A slow sale is definitely up there with a seller’s worst nightmare! Aside from the frustration of not being able to sell your property, homes which remain on the market over an extended period of time can often result in some negative publicity, leaving potential buyers to wonder if there is anything wrong with it.
So can you avoid a slow sale? Though you can never be 100% confident your property will sell quickly, there are certainly strategies which will give your property the best chance!
Be strategic with your asking price
Usually, if a house has remained on the market over time, it could be that it is overpriced. Pricing a home can be a very, very difficult process. The selling market can easily be misjudged causing potential issues for your home throughout its life on the market. Generally, pricing is the number one reason a home stays on the market for longer than it needs to be.
If you are serious about selling, it is time to be realistic with price expectations! It is best to use the power of price to influence and attract a wider audience otherwise your property could be left with limited interest from potential buyers over time.
However, if you are struggling to sell but can’t afford to compromise too much on your asking price, maybe you should consider auctioning your home. Auctions often prove particularly useful for homes with unique features that are more difficult to set an appropriate price for.
Watch the market
A slow sale could also have a lot to do with the state of the property market as the time you choose to sell. If it’s a buyer’s market, there will be plenty of stock available for sale with keen buyers ready to find their perfect property. While this is great for buyers, as there is a lot of choice available to them with opportunity to negotiate price, it is not so good for sellers.
For sellers, a buyer’s market is not favourable, while there is keen buyers, there is also a lot of competition up against your home. Sellers need to be very cautious of their approach to selling in this case – make sure to list at a realistic price and market efficiently to help meet current market expectations.
Therefore it is best to do your research. Keep up to date on what is happening in the property market and make sure you list your property at a time most favourable to selling.
What does your home offer?
Homes that have extraordinary design features can often be noteworthy but are they in high demand? While they might compliment your family dynamic, they might not be everyone’s cup of tea.
While it is true that there is the right buyer for every home, homes with unusual features could potentially take longer to sell. It is up to the seller to decide whether they would like to remain on the market and wait for that perfect buyer, or rethink their selling strategy.
If you think your home may have an undesirable feature, a simple renovation or landscaping can completely change the appeal of your home, attracting more potential buyers to your property.
Marketing your home is one of the most important factors to consider when selling a property. Once you have scoped out the property market and deliberated what appealing features your home has to offer, you are ready to think about marketing it the right way.
A real estate professional is the best person to consult when it comes to ways of strategically highlighting the benefits of your property. They will be the first point of contact as you work on deliberating a considered marketing campaign to best showcase your property.
Through adequate and tactical photography of the home’s exterior and interior, virtual tours, adequate signage and print advertising, potential buyers will be made aware of the features of your home, making them increasingly aware of what your property has to offer.