The credit crunch has significantly increased the time to sell a house. The lack of first time buyers in the market (with no onward house to sell) has slowed up the market considerably.
Even just looking around your local streets shows a real dearth of ‘sold signs’. I know on my street in Oxford there are many houses which have been on the market for a long time despite cuts in the price.
According to the Times many of the worst affected areas are in Wales where the average time a house spends on the market has reached over a painful 300 days. Not all areas are so badly affected. The Times lists the Top 10 and Worst 10 areas here
What Can be done to decrease the time the house is on the Market?
The crucial issue is the price. Many homeowners struggle to adjust to the fast paced change in the market (which means prices are falling) Unfortunately trying to sell at the market price of 6 months previously will just mean your house stays on the market unsold.
One strategy is to offer a competitive price at least to try and get some interest from prospective buyers.
There are minor things you can do to your house to help a house sale like tidy up the front, repaint in light colours. But, most experts say don’t bother adding expensive extensions and kitchens – at the moment they are likely to cost more than the increase in value you will get. The only exception is upgrading a bathroom.
The problem is that with mortgage approvals at record low, there are just not many buyers on the market. There is no immediate end in sight – despite rate cuts.
See: Tips for selling house in a buyers market
Thank you for sharing your selling tips. Yes, I agree with you that while selling home, the crucial issue is the price. Sales negotiation is one of the vital parts of keeping the price of the home as high as possible. Today’s business world is more competitive than ever, and you have to compete to stay in the game. Negotiation expertise can not only keep you in the game but help you to win.