Why is my house not selling?
If you are asking yourself this question, check your state Real Estate Industry website to find out the average time a property is on the market for in your area before it is likely to sell. For Victoria it is here and Perth is here.
When your home has been on the market for over 30 days and offers have not been made, it’s time to make some changes to reignite your marketing strategy. When a home spends too many days on the market, buyers interpret this as a negative quality signal and start speculating what flaws the property might have.
It is usually after the 30 day mark when buyers start asking ‘what’s wrong with it?’
From my experience, the longer a listing sits on the market, the more the sale price seems to become up for negotiation and often sells well below expectation.
When your house won’t sell, what are your options?
Here are 7 possible causes and how to fix them.
1. The price is too high
Pricing a property too high is the most common reason a listing doesn’t sell. The price you have in mind for your property may be too ambitious, if you consult a top real estate agent, they should be able to tell you honestly and without hesitation if your asking price is too much.
How to fix?
The simple answer is listening to the feedback your getting from your agent and people coming through your property at open home and consider a price drop.
It’s no fun to realise your property isn’t worth what you thought it was however it’s even less enjoyable having to settle for a ridiculously low offer because your property has been on the market for over the market average.
2. Odd duck
Sometimes, though not often, a property may stay on the market in excess of 30 days because it has features that make it difficult to find the right buyer.
How to fix?
Selling an unusual home requires a different marketing strategy and an agent that specialises in unique homes or has a knack for thinking outside the box.
3. Your staging is bad (or non-existent)
Staging your property for sale is super important and styling it to suit your property’s character or vintage is even more important, for example, if your home is ultra-modern a stylist that specialises in this type of furniture is better suited to your needs. Whereas if your home has mid century appeal, a stylist who stocks this kind of furniture would be best.
On average, styled homes sell 87% faster than non-staged homes and for up to 12% more.
Why? Because human beings are visual creatures and find it difficult to envision a room’s potential when it is vacant or crammed with too much stuff.
At the same time, poor staging can fail to showcase your homes best features or not fit the style of the home which can make a buyer loose interest because the property doesn’t look quite right.
Property styling is more than just decluttering and furniture, it is about fixing things that distract potential buyers from your amazing home.
How to fix?
Read the above article as a starting point.
Hire a professional Property Stylist if this is out of your budget, consider investing in just a Presale Consultation. Work with a top agent.
I can understand you may not want to spend a lot of money fixing up your house for selling purposes, but certain upgrades and fixes can add significant value and achieve a quick sale.
4. Your curb appeal is lacking
External styling is often overlooked however first impression counts so make sure not to forget your curb appeal.
A facade that looks tired and lack lustre will turn people off. When you are asking for top dollar the last thing you want buyers to think is “renovators delight”.
Property styling and curb appeal go together, only focusing on one aspect of your home will inevitably bring the other down. Don’t believe me? The statistics don’t lie.
5. Your photography isn’t professional enough
95% of potential home buyers start their search online, as a prospective home buyer, I am part of that statistic, when I’m looking online there are so many properties to look through I need to narrow it down somehow and one of the primary ways I do this is by ignoring listings that don’t have great quality images.
How to fix?
Hire a professional photographer that specialises in real estate images. Usually your real estate agent will organise this service for you, so it is your due diligence to ensure the photographer selected is top notch by asking to see some portfolio shots.
If your property is being re-marketed there is every chance your Stylist has a photographer and may be willing to let you use them at no cost – this will save you hundreds of dollars again towards your agents marketing fees.
6. Your ignoring specific problems
Every buyer that walks through your property can provide you with valuable information about your home, even in a hot market a house may not sell for a plethora of reasons, so getting that feedback from buyers is extremely important.
Asking questions like ‘what’s wrong with this home? What would need to change to make you want to buy it?’ Getting the same response from multiple people will reveal your problem.
How to fix?
Once you know what the problems are you can fix these issues.
7. You’re getting bad advice
Everything on this list can be prevented by working with a top agent. A great agent that is worth their commission should be honest and upfront about everything from the real value of your property to encouraging you to invest in a Stylist and maintenance of your gardens, there is no cookie cutter solution to marketing a property and your agent should be on top of that, as well as asking buyers questions, following up and responding to feedback.
How to fix?
Ensure the agent you have chosen understands your location well and or is a specialist at selling your unique home.
It’s not too late to get that home SOLD.
You don’t have to feel stuck with a home you can’t sell.
With the right advice and some adjustments there is no reason why your property can’t sell.
Sometimes taking your home off the market whilst you make a few changes and then relist can be the best thing and start fresh with a new agent, if necessary.
Don’t hesitate to get in touch with us to book a consultation to discuss your presentation requirements or to obtain a obligation free quote here.