Why Hasn’t Your House Sold?
30 September 2014 Badenoch Real Estate
A house should always sell in a reasonable time frame or its price is likely to drop as it becomes stale and over exposed to the market. If you think purchasers are losing interest in your property, you need to do something – fast! Start by looking at the five most common reasons houses linger on the market and see if any of them could be holding up your sale.
1. The price is too high.
When the price is too high, purchasers move on to other properties that have the same or similar features for less money. Ask your agent if this is your problem. Are other similar properties attracting offers?
2. It’s a good house but it’s dirtier than average or poorly maintained.
Sadly a property where cleaning has been neglected for years – even if it’s in good condition- is not the same as other similar age properties down the road that have been looked after well. Sometimes items such as blinds are beyond cleaning and have to be replaced. If the oven, for example, has not been kept clean, it may have to be replaced or require a lot of time to restore to its original condition even though it is only a few years old. Has the garden become overgrown with weeds? If so, these and any other similar items need to be attended to or the selling price changed to reflect the cost involved.
3. The location is unpopular such as on a highway or on a railway line or impacted by industrial or aircraft noise.
In this instance the price is the only thing you can change to attract purchasers. The location is fixed!
4. Is access to the property working?
Are you or your tenants putting too many restrictions upon inspection times? It’s not hard to see that although there are five reasons listed above, many of them come down to money or price. Even totally derelict houses riddled with termites sell too – when the price is right.
5. Maybe the listing agent is not doing a good job.
While it is possible the agent is not doing a good job – and this needs to be assessed – it would be a shame to make this assumption without looking at the facts. Be realistic – are the above 4 issues being addressed?