There are some property headlines that sellers love to see – bun fights among buyers for available properties and homes selling for well over asking prices are just two of them - but there are also news stories that make the blood run cold.
Sadly, we started 2023 with less positive news for vendors. A new report from Zoopla found home buyer demand nosedived 50% at the end of 2022 and the freefall didn’t stop there. The portal revealed that buyer demand in January 2023 was down 23% on the five-year average.
When home buyer demand plummets, it means fewer potential purchasers are enquiring about properties for sale and less bookings are made to view properties. In the current market, buyers are staying away as they firmly believe house prices and mortgage rates will fall in the first half of 2023. You can read more about why a buyers’ ‘wait and see’ attitude may scupper your sale in our blog here.
Although you won’t be able to convince every potential purchaser to view a property when they really don’t want to, there are a few methods that can encourage more enquiries and viewings. You may like to consider:-
Holding an open house event: an open house is when an estate agent is present at your property for a set number of hours, and there’s an open invitation for people to step inside and take a look. It’s definitely a marketing tool that can generate new interest, although be prepared for nosey people to make up the numbers.
Changing the property photos: potential buyers make snap decisions on whether to enquire about a property based on what they see, therefore the visual impression your home makes is critical. If the photographs taken are of poor quality – perhaps they are too dark, out of focus or concentrate on your home’s worst aspects – they may put buyers off. Not only will a better set of images show your home in its best light, they may also spark interest with people who have previously overlooked your property.
Revamping your property: the camera doesn’t lie, however. Even the most professional of photographers won’t be able to change the condition of your home. Some movers are deterred from enquiring about a home for sale if it is cluttered, messy or dated in its décor. You can help drum up interest by giving your home a facelift. Pay attention to the exterior, as this is the photo estate agents normally lead with, but repainting in neutral colours and taking a ‘less is more’ approach to knick knacks will instantly add appeal.
Changing estate agents: it’s a common myth that all enquiries are generated from the property portals – Rightmove, Zoopla and OnTheMarket. In fact, many enquiries and viewing requests stem from the estate agent’s own waiting list of buyers and here’s where not all High Street estate agents are created equal. Your current agent may not have a good list of potential purchasers, where a competitor may have. If you’re at the end of your estate agency contract, consider swapping to someone else.
Dropping the price: overvaluing a property is the most common culprit for a lack of enquiries and viewings. Buyers are well-educated when it comes to researching an area’s current sale prices and looking at historical sold data, so they will quickly see a home with an overinflated asking price. Tweaking the price so it falls into a lower stamp duty bracket can prove enough to get enquiries flowing but you can also reach a new audience if you alter the asking price so it falls into a cheaper price bracket on the property portals.
If you have tried the above but are still lacking in enquiries or viewings, it may be time to consider an off market sale to a professional buyer. Open Property Group actively buys houses and flats whatever the market conditions, propelled by the fact we have guaranteed cash reserves and aren’t influenced by mortgage rates. Request a free cash offer here and you will have bypassed the enquiries and viewings stage totally, or contact us to discuss how to exit your current estate agency contract.
A. While it’s not common practice to lie to vendors about viewings, it has been known for estate agents to overhype the interest in a property and the potential for viewings to keep a vendor happy. If the promise of viewings never materialises, you should consider your sales options.
A. If you have had multiple viewings on your home but none have led to an offer, you may need to take a hard look at your asking price and the condition of your property. Insist you receive feedback after every viewing and act on what the potential buyers didn’t like, such as the décor or the garden, for instance.
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