Selling a house can be a daunting task, especially in the current economic climate. As we transitioned from 2023 to ‘24, the housing market faced challenges due to high base rates and inflation, impacting people’s willingness to move homes. If you’re struggling to find a buyer for your property, here are some reasons why and what you can do about it.
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Economic Climate:
The economic landscape plays a significant role in the housing market. With base rates sitting at 5.25% since August 2023, and high, albeit gradually decreasing inflation rate of 3.2%, buyer trends are typically on the side of caution right now.
With a difficult period for the housing market over the last year, buyers appear to be hesitantly reemerging to again show interest in prospective properties. A full resurgence will require a consensus amongst potential buyers and seller to take that plunge into the market again, reawakening the market back into its pre-covid state.
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Kerb Appeal:
First impressions matter, especially to potential buyers scrolling through properties online. If your home lacks kerb appeal, it could deter potential buyers before they even step inside.
Take the time to enhance the exterior of your property by tidying the garden, concealing wheelie bins, and ensuring windows and doors are well-maintained.
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Property Condition:
A tired-looking property or one in need of staging may struggle to attract buyers. Consider investing in enhancements to make your home more appealing.
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Clutter:
Clutter can make your home feel smaller and less inviting to potential buyers. Decluttering not only creates a sense of space but also allows buyers to envision themselves living in the property. Whether it’s clearing out old furniture or bulky items, creating a clean and tidy environment can significantly improve your home’s marketability.
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Pricing:
Setting the right asking price is crucial for attracting buyers. Conduct thorough research and seek advice from your estate agents to determine the optimal price for your property.
Beware of over/underestimations from estate agents, and consider using our Instant Offer service to get a preliminary offer within 48 hours.
Why is Your Property Not Selling in 2024
Selling your home in the current climate requires patience, as potential buyers eagerly wait for those expected mortgage rate drops later this year. However, by addressing common issues such as kerb appeal, property condition, and pricing, you can increase your chances of a successful sale as we delve right into the Spring.
Take the stress out of the selling experience with OneDome’s HomeSelling360 package. Helping you sell your home faster, simpler and cheaper… guaranteed. Click here to learn more