Downsizing might seem like a great idea, but what do you do if your property doesn’t sell?
Downsizing is a popular option for releasing some of the equity that is tied up in your home, but the past 12 months has seen a decided downturn in the property market, and many vendors are finding it difficult to get the price that they want for their properties.
A lack of interest does not mean that your property will not sell, but it may signal that you need to adjust your expectations and approach.
If your property has been on the market for too long, here are some things to consider.
Revisit your advertising
You only have a few seconds to grab the attention of a potential buyer, especially if they are looking online or on their smartphone. So, the more eye-catching your advertisement is, the better. When you look at the ad for your property, how does it compare with the surrounding advertisements? Does it look dull or lifeless? If so, consider taking new photos and creating a new advertisement. You may also want to consider advertising in different media, using either online or print advertising or both, and by distributing flyers and placing signage on your property.
Review your pricing
If your property is priced too high, this can be the key reason for the lack of buyer interest. Researching and comparing other properties will help determine whether your asking price is in line with the rest of the market. Just make sure that you are comparing similar properties as close to your location as possible to ensure your pricing remains realistic.
Postpone the sale
This option isn’t available to everyone, depending on your circumstances, but it is possible that you have entered the market at a bad time. It certainly isn’t the heady property market we remember from just a couple of years ago anymore. The longer you keep your property on the market, the more likely buyers will question why it hasn’t sold. This can lead them to steer clear of the property or start with a lower negotiating price. If possible, in your circumstances it is better to take the property off the market for a few months and try your luck with a bunch of new buyers down the track.
Give your property a makeover
I made the mistake once of trying to sell a property that was completely empty, as we had already moved into our new home. The agent asked right at the start if we wanted to hire furniture for the vacant property, but I thought it seemed like a needless added expense. The property passed in at auction and the agent again suggested furnishing the property. This time I listened. We stumped up the money for a furnishing company and the place looked absolutely fantastic. I couldn’t believe the difference it made, both in advertising materials and in person, and the property sold in no time.
Have you got any tips on selling a home?