How Long Does it Take to Sell a House?
In 2021 the average time to sell a house in the UK, from offer being agreed to completion is just over 11 weeks, 81 days to be exact. Here at Harrisons Homes we are agreeing sales within 16 days of going to the market. So from listing to completion you are looking at 97 days, or 13.9 weeks.
However, it can take longer for homes in poor condition or that are an unusual building. Additional factors, such as the time of year and the “heat” of the market can also affect how long it takes to sell a property. Last year houses took longer to complete due to the backlog of house sales caused by the first lockdown in March and the pressure on conveyancing as a result of the demand caused by the stamp duty holiday.
My House Is Not Selling – What should I Do?
If you’ve identified that your house sale is sticking, here are some suggestions of what you can do to increase your chances of finding a buyer and selling your home.
- Asking price. Sadly, some agents, who are financially rewarded for the number of houses they put up for sale, rather than the number of houses they sell. can inflate their valuation in a bid to get your business. This can result in a high asking price that puts people off. Very few people will put in a “cheeky offer” on a house that they believe is overpriced. Take a look at similar properties (size, location, condition, etc.) that have sold recently in your area. Then look at those that have been sitting on the market for some time. This is a simple way that you can research prices and should give you a good idea if you’ve priced your home too high.
- Switch estate agents. Currently houses are selling very quickly. If your home hasn’t sold within four weeks it’s time to have a serious conversation with your estate agent. Ask for their advice and suggestions to get your house infront of active buyers who are able to make an offer. You should only have buyers coming through your door for a viewing that are either chain free, under offer or true cash buyers. If you aren’t satisfied with how your agent is performing, you can switch. Shop around and ask friends for recommendations. There are also some helpful estate agent comparison tools online. Try to understand why your current agent isn’t getting results. Then take your list of expectations to some different agencies to find one that can serve you better.
- Prepare Your Home for Viewings. Make sure that the property is de-cluttered and clean for viewings. Consider staging the rooms, for example, placing fresh flowers around your home, lay the table for meals. Or, with so many people working from home, create a designated home office space. When it comes to presenting your home for viewings, the little touches really help.
- Ask for feedback. Asking potential buyers for feedback after viewings can provide valuable insight into why the property isn’t selling. Consider what they are saying with this feed back. For example, if people are people put off by the messy garden. It is worth spending a little time or money giving it a good tidy.
- Vet Offers Before Accepting. If you receive multiple offers, consider the bidders’ circumstances and how much they are willing to pay for your property. Do they have an agreement in principle from a mortgage company? Are they in a property chain, or are they a cash buyer? Opt for the buyer who is most likely to see the deal through to completion. Over the one who makes a high offer but is part of a lengthy chain or has yet to secure the finance they need.