2-Bed London Properties Sitting On The Market
As I’ve previously said, the one reason why a 2-bed property in London doesn’t sell is the price!
Would a 2-bed property that has been brought to the market at £2,000,000 sell if it was now put on the market for £200,000? YES! In fact, it would sell for way above that due to an insane amount of interest!
The price is the reason why the property hasn't sold. However, there could be underlying reasons as to why the price hasn't been lowered by the agent or the seller!
So, as a 2-bed home buyer, why do properties sit on the market for weeks or months on end, apart from the price (which is literally the be all and end all!)…
The Property As A Whole
If similar 2-bed properties in the same area of London - similar to the one that you like - are selling, but the one that you have your eye on hasn’t sold, have a think of why that might be…
Maybe the ones that have sold might have a larger garden than the one that you like, or the garden may be south facing…?
Maybe the ones that have sold might have an updated kitchen and update bathrooms and the property that you like has an older kitchen and bathrooms…?
Maybe the ones that have sold have a better layout and floorplan than the one that you like…?
Compare the one that you like with photos and the floorplan of other properties that have been recently sold.
Personal Items
There is a possibility that there are too many personal items in the 2-bed property when people have previously viewed it - think items such as photos and sentimental items.
It is the job of the estate agent to encourage the seller to hide these items away during viewings in order to make the property as neutral as possible, to encourage buyers to be able to see themselves in the 2-bed property.
If, however, this hasn’t been encouraged or done, then this could a reason why it is sitting on the market.
“Compare the one that you like with photos and the floorplan of other properties that have been recently sold.”
Seller’s Taste
When someone is trying to sell their 2-bed home, it is always best to try and make sure that the property is as neutral as possible and not to have things such as a gold covered bath or bathroom tiles or fashion branded wallpaper!
If the seller has a particularly unique taste when it comes to how they have decorated their 2-bed property, then that could well be the reason for it sitting on the market.
Buyers may well perceive the property to be overpriced if they look round the property and see all of the things that they will have to change before moving in!
The Seller Wants To Get Their Money Back
If the seller has spent a large amount of money on something more ‘unique’ or simply something very expensive like a beautiful bespoke kitchen, then they will in all likelihood be expecting to get their money back on it, unless they have been strongly advised by their estate agent that this will not be the case!
Have you ever looked at a potential 2-bed home in London and thought of any of these reasons/ factors before?