What to do If Your Property Doesn’t Sell
So, you’ve made the challenging and emotional decision to sell your home? Despite being a structure of bricks or woods, those walls likely hold a mass amount of memories for you and your household. People decide to sell a property for a number of reasons – maybe you need to move for work or school, or you want to downsize or up size, or you simply want a change of location.
It’s not always easy and straightforward to sell a property, so it’s important to have a solid support network of professionals to assist you with logistical issues. This network includes a real estate broker and, importantly, a property conveyancer. However, imagine this: you’ve made the monumental decision to sell, you’ve put in the hard yards to prepare your property for sale, you’ve engaged a real estate agent and listed your property for sale … weeks go by, and it doesn’t sell! Despite this being a very normal experience, it can be disheartening, and you need to know your next steps. Here’s what to do.
This isn’t an actionable tip but an important reminder to keep your mindset in a positive space. Selling your home is an emotional process for many people, and spikes in emotions can make you take rash and spontaneous decisions that could have a long-term negative effect. Even if you expected the process to go smoothly, and are now struggling, trying to stay positive will benefit you and will help to make all future interactions with potential buyers and professionals go well.
Another mindset that’s important to have is to be flexible. Don’t be dead set on anything because selling a property rarely goes 100% to plan. As much as possible, cater to buyers who may need to view the house outside the set house inspections. Go into each interaction with an open mind because, even if you don’t get exactly what you initially wanted, you may still make a great sale that provides you with a profit.
Reprice your property
There’s a current housing boom, and many Australian properties are selling for well above their market value or asking price. This may mean that you feel like pricing your home above its initial evaluation. This could result in a great result and profit for you. However, this is not always the case, and sometimes properties that are priced too high will not garner as much interest from potential buyers and therefore not sell. Your property price should be a true reflection of the value of your property: the house itself, the yard, and the area. If you’re a fan of real estate shows, you’ll know about the overpriced 75-million-dollar home on Selling Sunset that has been sitting on the market for over a year. If you price accordingly to market, you’ll have a much better chance of selling your property. You need to contact property conveyancing Brisbane and get expert advice.
Renew your advertisements
If your house is not getting much interest, it can be a good indication that your advertisements are not doing their job. A large part of selling your home is marketing – there are so many houses on the market at any one time, what makes yours unique? Why should buyers attend your open home instead of other places? Your agent should be able to provide goals and deliverables on your advertising campaign, e.g. how many people have viewed your property, expressed interest and made contact from your ad. Make sure that your advertising is correctly highlighting the best feature of your home. Go comparison shopping to see how similar houses to your own are presenting themselves on the market. It may require you to get a new set of professional photographs taken and possibly hire a copywriter to help write an engaging description of your home.
Re-stage your property
If your house is not selling the way it is, it could be time for a makeover! Get an opinion from your agent or a professional property stagger about what is and what’s not currently working with your property. You’ve lived in your house for however many years, so it can be difficult for you to take an unbiased view of what might be potentially off-putting to buyers. The kerbside appeal makes a big first impression, so make sure your fence, garden and the front of your house are all clean and well-maintained. If you have a strong personal style inside your home, it might be worth toning it down a little. Buyers want to feel like they could live in a home, so loud prints that aren’t their style may put them off a house. If your budget allows, look into minor renovations that could improve the appearance and value of your home.
Consult an expert
Selling your home should never be a task you take on completely solo. You need to have someone in your field that is experienced in property trends and rules. Engaging a knowledgeable and trustworthy property conveyancer will give you a deep well of information to dip into and a great support person to have when you’re facing trouble. They can assist you in providing well-researched market advice, as they have helped hundreds of other people in your situation to sell their homes. If your house is not selling due to pre-existing issues such as an encumbrance, your conveyancer will be able to talk you through your options to get this amended or removed. Your property conveyancer will also help you write up a fair contract that is more appealing to buyers while still giving you the best return possible.
Take a break from the market
Sometimes, it’s just not exactly the right time for your home to sell. Certain areas and styles of home can be affected seasonally. For example, a home in a beach area will have a higher chance of selling during summer and may struggle to garner interest during the colder months.
Having your property sit on the market is never a good look. Buyers may begin to suspect that something is wrong with it and start to avoid it on purpose. Take a break and give your house some time to breathe. Perhaps fix some things up and consider changing the advertising, as elaborated in our earlier points. When you re-introduce your home to the market in a few months, you may have a whole new pool of buyers!
If you’ve tried all the options above and are still unsuccessful, it might be time to look into renting your home. This is probably not ideal for many sellers, but if you need to move within a time limit due to starting a new job or school, you might not have a choice. A renter will be able to give you money to cover the mortgage, so you’re not overloaded with bills. With renting comes a whole host of other responsibilities, of course, so this will likely be your last resort. It’s not everyone’s dream to be a landlord! However, consider this as a temporary solution to a long-term problem. Who knows, your tenant could fall in with the property and end up wanting to purchase it from you.
For expert property advice, contact the Jim’s Property Conveyancing team on 13 15 46. They’re based in Brisbane and Melbourne and are eager to help you sell your home.
You need to contact property conveyancing Melbourne and get expert advice.