There are many things that can go wrong with a property deal and it is only natural that many vendors are cautious about a deal until it has properly concluded. This has been borne out by information provided by Quick Move Now who state that the number of property sales that collapse before the conclusion is on the rise.
The company states that in Q2 of 2018, the fall through rate stood at 5.2% but for Q3 of this year, the fall through rate rose to 28.3%. This is a significant increase, and understandably many vendors will be worried about the impact this can have on their property.
The Managing Director of Quick Move Now, Danny Luke, said; “Political and economic uncertainty has left many homeowners and would-be buyers feeling nervous, and most estate agents are now openly acknowledging a slowing market after an unseasonably sluggish summer.”
Figures have been up and down so far in this year
However, while these figures look bad in isolation when you add in the figures from the opening quarter of the year, some progress is being made. It is not as though 28% of property deals collapsing is positive news but in Q1 of 2018, the figure was 38.8%. This was exceptionally high. Sadly, the massive drop in Q2 hasn’t been sustained but if there is any consolation about the most recent figures, it is the fact that they aren’t the worst of the year.
It is vital that vendors are proactive and do what they can to ensure the deal goes ahead. A smart step is to call on the services of a skilled professional, and at Bond Oxborough Philips, we are pleased to have helped many homeowners sell their home in an effective way.
Focus on who the most likely buyer is
It is important to know who the most likely buyer of your home is, what they want from a property and how to reach them. Our knowledge of the Okehampton market helps us reach out to the most likely buyer, and we will ensure that your property is promoted and presented in the best possible manner to appeal to your audience.
Some of the reasons cited by the buyers who pulled out of a property deal include:
3% of buyers had changed their mind 4% of buyers citing issues which were identified in the property survey 5% of buyers having difficulties in obtaining a mortgage 8% of buyers were involved in a property chain which collapsed
Some of these outcomes would suggest that there is little a vendor can do to ensure the deal goes through, particularly where the buyer fails to obtain a mortgage, but there are ways that vendors can improve the quality of their home and appeal to buyers as best as they can.
Also, if a vendor is fortunate enough to receive more than the offer on their home, don’t assume that the most expensive option is the best option. Review the position of the buyer and try to ascertain if they are part of a chain. A first-time buyer who isn’t part of a chain may be a more attractive option when selling your home, even if their offer was slightly less than someone who was part of a chain.
If you want the best standard of support and guidance in selling your home, contact Bond Oxborough Philips and we will do everything we can help to help.