Difficulties for homeowners trying to sell their homes
April 10, 2008
According to a recent report homeowners that are trying to sell their properties in many parts of the UK are experiencing real problems, with many having to see their home stagnate on the market for long periods of time before selling, and others deciding to take their homes off the market after being unable to sell.
There are a number of factors that are thought to be affecting the situation, including many potential buyers either deciding to hold off purchasing in order to see what happens with house prices and many others unable to get a mortgage due to tighter credit conditions.
The average estate agent is said to have around 64 properties for sale on their books, and this compares to 54 properties one year ago. It is also now taking an average of 93 days to sell a property whereas a year ago the average time to sell a property was around 78 days. The information comes from the property specialist website Right Move.
One official from the property website stated: ‘Most sellers obviously want to achieve as much as possible for their property, and traditionally they have chosen to test the market at an ambitious price in February, as they have plenty of time to adjust it down later. This is normally compounded by estate agents being eager to have fresh property on their books and sellers tempted to try a higher figure.’
He added: ‘Yet the current concerns in the capital’s financial sector appear to be restraining the traditionally high levels of seller and agent optimism normally seen at this time of year.’
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