When selling a property there can be nothing more frustrating than watching it sit on the market for an extended period of time. As most properties are the closest to being sold just after they have been listed when buyer interest is high, it is definitely worth looking into the situation if yours has been languishing for awhile.
There are a variety of factors that can affect whether a home sells, including how it is priced, how it looks and the way it has been advertised, as well as general market conditions.
Price
Price is arguably the most important factor when it comes to selling a property. In the words of Century 21 Australia Chairman and Owner, Charles Tarbey, if you can't sell a listing today, then realistically it's just a home on display. And to sell a home today, it needs to have a reasonable and saleable price.
If you are asking too much for your property, you risk immediately losing the interest of prospective buyers who are willing to pay what might actually be more of a reasonable pricing expectation. Too high a price also puts your property in competition with others on the market that are actually worth more, as opposed to competing with similar properties.
Marketing
Many people feel uncomfortable about spending large sums on marketing and advertising a property in print publications and online. However when it comes down to it, no matter how fantastic a buying opportunity your home is, nobody can purchase it if they don't know it is for sale.
Experienced real estate agents will know how much and what forms of marketing are needed to achieve a good property sale.
Presentation
In many cases, buying a property is a highly emotionally driven purchase – some buyers like to be able to see themselves living in a home. A property that is well-presented makes this emotional connection much easier for prospective buyers to achieve. All this often takes is a good decluttering and clean, and perhaps a fresh coat of paint.
Market conditions
When a market is slow and properties aren't selling quickly, buyers often have an advantage as they are not under strict time pressures and can wait for advantageous purchase opportunities. In this instance it is very important for your home to be in high demand, which will create a sense of urgency for buyers. To ensure this demand, the property needs to be well priced and presented.
It is definitely not ideal for a property to sit on the market for an extended period. If this has been the case for your home, try to identify why this has occurred and develop a strategy to overcome it.
If you wish to speak to an experienced real estate agent about why your property isn't selling, please feel free to stop in at any of the Century 21 offices around Australia.