Home stuck on the market? Here's what you can do
Category General News
Is your home sitting on the market week after week, seemingly untouched by potential buyers? It's not just you. According to the latest FNB Property Barometer report, properties remained on the market for an average of 12 weeks and two days in Q2, up from 10 weeks and six days in Q1.
While this can feel frustrating and disheartening, there's no reason to lose hope. There are strategies you can implement to breathe new life into your listing and get your home into the hands of a happy new owner.
1. Price your home right from the start
You love your home and may have listed it with an overpriced figure. Remember, the market sets the price and being unrealistic can result in a struggle to bring eager buyers to your door.
To overcome this, an experienced property practitioner can conduct a comparative market analysis to pinpoint your home's value and adjust your price accordingly. This will compare your home to properties with similar features in your area that have been recently sold. And it will also take local market conditions into account to set a price buyers can't resist. If there's a lot of competition on the market, savvy practitioners may also choose a lower price; the can can attract plenty of interest and even create a bidding war that will drive up the price.
2. Invest in home improvements
If you evaluate your home with fresh eyes, you may discover why your home has been so hard to sell. If your property has visible decor or architectural faults, it may be turning off potential buyers.
You may need to give your home a fresh coat of paint, repair broken fixtures, stop leaks and drips, and spruce up your garden to add extra appeal and value. If your home is in an area with higher crime rates, you can make it the safest on the block with security features like cameras, alarm systems, and burglar guards.
3. Showcase your home with staging
Buyers want to imagine their life in your home and you can nudge them along by painting a positive picture. Home staging can help, especially when you want to sell urgently and have no time for major repairs. According to research, a staged home spends 73% less time on the market than a non-staged home, so it really is worth it.
If there's too much "you" in your home, home staging can depersonalise your space so buyers can get a sense of how they'd enjoy your home. And it can also include redecorating, rearranging furniture, cleaning, and making other aesthetic choices that will show off the beauty of your home. There are plenty of tips and tricks online, but you can turn to the advice of your property practitioner or a professional stylist.
4. Make magic with marketing
Being a buyer's market, there are plenty of other homes on the market. Your home may be in tip-top shape but you'll need all the help you can get to stand out. Marketing will come in handy to find potential buyers and also present your home as the one they want. Here's what a good sales strategy should include:
- Persuasive property listings that highlight your home's unique selling points and provide high-quality images.
- Listing promotion on popular social media platforms, property portals, and classified websites for additional exposure.
- Virtual tours that can help potential buyers get a feel for your home wherever they may be.
- Home viewings that can help buyers explore the property and find out more about what it has to offer.
A well-executed marketing strategy can turn your home into a hot property. In the right hands, you can attract serious buyers and achieve a faster sale at a higher price.
5. Be flexible and ready to negotiate
If you're having difficulty selling your house, it can pay to be accommodating of your buyer's needs. Consider offers carefully even if they're below your asking price. You can also be open to terms like transfer dates and negotiating closing costs, repairs, or other terms to make your home more attractive to buyers. When it comes to viewing times, being able to host potential buyers can give you an edge over competing properties that may be unable to provide tours.
6. Don't get in the way of the sales process
If you've partnered with a seller agent, it's important to give them the insight and space to get the job done. During a home viewing, for example, hovering or coming across as pushy can put potential buyers off. While they do need guidance, they also need to feel comfortable. Moreover, not providing your property practitioner with critical information about your home can make it harder for them to sell it.
7. Trust in the services of a professional
Property practitioners who promise high prices and quick results are red flags. Instead, look to those who will price your home correctly, market it effectively, and negotiate with buyers. They should have local market expertise and a proven sales track record in your area. Beyond this, having a strong brand presence and network should also be part of their toolkit when selling your property.
Sellers in Mbombela and surrounding areas can turn to Kellaprince Properties for a smooth and successful sales journey. As Best of Mbombela award winners and household names, we are the go-to choice for all your real estate needs. List your property for sale or call our office for a free consultation with one of our friendly and experienced real estate agents.
Author: Kellaprince Properties