6 Reasons why your house may not be selling.
If you’re an Aussie homeowner you’ve probably heard almost 80% of capital city homes going to auction are selling. The majority of private listings are resulting in sales within weeks.
But what if your ‘for sale’ sign is gathering dust?
Or perhaps you went to auction and your property is one of the 20% that failed to find a buyer.
These might be some of the reasons why
1. Unrealistic price
This is the big cause of failed home sales in a booming market.
Vendors who believe strong selling markets are opportunities to inflate your price beyond comparable sales are sorely mistaken. If the vendor thinks their property is worth way more than what the market dictates, then the property will sit on the market and remain unsold until the vendor is willing to ‘meet the market’ i.e. lower their asking price.
2. You listed for a certain amount and then put your price up
This still happens in a hot market as sellers start to get high offers and then they put the price up thinking that that can get more. This kills the sale; people begin to think something is wrong with the property. They are right, there is something wrong with the house and that is the seller’s expectations.
3. Poor presentation
An overgrown garden, flaking paint, filthy carpets, bathrooms and kitchens, empty or overcrowded rooms all contribute to the fact that potential buyers can’t, or don’t want to, see themselves living there.
Potential investors bypass it (the rundown home) too because rental potential while obtaining planning permits etc is low.
4. You’re unmotivated to sell
Do you know why you are selling? If not, you’re probably uncommitted to the sale.
Successful vendors will know their “love price” – “the point where a vendor’s desire and use of the money they’ll get from the sale outweighs their desire and usage of retaining ownership over the property.
If a seller has not got clear on their ‘big why’, which equates to being under-committed to the sale, or the price they want to make it worth their while to sell is above what the market is willing to pay, even in boom times their property won’t sell.
5. Photos – more woe than wow
You only get one chance to make a big impression when selling a home so scrimp on your photos at your peril.
In a crowded market, having fantastic photos is also very important.
You want buyers to prioritise inspecting your property over others open at the same time, and overseas buyers also shop on the internet so great presentation equals great photos.
6. No web profile
If your property is not online today how can it find a market of buyers?
Advertising and marketing are musts when selling homes and the days of a classified advertisement in the weekend newspaper bringing the masses – while still an option – is unlikely to find its target on its own.
The quality of the marketing of a property … is one of the six dynamics that influence a property selling or not, and for how much.