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Selling a house that's stuck on
the market? When the housing market slows down, the
house sellers most vulnerable are those
with properties which were incorrectly priced to
begin with. And if your house sits on the market for
any length of time the problem can deepen. Estate agents, surveyors and
solicitors are all fallible. When it comes to
pricing in a changing market, historic prices
will not be an accurate guide as to what your property
will fetch today.
Are you ready for some tough
talking? There are always
two root causes for a property sticking (assuming
it's being reasonably promoted).
If you're
selling a property that's stuck on the market you
should be considering the possibility, no matter
how remote, that either the price or
appearance of your property is holding you back.
The proof is in the property sale, or lack of it. So to speak.
If your house is stuck on
the market for months, sooner or later the penny
will drop you need to do something.
Other property experts agree. Assuming your
house looks OK then take a cold, hard look at the
price.
Selling a house that's stuck on
the market..don't shoot yourself in the foot
Homeowners expectations can be sky-high when it comes to
the price they believe their house will fetch and won't be told otherwise. They'll learn
the hard way. You don't have to.
Even if you weren't in a hurry to sell your house to begin
with, eventually you will be. Everyone's patience wears thin. Sooner
or later you'll come round to the view that you're now selling a house
that's stuck on the market. And it's no fun.
But to make an impact on your chances of selling you'll
need take fairly drastic action. As the Times article recommends, if you're
serious about selling don't just tinker round the edges. You need to be thinking in
terms of reducing the price by 10% or more to make an impact.
One benefit of doing this, is that it should encourage
house hunters to look at your property who previously had missed it because it
was too expensive.
However, when you're ready to re-price your house have a
look at your prospective competition - Rightmove - is a useful tool for this.
This is an important step. The last thing you want to do is to re-price your
property in such a way that it's inadequate for one set of house buyers
requirements and still too expensive for another group.
This may sound like you're in danger of going round in
circles. Selling a house that's stuck on the market can certainly feel like
that. And to some extent you're right. There is some trial and error
involved. Pricing a property to sell is not a science - there are no hard and fast rules.
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