Reasons why your house is not selling

It’s the nightmare scenario no-one wants to face – it is time to sell your beloved home and interest in your piece of real estate has taken a nosedive.

There are many reasons a property may not be selling as fast as you’d hoped, including pricing strategy and presentation as well as overall market conditions.

After a period of huge jumps in demand during the pandemic the Canberra market has now returned to a period of normality.

Narelle Casey from Independent Property Group says while the market has cooled, the economic stability of Canberra does provide a steady demand for housing.

“Canberra’s residential property market doesn’t fluctuate like Sydney and Melbourne’s, which can be quite a benefit,” Narelle says.

“It means there’s less risk when it comes time to sell, because there is almost guaranteed incremental increases in value over time, depending on the hold time of the property.”

So why isn’t your home selling?

The first few weeks your home is on the market are critical and the presentation of your property is a priority.

First impressions matter; this is where maintaining your home’s exterior appearance comes in. Make sure lawns are mowed, the garden, pathways and driveway have been tidied and the outside of the home is in good condition.

Next is staging the interior of your home. The biggest one here is to declutter your home. Make sure pantries and wardrobes are organised, major cleaning has taken place, and the air smells fresh. A new doormat and pot plants at the entrance are a great tip – as are fresh flowers inside.

Consider getting your place professionally cleaned and having a property stylist create a beautiful, welcoming space – you’ll be surprised what a difference it can make.

Initial time or investment before the campaign starts can make a huge difference in reducing the overall time a property is on the market.

The role of ‘Open for Inspections’ is to generate maximum interest and here, presentation of the property must be immaculate. You will also need to be prepared to make your home accessible at other times for potential buyers to view.

Next thing to look at is marketing.

There are several fundamental aspects of a good marketing plan you need to consider to promote your property. It’s here a reputable real estate agent can make the difference in selling your home faster and for a better price.

You need compelling advertising that communicates the features of your home, including potential lifestyle benefits with quality, professional photos that accurately reflect your home’s features. Talk to your agent about the benefits of a video walk-through. A good floor plan is essential to attract serious buyers.

Digital marketing plays a crucial part of a targeted marketing campaign; there are various techniques to get listings seen beyond online portals. The use of an agency’s extensive database of current buyers, teamed with social and online ads will reach the broadest audience of potential buyers.

Overpricing may also be a factor at play.

Narelle says the importance of comparing your home’s price with similar homes in the area cannot be overstated. Potential buyers will be put off if the price is too high.

“Strategic pricing is of extreme importance,” Narelle says.

“Real estate agents have greater access to on-demand market information, as well as off-market results and combined with experience in touch points like condition and presentation, this is their specialty.”

If your property isn’t selling, one step is to consider a price reduction.

The first thing you should do is check the average number of days local homes spend on the market with your agent.

Generally speaking, if your home has been listed for longer than average for the local area, you may need to consider a price reduction.

Discuss the benefits of a comparative market analysis with your agent to determine fair market value. This will provide an accurate estimate of your home’s value in the current market based on recently sold similar properties in the area.

Ensure your agent is approachable, present and follows up with communications, and make sure you take advantage of any feedback from showings to make necessary adjustments.

Your best strategy is to choose a real estate agent who is the best fit for you. Not only do they need the right experience and knowledge to evaluate your home, identifying opportunities and proposing effective marketing strategies, but they must be one that you feel comfortable enough with to provide guidance while selling your home.

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