With the current level of demand for real estate in major cities across Australia, it might seem like any structure with four walls and a door will sell the moment you put a “For Sale” sign out the front.
However, there are always properties that struggle to find a suitable buyer within the seller’s expected timeframe. Identifying why your home isn’t selling involves a few enquiries, but when you’ve discovered what’s causing the delays, it can make a world of difference.
Some common issues that may limit your home’s appeal to potential buyers include:
Overpricing
Before listing any property, it’s critically important that you research what your property is worth. A reasonable price range can generally be determined through a property appraisal, which is provided by a real estate agent. However, if you’re receiving indications that your home is overpriced, a property valuation – which can only be obtained via a licensed and qualified valuer – will help you confirm the value of your property.
Buyer’s market
The real estate market will naturally fluctuate over time. The ratio of active buyers versus properties for sale is always shifting to some extent.
However, at times the number of properties on offer can heavily outweigh the number of people looking to buy (and vice versa), which leads to what is called a ‘buyers market’. Simply put, buyers have a much greater number of properties to choose from in this situation, so any given property will need to compete strongly against similar properties in order to secure a buyer.
Selling method
When selling a property, there’s always a choice to be made between going to auction or selling privately. This isn’t a decision that should be rushed.
In a recent blog post, I outlined some of the pros and cons of private sales. Likewise, there are benefits and costs to property auctions and it’s important to consider whether or not an auction is the best way to go in your circumstances.
Consumer Affairs Victoria has a terrific overview of the criteria to consider when choosing how to sell your home. Additionally, Paul Merrick from The Real Estate Conversation summarises the pros and cons of both methods very well in this 2019 article.
Appeal
Even when demand for real estate is high, if a property lacks appeal it may be challenging to find a suitable buyer. You should always ensure that you’re optimising the appeal of your home to potential buyers. It should also be one of the most enjoyable parts of selling the property!
As Erin Delahunty explains in this 2021 article, “every impression matters” when presenting a property to prospective buyers. Even when competition for property is strong, everyone wants their new home to be one filled with warm impressions and lots of inspiration.
Looking to sell your home in Melbourne and want to ensure you get the best possible outcome? Talk to me about how I can help you sell your home.
Ask about our Vendor Advocacy Service, where we provide you with trusted impartial advice and WE MAKE IT EASY to protect your interests through out the entire selling process – at NO ADDITIONAL CHARGE to you!
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