Reasons Your Home Isn’t Selling
Many an Agent has met a vendor whose confusion and frustration is palpable as their house languishes on the market weeks, sometimes even months, on end. There are several key reasons as to why this can happen and none are overly complex. We’ve covered the main ones below and how to avoid this occurring in the future.
Is it possible that the price you’ve listed your home at is simply too high? It’s understandable that you value your home and feel it’s worth in the listed price market but a key lesson to remember is that your home is only worth what someone else is willing to pay for it. Buyers also lack the emotional attachment you have to it, and they’re going to be directed by the market itself and their own budget rather than being swayed by the home you’ve painstakingly built over the last 20 years. Monitor auction results in your area of comparable homes to see if the price you’ve chosen is outside what the market is dictating and speak to several agents in the area who are, ideally, selling a home similar to yours and can speak with authority on what it's really worth.
- The Agent
Homeowners can often make the mistake of being wooed by Agents who are willing to slash their commission fees or budget priced services which offer a fixed price fee for service rather than the percentage structure most Agents opt for. You get what you pay for, so if you choose to pay a $5,000 flat fee, then that’s the level of service (and experience) you’re likely to receive. Peruse the local paper, making a note of Agents with multiple properties. Pose as an interested party and meet them at their Open Homes to gauge their level of expertise and professionalism and go see them in ‘Auction Action’ to see the types of results they're producing for their sellers. Always do you research in this area as having the right Agent working for you is directly tied to the outcome of the sale.
- Poor Presentation
If you’re thinking of making a move, now is the time to spend some time and energy on spruiking your home to get the most bang for your buck as poor presentation can severely affect the quality of the offers your home is likely to receive. The most obvious options are often the most effective so think about adding a fresh coat of paint, decluttering, half-emptying the wardrobes and tending to the garden. Home stylists are often used to great effect as they’re able to bring a fresh pair of eyes and present your home in its best light.
If you’re failing to attract buyers to Open for Inspections it may be because the photos you (or your Agent) are using to sell it, are not doing it justice. Photography is critical in the selling process as the photos will determine the quality and quantity of buyers who will visit the inspections. Ensure the photos have been taken by a professional photographer and that they capture your homes best assets. If there’s something unique about your property, ensure it’s included and even consider adding a video so buyers can feel like they’re walking through it in real time online.
Any, or all, of these mistakes can derail a sale so ensure you spend the required time tending to these issues before they arise. The longer your home remains on the market, the less attractive it becomes and the more bargaining power buyers have, so make sure you remain in the driver's seat by over preparing at the outset.