a pylon or is a Grade II Listed building. Another reason why it might be difficult to sell your home is if you have a home that has more room upstairs than down, or more room downstairs than up. For example, imagine a five bed property with a tiny garden and only a kitchen/diner and sitting room, or a home with three reception rooms, a large garden, but only two bedrooms. Often these properties take longer to sell as they don't 'fit' with the standard space required for families or couples.
If your agent isn't being helpful and is just blaming it on the current market conditions, then it's worth considering changing your agent as they should know exactly what to do to secure viewings and an offer. Finally, if nothing happens after a few months, then it is worth thinking about whether moving now is practical or not. Could you adapt your current home? Could you rent it out and move somewhere else? If you need more cash to pay the mortgage, could you rent a room out?
House been on the market for six months with no offers? For more information visit our selling a home section where you can download our Selling a Property eBook and refer to our Maximise Your Property's Potential services.