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House not selling? 6 reasons why houses often fail to sell

Selling Your House

MyPropertyLife 24 Jan 2017

house-not-selling.jpgOnce you’ve made the decision to put your house on the market, you’ve probably already started planning what you will do once it sells.  So what happens if you wait, and continue to wait for the house to be sold, but nobody makes you an offer? We outline 6 reasons why your home might not be selling.

1. Comparatively priced

Of course this is the first thing you will look at - as nobody is going to pay more for a house than its value (or perceived value). It can be difficult to get right, especially since vendors typically want more for their home than what buyers are willing to pay, so this is where the experts come in. If you haven’t already, get in an independent valuer who can give you an honest answer on what your home should be on the market for.  

However it might not be a case of just dropping the asking price, as it could be that your sale strategy isn’t right for the market. Speak to your agent about a range of options - like offers over, price on application, providing a range, going to auction, or setting a specific price.

 

2. The photos aren’t right

Photos are typically the first look potential buyers get of your property and if it doesn’t catch their attention straight away, then you have probably lost them - especially if there is plenty of stock on the market. So photos are critical to get right. To often people forget that they need to market more than a house, they need to market a lifestyle. Their is a science to getting the right photos, which includes everything from choosing the right time of day for the shoot, to the best angles, to deciding on the focal points that will most appeal to your target market. 

 

3. A poor first impression on inspection

House not selling? Never underestimate the importance of making sure the front of your property looks as good as it possibly can so that potential buyers have an immediate positive feeling when they arrive - a tidy garden, easy access to the front door, clean exterior, new doormat (yes, these can all make a big difference).

A good way to understand why your property is attracting people to the homes, but not producing any offers, is to make sure your agent following up with everyone that comes through. This includes asking them what they liked / didn't like about the property and what they perceive the property to be worth. Once a week your agent should be presenting you a full report on the open home performance, showing this feedback, as well as their recommendations based on this. 

 

4. It’s been on the market for too long

There is something unnerving about a property that has been on the market for a long time - it makes people think there is possibly something wrong with it. It is also basic psychology that we often want what other people have, so if no one seems to wants your house, then unfortunately it may put everyone else off. It may be a good idea to take it off the market, refresh the look, or simply rethink your approach, and start again in a few months time to meet a new set of buyers.

 

5. You’re not meeting the market

Just like anything that is for sale, there is a target audience for whom the product is perfect for - your home is no different. So if you don’t have an accurate picture of who is likely to be the buyer of your property (an investor, a young family, a retired couple) then you will struggle to attract them to view the property, or make an offer.  

 

6. You’ve got the wrong agent

This could be a difficult one one to call, but if you haven’t had any success with selling your home then you need to have a think about whether you have the best agent representing your property.

Did you screen them before you chose them originally? Are they experts in selling homes in your neighbourhood? Have they offered you a reason as to why your house hasn’t had a lot of interest and offered you practical recommendations to try and overcome this? These are all things you need to ask yourself, as unfortunately not all real estate agents are created equal.

 

House not selling? Download our free guide for useful tips and information on preparing your home for sale. 

 

A Guide on How to Prepare Your Home for Sale

The information provided by MyPropertyLife is general and is not intended to serve as advice. Please see our Disclaimer for further details.