A multitude of factors can be behind why a house might be challenging to sell on the market.
From consumer nerves over the economy, the future of housing and overall market conditions, it can be challenging to shift a property.
However, the latest polling from Find Out now for Good Move revealed that the top reason why people believe properties won’t shift on the market is because the asking price is too high.
In fact, more than 60 per cent of individuals were found to believe that this reason was behind their inability to sell.
More than 60 per cent of individuals were found to believe that this reason was behind their inability to sell
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Other reasons cited were down a property’s location (47 per cent), closely followed by the amount of work needed to update the home (44 per cent).
Meanwhile, 42 per cent believe it’s because buyers are unable to acquire mortgages, or the state of financing is challenging at the moment.
Others (17 per cent) have blamed poor-quality photos of the state of marketing, while nine per cent have blamed excessive competition from similar homes.
Some have speculated that it has to be the right time of year for a house to sell (nine per cent).
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A fair few (six per cent) have even blamed their estate agent, claiming that it’s down to their inability to do a good job.
Property expert Nima Ghasri said: “It’s interesting to see that people are overvaluing their property, and as a result are struggling to sell.
“Often when people overvalue their home, they spend much longer trying to sell it, and by taking so long can often leave sellers in a state of flux, which can result losing more money due to costs of maintaining and running their home but can also potentially risk sellers managing to buy their next property too.
“Other reasons people have cited, such as it’s because the house needs too much work or needs updating, also showcase the importance of maintaining a property when trying to sell, whilst some buyers may want to take on a project, others won’t, and this can affect property value.”
Further investigation by the same pollsters revealed that most homeowners overestimated the speed at which you can sell your home
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Further investigation by the same pollsters revealed that most homeowners overestimated the speed at which you can sell your home.
Some 25 per cent believe it takes around three to four months to sell a typical house. However, in reality, when those who had tried to sell a house were asked, it was found that only 13 per cent were able to sell off their home in that period.
What’s more, three per cent of those attempting to sell their home were unable to sell their property after six months of the property being on the market.