When trying to sell your home, it’s good to remember that a house sitting on the market for too long can end up working against you. In this post, we cover the benefits of selling a house quickly and limiting the consequences and cost of having stagnant listing.
When a house sits on the market for months or even a year or more at a time, it usually becomes harder & harder to sell as it drops down the list of available properties being viewed by prospective buyers. When it sits stagnant on the market for an extended period of time, people begin to assume there’s something wrong with it. Even if it is great shape, properties that sit on the market for a long time often become overlooked. On listing sites such as https://www.realestate.com.au/ & https://www.domain.com.au/, prospective buyers often notice price changes and how long properties have been on the market. Especially in their targeted suburbs. Repeatedly dropping your price can give people the impression that you’re eager to sell & if they offer a lower price, you will accept. Below, are a few insights as to why your house isn’t selling and what you can do about it.
Why It’s Not Selling
Priced Too High
If a home is priced too it won’t get as much attention. The listing will slowly make it’s way down the list of properties on the market marking it less visible so even if you drop the price to something more reasonable, you won’t have as many prospective buyers seeing the listing. In a falling market, some sellers who initially price their property too high can find themselves slowly lowering their asking price & chasing the market as it falls.
Bad Photos or Description
Any aspect of a bad listing or advertisement can make people bypass your property in search of something that looks and sounds more appealing. Quite often, you will see a listing with bad or limited photos. Taking the time to clean the clutter out of the house and ensuring there is a lot of light in the photos and hiring a professional photographer can also go a long way to ensuring a successful listing. Paying a little upfront often makes a big difference in how much attention your property receives. Also ensuring the description is written to highlight the positive features of the house without leaving anything out can make it appeal to more people.
Dark and Dreary
When people come to view the house, they shouldn’t feel as if they are in a cave. Open all the curtains and let in as much light as possible. Your prospective buyers will feel more comfortable in an open space as opposed to a confined and dark area.
Major Repairs Required
Some lenders won’t approve a loan to buy a property that’s in need of major repairs. If your property is run-down or needs a good amount of cosmetic work, dealing directly with a property investor could be a good alternative.
What A Stagnant Listing Is Costing You
The longer your listing sits idly, the more the house ends up costing you for continued expenses such as water rates, council rates, building insurance and mortgage repayments if the property is not paid off. The time and money you put into getting the house ready for marketing & home opens should also be taken into account.
What You Can Do About It
Some people in Perth and across the country are opting to sell their homes to buyers & investors directly. The process can free them from commissions, repair costs & marketing costs. The flexibility that some real estate investors can offer through strategies such as joint ventures and option agreements can provide home owners with more choice and reduce the upfront costs of having a property sit on the market for extended periods of time. By working with some property investors, home-owners may be able to reduce or even eliminate the cost of preparing their properties for sale. In some circumstances where value can be added to the property through renovating or subdividing, owners can save money and time or even end up with more profit at settlement. Whether it be renovating a house that has been trashed by tenants or having their debts paid before the property is sold and settlement occurs. At My Property Options, we can make an offer on your house very quickly & there is never any obligation to proceed. If you have tried to sell in the past without any luck, or if you simply want to sell without any cost or waiting, explore your property options & consider an offer from us.
Another thing to reduce the probability of your house sitting on the market and not attracting buyers is to set your asking price in accordance with what other comparable properties are selling and being marketed for, possibly even slightly lower. Doing so can give you a good chance of attracting as many potential buyers as possible & possible even create a bidding war which could not only see you fetch a good price, but sell your house quickly and reduce the cost of having a stagnant listing.
If you decide to relist the property, you may decide to do things differently the second (or third) time around. Investing in a professional photographer, videographer as well as having the property styled & paying for the featured or upgraded online listing will go a long way to ensure you quickly get your house in front of as many people as possible.
Set The Price Right From Day One
Nothing can destroy a great listing faster than an unrealistic price. People will immediately assume the house is out of their price range or that you haven’t done your homework. Either way, your listing won’t be taken seriously. By pricing it right from the start, you’ll have a better chance of attracting prospective buyers and selling the house in as fast as possible.
Do you have a house you want to sell in the Perth area? Whether you’ve tried to list the home in the past or not, we may be able to provide you with an offer that could help you avoid the waiting, hassles, and costs of a stagnant listing. Contact us to find out if we’re able to provide an offer for your Perth house that’s right for you!
Want to sell your Perth house without the fear of a stagnant listing? Contact us today for more information or to consider an offer from us!
- The information provided above:
- Is of a general nature only;
- Does not take into account your particular financial needs:
- Does not constitute an offer to subscribe nor does it contain recommendations or advice.
- You should seek independent legal and financial advice before making any investment decision or otherwise acting upon information contained above.