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You’ve zhushed your house all you can, the renos have been done, the place has been spring cleaned and you’ve made sure everything’s in place for the big sale. So why isn’t your home selling?
After a few weeks on the market, you might start to feel a little lost and deflated. You might question what’s happening with prospective buyers – why can’t people see the same value in this place that I once did?
Really, what you should be questioning is what you are doing wrong. But that’s not always a straightforward, easy question to answer.
So, to break this down for you we’ve identified six of the biggest reasons why your home may not be selling:
1. You’ve got an unrealistic asking price…
This is perhaps the most common culprit for a house not selling. We often don’t see our homes clearly for what they are, and this is because we’re often attached to them in very personal, sentimental ways that are impossible to portray to others. But the reality is – your house is only worth what people are willing to pay.
If you’re the one setting your price you really need to take a step back and re-evaluate.
When setting a price for your property, it’s best to go with the advice of a specialist. Real estate agents will always try to achieve the highest result possible –if nothing else, this is largely because of the financial incentive for them. They will do the research, they will do the negotiating, and they will allow you to put your property on the market with the best possible price tag.
2. You’ve got poor quality photography…
It’s very tempting to DIY your property photographs on your smartphone. These days, phone camera quality is good – but it’s simply not good enough for something as important as selling your home.
You want your property to be presented in the best way possible, and low-quality images will speak volumes about the quality of your home.
Professional photography is relatively inexpensive for the results it delivers. The photographers are well-versed in positioning, staging and lighting techniques which will make your job that much easier and your sale that much more imminent.
3. You’ve hired the wrong agent…
If you truly believe that all your ducks are in a row, perhaps you should ask yourself if your real estate agent is really working for you. There are plenty of quality agents out there, but if you find yourself stuck with on that doesn’t have the time, or expertise to make the sale happen it could be the reason your home isn’t selling.
As a good rule of thumb, it’s always best to pick an agent that you’d want to buy a property from. A good rapport with locals and a friendly and approachable nature are important qualities to look for in a real estate agent.
4. You’ve got poor presentation skills…
Visual appeal is undoubtedly the most influential factor for buyers. Maybe you’ve put your house on the market but refrained from doing those odd fix-up jobs, or failed to clean your home properly? Perhaps you know your furniture is extremely dated and unflattering within the space or simply haven't bothered to mow your front lawn? All you’re doing is self-sabotaging your chance of a sale.
It’s not always a fun time taking care of the odd jobs around your home, especially when you’re not the one that will be benefitting from them – but if you want the financial reward of a home sale, you need to give your property a healthy dose of TLC first.
5. You’ve got inadequate marketing…
These days, an ad in the newspaper simply isn’t going to cut it. Your home needs to be front and center in the places that prospective buyers actually go to do their research. For you – that means online property listing portals such as realestate.com and domain.com. In addition to this, your property will need a marketing campaign including online promotion and letter-box drops.
If that sounds like a lot of work to you, a great real estate agent will be able to take care of all of this for you for a fraction of the time and effort you’d spend doing it yourself.
6. You’re experiencing a slump in the market...
Sometimes the reason your home isn’t selling is because of reasons entirely out of your control. It’s perhaps the most infuriating reason because there’s not a whole lot you can really do about it. Selling your home in the middle of a slump forces many people to drop their prices dramatically, which is not ideal.
To protect yourself in this situation, never buy before you sell and work on timing the market. This means being aware of how many similar homes in your area are currently on the market and if possible, waiting for those figures to drop before you decide to sell.