Why your property might be taking longer to sell
Ideally, every property seller wants a quick sale. We’d all like to imagine our home would be listed on the real estate portals and within a week, the offers would be streaming in to purchase that home.
But that’s not always the case, and sometimes properties take longer to sell than you might have hoped.
So why might that be the case and what should you do?
Days on market
The length of time between when a property is listed for sale and when it is under offer is known as days on market.
And the past couple of years have seen this metric sitting quite low. Why? Because people have felt comfortable borrowing money, appreciated the value of property, and have been keen to get in before prices rise any further.
That’s seen the demand for property skyrocket, with more buyers than sellers in the marketplace.
However, a series of recent factors, including tightened lending criteria and higher interest rates, have seen this stellar run come to an end.
That doesn’t mean people aren’t buying or selling property for good prices, it just means they might be taking longer to sell.
If you’re finding that’s the case with your property, here’s where the issue might lie…
It’s not priced correctly
Price is often the first thing that piques a prospective buyer’s interest. After all, they have a set budget in mind and the property price point often forms part of their search criteria.
That’s why it’s critical to price a property correctly from the outset.
Price it too low and it won’t command the value it deserves, price it too high and it could deter your ideal buyer.
Wrong marketing campaign
In order for a property to sell, it needs to be positioned in front of as many potential buyers as possible.
This is where the marketing campaign comes in. Potential buyers need to be alerted that your property is on the market, and they need to find it in the places they regularly visit.
That might be a real estate portal, via email alert from an agent, in a buyer’s social media feed, in the newspaper or courtesy of a brochure in their letterbox.
There are a host of different ways to market a property, but it’s all about getting it in front of the right type of buyer.
Lack of street appeal
Once a buyer knows a property is for sale, they often drive past to ‘check it out’. This is why street appeal is crucial.
The house should look well-kept, inviting and prompt the potential buyer to take the next step of inspecting the property.
Too many similar properties in the marketplace
Real estate is a marketplace like any other and is driven by supply and demand. If there are lots of similar properties on the market in the same area at one time, the buyer has a whole lot more choice.
That means you home might take longer to sell than you had hoped, with other properties all vying for buyer’s attention.
What to do
If your property is taking longer to sell than you had expected or hoped, it pays to talk with your agent about all of the above.
Alternatively, you might like to seek a second opinion about the price of the property and how it’s being marketed.
Looking to buy or sell?
If you’re considering buying or selling a property, why not chat with one of our friendly Eview agents on 1300 438 439?
You can also view our list of currently available properties here.
