If your home has been on the market for a while, something probably needs to change to get your move underway.
The latest government figures show the market performing at about 80% of last year, with transactions in September 2023 around 18% down from September 2022.
So, given that buyers are still buying, why are so many homes not selling? Are the owners getting in their own way of moving, or could they be receiving the wrong advice?
Well, there’s no single answer, but some of the obstacles could be overcome by exploring questions like:
That’s quite a lot to unpack, so let’s take a look at why your home might not be getting enough interest, viewings or offers to see if there’s a path to a sale.
It can be difficult to get a clear picture of house prices right now with conflicting stories and a lack of valuable evidence, but here’s a snapshot of the current picture.
Just like everywhere else, property prices in the Wilton & Salisbury area are affected differently around the neighbourhood, so get in touch if you’d like to know the latest on your road.
Almost nobody sells their home simply because prices are rising, but if they allow a disappointing valuation to overshadow their plans, they may decide to stay put.
That’s a shame, because major life changes around work, relationships and retirement have far more profound and long-lasting effects on happiness than a sale price.
So here are some things to consider when reviewing your next steps:
For us, we see it as our duty to be totally upfront around important issues like accurate pricing because we want to help you start enjoying the next chapter of your life as soon as possible.
Something that often comes up from homeowners during a review of their asking price is: “Why don’t people just make a lower offer?”
It’s a fair enough thing to ask, so let’s look at why that rarely happens.
In the most basic terms, a home that’s on the market for a price that’s too high will only be seen by people who expect more for their money, and not by those who would buy it.
Nobody likes selling their home for less than they’d hoped, but what they often miss is that trading up costs more when prices are rising fast.
And given that most people sell up to buy a more expensive place for reasons like more space, a bigger garden or a location upgrade, it makes sense to do it when prices cool down.
With that in mind, here are some things to consider:
So, from a purely financial stance (and even forgetting the lifestyle improvements), you’re generally better off upsizing during a price correction - which is good news for most sellers.
It’s normal to think that when a property isn’t selling, the price must be too high. That could be true, but it isn’t always the case, and other factors could be the problem.
Even during the 2020-2022 boom, some homes didn’t sell with the first agent, so a fresh start with a new team could be just the jump start you need.
Feeling stuck on the market is frustrating, so perhaps it’s time to explore whether property prices in the Wilton & Salisbury area have changed, or if something else is stopping you from selling.
Call us on 01722 580059 or email us at firstname.lastname@example.org for a chat about your plans - we’d love to help you get back on track.
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