The property market, like a pendulum, is in a constant state of flux. In recent times, we’ve witnessed an intriguing phenomenon: the market seems to be slowing down, yet property prices continue to climb. It’s a delicate balance that has both buyers and sellers on their toes and may result in homeowners struggling to sell as there are fewer and fewer buyers on the market.
Selling a house on the open housing market can be a challenging endeavour, especially when circumstances require you to move quickly. Whether you’ve encountered difficulties in finding a buyer, facing a stagnant market, or have an urgent need to relocate, it’s essential to explore your options and take proactive steps. In this blog post, we’ll discuss strategies and alternatives to consider when you can’t sell your house but need to move.
Re-evaluate Your Asking Price: One of the most common reasons a house may not sell is that it’s overpriced. In a competitive market like Scotland’s, potential buyers are often looking for value. Consider reassessing your property’s price to make it more attractive to potential buyers. Collaborating with a local estate agent like O’Malley Property can help you determine a competitive and realistic asking price. So far, this year, we are the only agent in the central belt to have sold the same amount of housing as we have listed which demonstrates the effectiveness of an accurate valuation.
Enhance Your Property’s Appeal: First impressions matter, and small improvements can make a significant difference. Invest some time and resources in making your property more attractive to potential buyers. Consider freshening up the paint, decluttering, and enhancing your property’s curb appeal. Minor renovations and repairs can also go a long way in attracting buyers and helping them fall in love with your place.
Explore Alternative Sales Methods: If traditional selling methods aren’t working, consider alternative ways to sell your house. Auctions are a viable option, where your property can sell quickly to the highest bidder. Additionally, some companies specialise in buying properties directly, providing a quicker sale, albeit at a potentially lower price. O’Malley Property works with a range of investment companies and auction houses to help buyers looking for a speedy sale with no chain.
Rent Out Your Property: If you need to move but can’t sell your house, consider renting it out. Becoming a landlord can provide you with a source of income to cover your mortgage and other expenses while allowing you to move on with your plans. Be sure to research landlord responsibilities and legal obligations in Scotland, or contact O’Malley Property who can assist with finding you tenants and managing your property on your behalf, letting you sit back and enjoy the returns.
Speak to Your Lender: If you’re facing financial difficulties and can’t sell your house, it’s crucial to communicate with your mortgage lender. They may offer solutions such as temporary payment breaks or extending your mortgage term to alleviate immediate financial pressures. Ignoring the issue can lead to more significant problems down the line.
Seek Professional Advice: Navigating a challenging housing market can be overwhelming. Consult with a qualified and experienced solicitor or financial advisor who specialises in property transactions, O’Malley Property have a panel of experts we work with to ensure you get the best advice every step of the way.
Consider a Sale and Rent-Back Scheme: Sale and rent-back schemes involve selling your property to an investor and renting it back from them. While this option provides a quick sale and allows you to remain in your home, it’s essential to carefully review the terms and ensure it aligns with your long-term goals. O’Malley Property work with investors who adopt this strategy with their property portfolio, making it a quick and easy process. It also offers a solution which is private to you, meaning no board in your garden or listing online is required.
Selling a house can be challenging, but it’s not impossible. By reassessing your pricing strategy, enhancing your property’s appeal, and exploring alternative options, you can increase your chances of a successful sale or find alternative solutions that allow you to move forward with your plans. Remember that seeking professional advice is crucial when facing challenging circumstances in the property market.