No Matter What You've Tried, You Want To Move But Can't Sell? Here's Why

The price of property is still generally quite unstable

, but what about the owners who are looking to sell and cannot find a buyer? Recent figures have shown that property prices have dropped since the first quarter of the year, but the problem is that mortgage lending rates have also slowed for new buyers.

Indicating that 2011 is going to be one of the toughest years on record for the property market, the Bank of England has revealed that 60% fewer home loans were agreed in March than February. The market is stagnant, so are the vital tips that any home owner looking to sell needs to know?

The first thing to remember is that you need to ensure your property is priced in line with the area. If the buyer can get the property cheaper nearby, the likelihood is that they will opt for the cheaper property. If you feel that the property may have been valued at a higher amount than it's actually worse, there is no harm in getting a second valuation done to confirm.

Also think about what a buyer is willing to pay for a property. Just because it is valued at a certain amount doesn't mean it's worth it to your potential buyer. But if you really can't drop your price any further, there are a few other things that you could consider.

Remortgage With a View to Letting: One option is to retain your current property, remortgage it to release the equity and let it out. With the Bank of England Base rate at a historic low level, there are plenty of excellent remortgage rates available. If you have some equity in your home you can release this money and add it to the deposit you have saved for your new property.

Becoming a landlord can also put you in a good financial position, as your rental payments will pay the mortgage repayments, and with many homebuyers unable to obtain finance to buy, the market is littered with those looking to rent.

One option if you are extremely desperate to sell your home, and are unable to find a buyer is to use a home buy scheme. They will buy your home in cash and there is no need to put the property on the market.

You do need to remember though, that home buy schemes often se owners selling for very low prices on their property, and so it is important not to use this unless you are in serious trouble.

Property auctions are also a way of getting a quick sale, although there may still be a chain involved, so the purchase may not go through for a few weeks. But remember, most who go to property auctions are business people and so they'll be looking to get the best price, which may mean a very low price.

In Summary: The current market environment is a gloomy one and definitely not positive for house sellers. It is a buyer's market and the few buyers out there have an abundance of houses to choose from, and can barter sellers down to rock bottom prices. If you absolutely have to move, your only options are to bring down your asking prices level with the buyers' offers, or take the opportunity to investigate the low remortgage rates and rent your property for 12 to 24 months, with a view to selling in a more positive market climate.

by: Howard Ogollegos

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