According to Realtor, the average home price has increased by 3.6% in the last few months. It means that these houses are in demand as people are selling off their properties readily. One of the most major causes of these sales is the pandemic. The foreclosure protections are no longer valid due to which people have to sell their houses to repay creditors.
It further states that houses are staying on sale for 43 days instead of 20 days as in 2020. It means that despite the high demand, it is difficult to sell these houses off. What exactly makes selling houses difficult? Experts suggest that the leading cause of this sales decline is traditional methods. But, is it so? Let us take a look at some of the challenges you deal with when you try to sell your house traditionally.
Challenges to Sell Your Property Through Traditional Method
Harder To Sell Older Houses
If you have an old house and have not changed it due to nostalgia or emotional attachment,then it isn’t good for your house sale. It is also possible that you inherited the house from someone who didn’t maintain it properly. Either way, you are going to face trouble with selling your house because an older house requires a lot of repairing and work. These old houses may sell at a good price only if you find someone who values these old properties.
Finding a buyer who doesn’t mind an old house is difficult and most real estate agents can’t help. Therefore, it is best to switch to digital applications and sources. These online platforms have a wider connection and you are more likely to get a better deal with them.
A lot of Repairing
You would not want to buy a car that needs a lot of mechanical work right? The same goes for houses. Harding, et al., (2007) claims that lack of house maintenance reduces the value of the building by 2.5% every year. It means that poorly maintained houses have a lower chance of getting sold. People are a lot more observant when they buy a house which contributes to the problem. You wouldn’t want to host multiple potential buyers and still not break a deal at the end.
However, you can photograph your home and present it nicely. It will help reel in better offers and serious online buyers. This way all you would need to do is change and repair a few things (that too, if the client wants you to do it).
The Market Is in Bad
The pandemic has much affected every industry including real estate. People have no other option but to sell their properties and those who have the resources buy these houses. However, if you are someone who wants to deal with people like yourself; then, you will have trouble finding the right candidates.
It is because traditional methods are a lot more limited as compared to using digital sources for selling houses. You have no other option but to wait if you deal for your house in the traditional way only. However, you can find many buyers more easily if you switch to online selling.
You may not see it but not every neighborhood isn’t worth living in. it doesn’t root from the feeling of being better than others. It is rather a basic human want to desire better standards of living. Therefore, if you live in an area that is less than ideal; you are going to have trouble selling it.
Additionally, if you live in an area where most of the houses are in poor condition then you cannot do anything. It’s not like you can force them to fix and maintain their houses.
Another common problem that people come across with traditional property sales, is listing expiry. These expiries are generally because of inexperienced real estate agents. These agents promise more than they can deliver which becomes a problem in the long run. They might even keep you in the dark until you are helpless. You can always try and list yourself with a new agent but that can take additional time. However, that is something most people do not have.
Therefore, we suggest that you use an online platform, apps, and website to market your home for sale. We are sure that you can get a much better deal this way.
Slow Moving Properties
The traditional market is problematic and people often have no other option but to deal with a slow market. The slow market refers to a slower process of property sales and purchases. You will have to wait it out if you try and sell your house during such a period.
These houses can take around 90 days to sell if the market is slow or you do not have someone competent besides you. It is probably why people started switching to online applications and platforms during the corona outbreak. It has helped them keep their sales up and get good deals out of their properties.
The Buyer Backs Out
Another huge problem is people backing out at the last moment. Imagine being happy with your house sale but the buyer doesn’t go through with it for whatever reason. For example, they might not get the bank loan they were looking forward to. You would not only have an issue with finding a new buyer but will also have to go through all that trouble once again.
Therefore, it is best to rely on reputable and trusted sources only. You should try and take a look at trustable sources like DirectPads, if you want to be mentally at peace during your deal.
Selling a house traditionally isn’t for everyone. Therefore, if you are someone who isn’t well aware of the market or doesn’t know how things work then you should switch to online sales. It will help you understand things better and maybe getting a good deal on your next house sale. We hope that this guide helps you with your house sale. Ensure reaching out to us if you need more guidance and help with your real estate issues. We will be more than happy to help you out.