The property market has been sluggish lately, making it harder to sell homes. But don’t despair! Understanding “seller fatigue” could be the key to a successful sale.
We’ve all heard stories about houses flying off the market, but the reality is a bit different now. Research shows it’s taking longer to sell properties, leaving some sellers feeling frustrated and exhausted – that’s seller fatigue. And it’s affecting both buyers and sellers.
The Numbers Tell the Story
Estate agent Hamptons reveals that across the UK, it takes an average of 45 days to get an offer on a property. This is significantly higher than the 25 days it took back in 2020/2021. The South East has the longest wait at 52 days, while Scotland sees quicker offers, averaging 39 days.
What’s more, sellers are holding onto their asking prices for longer – 72.7 days on average in 2024. Welsh sellers wait the longest (100.9 days) while those in Scotland are quicker to adjust, taking around 67.1 days.
David Fell, an analyst at Hamptons, points out that sellers are hesitant to drop prices, especially with house price indexes showing some growth. However, higher mortgage rates have definitely put the brakes on the market.
What Exactly is Seller Fatigue?
Nigel Bishop from Recoco Property Search, describes seller fatigue as the mental and sometimes even physical drain that comes with a prolonged and stressful house sale. The constant prepping, viewings, and lack of offers can really take their toll.
Why are Some Properties More Prone to this?
Some properties tend to linger on the market, increasing the risk of seller fatigue for their owners. Jo Eccles, founder of Eccord buying agency, highlights an interesting trend: downsizers selling older family homes often struggle. While these homes hold sentimental value, buyers today are looking for pristine, move-in ready properties.
Another factor is what experts call “pandemic pricing.” James Greenwood of Stacks Property Search, explains that sellers often expect prices inflated during the pandemic boom, but those days are gone. Realistic pricing is crucial in today’s market.
Sellers – Steer Clear of Fatigue!
The key to avoiding seller fatigue? Realistic pricing and strategic timing! Bishop emphasises that overpriced properties and poor timing are the main culprits behind unsold homes.
Edward Heaton from Heaton & Partners advises getting three valuations to avoid inflated estimates from agents eager for business. Remember, if it sounds too good to be true, it probably is.
Eccles even suggests pricing slightly lower to attract more buyers and potentially spark a bidding war, leading to a faster sale at the right price.
Timing is everything, too. Think about your property’s strengths: country homes shine in summer, family homes near good schools are best sold before the school year starts, and terraced houses are popular year-round.
Don’t Forget the Power of Presentation
A little effort goes a long way! Declutter, repaint, tidy the garden – make your property inviting before you put it on the market. Heaton emphasises that buyers rarely see past clutter and imperfections.
Get your paperwork ready too. Having everything organised can speed up the process when you find a buyer.
Buyers – Is This Your Chance to Grab a Deal?
While seller fatigue can present opportunities for savvy buyers, Greenwood warns against lowball offers. Instead, understand the seller’s situation – how long have they been trying to sell, and how keen are they to move? This will help you make a fair offer.
When you do put in an offer, highlight your strengths as a buyer – a quick exchange, flexible completion date, or no chain. These can be very attractive to a motivated seller.
Finally, Eccles reminds us to be respectful and positive throughout the process. Sellers dealing with fatigue need encouragement, not criticism. Appreciation for their property and a well-structured offer can go a long way in securing a successful purchase.