Having a property that won’t sell can be a nightmare for both homeowners and real estate agents, as well as home buyers who will start asking why it’s still on the market.
It is likely that these questions will be met with a handful of reasons as to why the property is yet to be sold, but these reasons may not be as valid as they appear. They often tend to be empty explanations that, instead of leading to a solution, simply avoid reality.
For instance, factors such as the property’s design, aesthetic, location, overall condition and a myriad of other components end up being blamed for its lack of success on the market. The crucial point missing here, however, is that many of these unsold properties are often incorrectly priced.
While these factors tend to be held responsible, it must be noted that most any property will be sold if it has an accurate price tag!
That is not to say that unfavourable aspects of the property will not have any impact but, if they are taken into account and reflected in the asking price, there should be little issue in selling it.
Incorrect pricing tends to come down to the real estate agent being in a rush to get the mandate and agreeing with, or even suggesting, an unrealistic price and ultimately not wanting to go back on this oversight. This sort of situation can leave the seller in a stressful predicament, with what feels like no way out!
Having your property on the market for a number of months may leave you feeling powerless but, while it may still be a difficult process, there are solutions!
There are two main ways to go about getting your property sold when it has been stuck on the market:
(1) The first solution to consider is dropping the price and potentially finding a new real estate agent.
While this may seem like an easy fix, it is important to note that properties that struggle to sell tend to be viewed negatively by buyers who, having looked into the neighbourhood, would have ruled it out because of its steep price.
This means that you’re more than likely to attract new buyers by dropping the price to below its real value.
(2) Another route to think about is to take the property off the market for a few months in order to revamp and clean it up as much as possible.
This will allow the real estate agent to work with the property in its best condition, and heighten its appeal to buyers. If you have the money, it is a good idea to invest in fixing and redoing any obviously negative facets of the property, such as the plumbing, lighting, painting and garden.
Even though, it may seem counterintuitive to spend money on a property you are actively trying to sell, but it has been shown to be a beneficial endeavour that will ensure heightened sellability.
After a full revitalization, you can begin the process of selling again. This will entail taking new professional photographs that highlight the enhancements, in addition to new advertisements that point to the extent of these improvements. This will allow your property to have a real chance at being sold, as it will likely be far closer to the initial price, or in line with a price that is truly realistic!