Phil Spencer speaks to housing market experts about 2023
There are many factors that determine whether a property will sell including its location, price, interior decor and whether there’s outdoor space.
And with the property market cooling, and house prices falling, sellers are struggling now more than ever to get buyers to bite.
Phil Spencer, a co-presenter on Channel 4’s Location Location Location, said there are “common mistakes” homeowners make when it comes to selling their home.
The property expert and founder of Move iQ explained that the “number one reason” a property won’t sell isn’t down to aesthetics.
He said in a video for Move iQ: “The number one reason a house won’t sell is its price. The hard fact is your expectations and those of the potential buyers obviously aren’t marrying up.
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“The longer you leave it on the market to stagnate the more you are likely to have to reduce it in order to find a buyer.
“However, if you’ve prepared fully for selling your house you’ve given it time and the agent’s confident that the asking price is right then what else could it be?
“You want to get honest feedback from the estate agent about what potential buyers are saying especially when someone has actually viewed the house themselves.
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“Yes, it can be frustrating when the reasons are things like road noise or flight paths or proximity to a warehouse or commercial premises or something like that because none of those you can change. You can’t do anything about those.
“But it could mean buyers will only consider your house at a lower price.”
It comes as UK house prices fell at their fastest annual rate in 14 years last month, according to the latest house price index from Nationwide.
The building society said house prices fell by 3.8 percent year on year in the steepest drop since July 2009.
In the UK, the average home now costs £260,828 which is a drop of 4.5 percent compared with the peak of August 2022.
House prices dropped by 0.2 percent in August when compared with the previous month.
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