Uh-oh. The ‘For Sale’ has been up for weeks, the Open Home inspections were several weeks ago and yet there’s no hint of an offer. Don’t panic, there are still ways to get the buyers biting.
The property market is red hot in Australia at the moment, and industry research shows that many homes are selling in record time. According to RP Data across the nation it’s taking an average of around 35 days to secure a buyer for homes – barely enough time to start looking for your next place!
In this type of market, it can be especially worrying if your property languishes on the market. If that sounds like your situation, taking swift action could prevent the property lingering on the market even longer.
1. Rethink the asking price
Price is a key determinant in selling property and the longer your home sits on the market, the greater the likelihood that market values have shifted. This can further increase the chance that your home is over-priced.
To see if you’re asking a reasonable price, check out other similarly priced properties in your neighbourhood. If those homes offer a better deal (and you need to be honest with yourself), it could be time to take the knife to your asking price.
2. Review your agent’s marketing strategy
If the market material or promotional images for your home are a bit tired, talk to your listing agent about refreshing your flyer, brochures and even taking fresh photographs of the place. Discuss the possibility of listing the property on different online outlets with your agent to see if you can tap into a wider or different market.
3. Be objective about presentation
If your open home inspections have been well-attending but not generating any offers, it can be worth reconsidering the way your property is presented. Hiring a professional home stylist can involve a reasonable outlay – potentially around $3,000 to $5,000 particularly if it involves hiring new furniture. Nonetheless it can also result in a quick sale potentially for more than the current asking price.
At the very least think about whether your home is really presented in the best possible light – free of clutter, squeaky clean and with a fresh coat of paint.
4. Give the place some breathing space
When a home has remained on the market for some time buyers will start to question why it hasn’t sold. The place can become ‘stale’ in buyers’ eyes and your agent may even be less enthusiastic about promoting your home.
At that point it can pay to take your home off the market for a while and re-list it a few months later when a fresh batch of buyers will take a look at it.
5. Listen to your listing agent
Ask your real estate agent for a frank appraisal of why your home hasn’t sold. You may not like what you hear but if you want a sale you need to be prepared for a reality check.
If the agent suggests a dodgy bathroom is putting buyers off, consider giving it a cosmetic upgrade. If the garden is looking a bit ramshackle get the family involved in a working bee to give it a facelift or hire a professional gardener for a week or so.
Importantly, be open to suggestions. Some small changes to your price, selling strategy or your home’s presentation could be all it takes to get a ‘Sold’ sticker on the place.
Ever been in the sticky situation where your property didn’t sell? What was the cause and if you did end up selling successfully – what did you change in order to achieve the sale? Share your stories in the comments below!
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