Why won’t my house sell? Expert’s top tips for selling your home in Portsmouth

According to the ONS the average house price has fallen by nearly 6% this year, and despite a 12% rise in the number of properties advertised for sale, fewer sales have been recorded by the Land Registry and properties are taking longer to sell (source:Home.co.uk).

So why is this? And more importantly, what can you do to make sure you’re not one of the 15% of sellers who have had a ‘for sale’ board up for 9 months or more.

We spoke to property buying expert Chris Hodgkinson, Managing Director of House Buyer Bureau to get his advice on how to unstick a stuck property.

Chris says, “If you’ve got a property that isn’t selling, then the ‘bad’ news is that there are 3 big things that are out of your control – the location, the type of property you’re selling, and the strength of the local market. These all have a big impact on how long it’s going to take to sell and how much you can sell for. But the good news is that there are plenty of things you can do to give yourself the best chance of a sale.”

Set a competitive price for your property

Sounds simple, but lots of sellers get seduced by their estate agent telling them their property is worth far more than a buyer will actually pay for it. After 6 – 8 weeks of viewings but no offers, you’ll be forced to reduce the price which then gets prospective buyers thinking “what’s wrong with that house, why has the price reduced, why won’t it sell?”

To give yourself the best chance of selling, look at properties like yours that are on the market, SSTC or recently sold and then set your price at a level where your property is the most attractively priced for its type locally.

At the very least this will get more viewings for your property, and more buyer interest can start a bidding war where the agent can ask for “best and final” offers from prospective buyers.

Know the strength of your local market

How many new properties are coming to market? Are you trying to sell in a ‘buyers’ or ‘sellers’ market? It’ll take you five minutes to go onto Rightmove to find out. Just search your local area for properties like yours that are for sale, and then tick the filter to add back those that are “under offer/SSTC”. There may be 5 properties listed for sale and another 20 that are SSTC, meaning out of 25 properties, 80% are already sold and only 20% are on the market - that sounds like a sellers’ market to me!

Make your agent work hard for their money

Most estate agents are paid on commission. No sale, no fee. But when you think that the average commission is 1.4% then the agency will get £140 for every £10,000 worth of your sale price - and the individual agent’s share of this will be much less. This can mean you don’t always get the most proactive of people as they aren’t as motivated about your sale as you are. If your agent isn’t regularly getting you viewings, or giving you feedback then ditch them and try another.

Make sure photos do you justice

Avoid having pictures where you can see people, or animals, or where you can see signs of ‘normal life’. You want a buyer to be able to imagine themselves living there, and the less clutter in pictures the better. Celebrate and showcase any unique features that set your property apart from others.

Make a good impression

You can make a big difference by doing simple things like having a declutter, cleaning the house and opening doors and windows to let in natural light, tidy the garden, clear out the garage and clean the bathroom and kitchen. It can be exhausting doing this repeatedly, but it is worth the effort. When there is a viewing, don’t make yourself scarce. You know your property’s best bits better than anyone, so ‘sell’ them to potential buyers.

Be open to negotiation

Remember, to some extent your house is only worth what a buyer is willing to pay for it. Work you what you can afford to accept for your house, as well as what you’d ideally like to get. If a low offer comes in, don’t dismiss it immediately, view it as the opening offer in a negotiation.

Your estate agent should always qualify the offer and get some background on the buyer. Are they a cash buyer or do they need to sell in order to buy? Do they have the funds in place to move now? Are they part of a bigger chain? You need to consider all these factors as well as the price being offered. A cash buyer might want to pay you less, but could then complete quickly, enabling you to move on and avoid months of utility bills and other costs incurred waiting to find your perfect buyer.

Be open to alternative ways to sell

If you simply can’t find a buyer, or your sale keeps falling through then explore other ways to sell. You could try selling at auction if your property is suitable for that route. Typically, the sort of property that does well is one that needs some ‘tlc’ and is viewed as a good investment opportunity by experienced property investors.

Or you could try selling directly to a professional property buyer. Companies like House Buyer Bureau buy thousands of properties every year. They will pay less than full market value but will give you a guaranteed sale in a timescale of your choosing.