Why is my property not selling?

Why is my property not selling?

7 Reasons your property isnt selling

If you have been struggling to sell your property, you are not alone. Many people find themselves in this situation. The good news is that there are things you can do to remedy the situation. In this blog post, we will discuss five reasons why your property might not be selling and what you can do about it!

1. The property is overpriced

One of the most common reasons a property doesn't sell is because it's overpriced. This can be a difficult pill to swallow for many homeowners, who often have an emotional attachment to their home and believe it to be worth more than it actually is. However, putting a too high asking price your home from the outset is only going to delay the inevitable and end up costing you more in the long run. Potential buyers are savvy nowadays and will do their research before making an offer, so if your asking price is significantly higher than comparable properties in the area, they're likely to move on. If you're serious about selling your property, it's important to be realistic about what it's worth in today's market and adjust your price expectations.

What a lot of owners tend to want to do is start with a higher price, and lower it if they dont get the interest they want after a week or two of testing the waters. The way online marketing works is that you will have the most exposure and interest in your property when it first goes online. By the end of the first week interested has already drastically decreased and levelled off. If you started with a far too high price, you will lose the bulk of the interest your property will receive as the most people see your property at the start.

The best way to get a high price for your property is to have multiple parties interested. The way to do that is adjust your price expectations before the property goes online. Do your research, visit comparable properties in the area - see what people are asking for those and be realistic.
Price the property right for launch when most buyers are going to see it and want to act on it, hopefully securing the all important competition.

Knowingly pricing high at the start of your campaign will lose you buyers and buyer competition.

What can you do?

Price your property at a fair market value. This means pricing it competitively so that you will attract buyers. There are many online resources and real estate agents ready to help you to determine the right price for your property. It's important to be realistic and honest about your property's worth, and to price it accordingly. If you're not sure where to start , ask for help!

2. It's in a bad location

When it comes to real estate, location is everything. If your property is in a bad location, it's going to be much harder to sell. There are a few things you can do to try and improve the location of your property, but ultimately it's going to come down to price. If you're selling in a bad location, you're going to have to be much more competitive on price in order to attract buyers. 

What can you do?

One thing you can do to try and improve the location of your property is to highlight the positives. If there are any nearby amenities or good schools, be sure to mention them in your listing. You can also try and make the most of the property itself by staging it in a way that makes it look as good as possible.

If all else fails, you may have to consider lowering your asking price. It's not ideal, but it may be the only way to sell your property in a bad location.

3. There are too many similar properties on the market

As a seller, particularly when it comes to apartments - it's important to remember that you are not the only one selling a property like yours. There may well be other units in the building for sale at the same time, and if not there are literally tens of thousands of other very similar properties.

Apartments, for the most part, have very little to distinguish them from others. Views are the same, sizes are the same, layouts are largely the same. We sell a huge amount of stock where they purchaser hasnt even visited the property.

So how do you stand out from the competition?

You need to make sure that your property is priced competitively and that it is in good condition. Additionally, it's important to work with a real estate agent who has experience marketing properties like yours. By taking these steps, you can increase the chances of your property being sold quickly.

Our best recommendation for selling apartments is to sell by auction.

If you are purchasing an apartment and the building has 3 properties for sale at the same time. All are 2 bedroom apartments, all have the same layout, the same lookout, the same facilities, the same location. One is listed for sale at $599,000 and another for $597,000. The final one is listed for sale by auction. Would you put an offer in on either of the two priced options or will you wait the 2-3 weeks for the auction to see what that goes for? Auctions effectively freeze any other sale in the building.

4. The property needs repairs or updates

One of the most common reasons a property doesn't sell is because it needs repairs or updates. This can be anything from a fresh coat of paint to major renovations. If your property is in need of repairs or updates, it's important to take care of them before listing the property. Buyers are often turned off by properties that require work, and they'll be more likely to make an offer on a property that is move-in ready. Particularly with apartments, buyers are generally looking for ready to move in, low maintenance spaces.

You may not want to spend the money to make repairs or updates, but it's often necessary in order to sell your property.

What to do?

Ask your real estate agent who the most likely buyer is for your unit and what they tend to look for. If you're selling a property that suits a trader, they wont mind the condition but be aware traders buy low, tidy them up and sell them on for more shortly after.

If you're selling an owner occupier property it is likely preferable for the property to be in very good, move in ready condition. For an investor property, it should be in acceptable tenant livable condition so they have the option of putting tenants straight in to minimise vacancy. If doing works on a tenanted property you can choose slightly less expensive finishes than if you were selling an owner occupier property.

5. There is no clear marketing strategy

When it comes to selling a property, it's important to have a clear marketing strategy in place. This means knowing who your target audience is, what you're offering them, and how you're going to reach them. Without a solid marketing plan, your chances of selling the property are slim to none.

Your real estate agent should be able to help you develop a marketing strategy that will work best for your property. They should also be able to recommend the right channels to use in order to reach your target audience.

6.Presentation Issues

If your home isnt selling, there could be a number of reasons why. One possibility is that the homes presentation isnt up to par. This can mean anything from the homes curb appeal to the condition of the rooms inside. If potential buyers arent impressed by what they see on the outside, they may not even bother taking a closer look. Even if your home is in impeccable condition, poor staging or dated furnishings can make it feel small and uninviting. If you want to sell your home quickly and for top dollar, its important to make sure that its presentation is on point, however always consider who the purchaser will be before making any major changes.

For example, an investor won't be too bothered about the state of the property as long as it is acceptable to tenants, or already has tenants who keep it in decent condition.

• If you are selling your own house or apartment and it is more likely to be purchased by a family, consider:
  removing family photos

• fresh paint

• remove children's toys (fill the car before open houses or viewings and move it down the street)

• new carpet

• home staging (most stagers offer partial staging if just a few pieces are needed)

• switching agents (check your agency agreement first)

• new listing photos

• Deep cleaning

7. Find a new agent to represent you

Even if they haven't done anything wrong, it sometimes takes a fresh start or honest conversation with your agent, to renew interest in the property. Selling properties isnt something you do a lot, yet owners often thing they know better than their agent(who sells multiple every year) how to market and what price they should go in at. Sometimes you just need to do it your way to realise maybe they knew what they were talking about and you need to start fresh in order to do the job right.
The right agent can make a huge difference, introducing new buyer interest and moving would be buyers from other properties they have worked with to yours. Any time you switch agency you should be able to boost buyer interest by using the new persons pool.

Your new agent should have good knowledge of the current market conditions, of comparable homes and a good track record. However a new agent can generally only step in once the current agency agreement ends.

Your agent should show you comparable houses, where your property might sit in the current market and help you stay positive and remain positive throughout the process.

Need more help?

If you're not seeing any results with your current marketing strategy, it may be time to try something new. Talk to your agent and see what else you can do to promote your property including fully removing and restarting marketing. And remember not everyone gets along. Maybe you just need a new agent to reignite interest.

By following these tips, you can increase the chances of your property being sold quickly and for the right price. If you're having trouble selling your property, don't hesitate to reach out to a real estate agent for help. They will be able to give you more specific advice based on your individual situation.

If your home isnt selling, it can be a frustrating and confusing experience. However, by understanding the common reasons why homes dont sell, you can take steps to make your property more attractive to buyers. In many cases, making even small changes can be the key to success. So, if youre wondering why your home isnt selling, be sure to consider these five possible explanations.

If you're ready to act - give us a call and we can tailor you a plan to get your property sale back on track. 09 3030 601 | sales@citysales.co.nz