Advertisement
In a real estate market beleaguered by high inflation and repo rates, economic uncertainty and slow house inflation, selling a property has certainly become a more daunting task than ever before, with homes in many areas lingering on the market for longer.
However, while these macroeconomic factors undoubtedly play a role, experts within the property sector believe that there are also several common reasons some properties aren’t selling.
Although we have no control over the interest rate and current state of the market, there are several key factors that are within sellers’ control that can impact a home’s saleability and, by addressing them, sellers can enhance their chances of selling their home in a timely manner, even in these challenging economic conditions.
1. PROPERTY PRACTITIONER
One of the most important decisions you make when selling your home is the selection of your property practitioner, as having the right agent in your corner can make a world of difference.
The best approach is to interview at least two or preferably more agents in your area and make your decision based on factors such as their proven sales record and their experience in the local market.
Industry experts warn against picking the agent who promises the highest price (or the lowest fee) as, more often than not, this will prove to be a false economy — a good agent won’t massively discount their commission and won’t overvalue simply to win your business.
Advertisement
It’s particularly important in current market conditions, where uncertainty has grown, that you have a good agent that ensures that your sale is progressing right the way through to completion.
2. OVERPRICING
One of the most prevalent issues hindering home sales is overpricing. In a bid to maximise profits, sellers often inflate their listing price beyond the market’s tolerance; however, this is usually counterproductive and the most common reason for homes languishing on the market.
Conduct a comparative market analysis to accurately gauge your home’s value and adjust the price accordingly.
3. POOR PRESENTATION
First impressions matter, especially in real estate, and a property’s presentation can make or break a sale. Homes that lack kerb appeal or are cluttered and poorly maintained often struggle to attract buyers.
According to a survey by the Real Estate Staging Association, professionally staged homes spend 73% less time on the market than their unstaged counterparts so, even if you don’t hire professionals, take the time to invest in minor upgrades, declutter and enhance the kerb appeal of your property.
4. UNADDRESSED ISSUES
Hidden defects or unresolved issues can be major deterrents for buyers. Whether it’s a leaky roof, outdated plumbing, or structural concerns, overlooking these issues can sabotage a sale.
Research from HomeLight indicates that homes with major issues typically sell for 10–20% less than their counterparts in good condition, so prioritise necessary repairs and consider conducting a pre-listing inspection to identify and address any potential red flags proactively.
And if you don’t have the budget or time to address certain issues, then its important to disclose issues. Not only will you save yourself potentially costly legal headaches down the line when the new owners discover issues that weren’t disclosed, but transparently disclosing known issues will foster trust with buyers and prevent deals from falling through later in the process.
5. INFLEXIBLE TERMS
In a competitive market, flexibility is key. Stubbornness regarding terms such as the transfer date, contingencies, or negotiation can deter otherwise interested buyers. Remaining open to reasonable offers and accommodating buyer preferences can facilitate a smoother transaction and increase the likelihood of a successful sale.
This includes flexibility regarding viewing times: if your property is unavailable, potential buyers will look at other homes and may end up putting in an offer on another property before they have even viewed your home.
6. THE PHOTOS AREN’T GOOD ENOUGH
Another problem can be that the photos of your home online are not up to scratch. Most buyers begin their search online and will be faced with dozens of listings within their search parameters and you need standout, high-quality images in order to be noticed.
Presentation is key and this starts with your property’s photos, and using the right online platforms.
The photos should be presented as a ‘walk-through’ of the property, highlighting key areas or unique offerings. Include exterior and interior photos. If you have a pool, open the cover and make sure the debris is removed. Self-reliance is an important aspect, so include any energy or water management. Smart devices and fibre connectivity add value to the property. Any additional security features should be highlighted.
In a market characterised by uncertainty, proactive measures can make all the difference in achieving a successful sale.
