Why your home isn’t selling – and how to fix it
Struggling to sell your home? Learn the common reasons properties linger on the market and expert tips from Adrian Goslett, CEO of RE/MAX SA, on how to turn things around.
Selling a home can be a challenging endeavour, especially when your property lingers on the market longer than anticipated. While several common pitfalls can hinder the sale of your home, these are also easily avoided with the right knowledge and guidance from a reliable property professional.Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says that on average, a well-priced home in good condition in an active market should sell within three months or less. “If a property remains unsold for more than six months, it may be due to overpricing, required repairs, or ineffective marketing strategies,” he explains.
However, Goslett also cautions that these figures can fluctuate based on current market conditions and regional demand. “Collaborating with a knowledgeable real estate professional can provide tailored insights into local market conditions to help gain a better understanding of how long it should take to sell properties in your area,” he notes.
For those who have been struggling to sell for some time now, RE/MAX of Southern Africa shares some of the common issues and provides expert advice on how to address them...
Overpricing
One of the most significant mistakes sellers make is setting an unrealistic price. Overpricing can deter potential buyers who might not even consider viewing your property if it's beyond their budget. Overpricing can make other properties appear more attractive: “All overestimated prices will do is make properties that are priced correctly look like a bargain buy,” says Goslett.
Solution: Rely on the advice and guidance of your real estate professional, especially if a price reduction is needed. “Reducing the price multiple times in small increments may signal desperation to buyers. It might be better to make one significant reduction to hit a new price bracket, opening your property up to a fresh pool of buyers who may not have seen it previously,” Goslett recommends
Property damages & poor presentation
First impressions matter. Homes that are cluttered, poorly staged, or in need of repairs can be a major turn-off for buyers. Cracks and other structural issues will also be a major red flag to most buyers. Unless the home has been priced correctly to factor in the required repairs a buyer will need to undertake, it is unlikely to attract a willing buyer.
Solution: Ensure your home is clean and decluttered, and any necessary repairs are addressed before listing. Major renovations aren’t necessarily required. Just ensure that the home is neat and presentable – a blank (and structurally sound) canvas for buyers to envision themselves in.
Choosing the wrong real estate agent
Not all agents have the same level of experience or resources. An unreliable agent who is difficult to reach and who fails to keep you informed of the activities being undertaken to actively market your home can hinder your home's visibility and attractiveness in the market.
Solution: Hire a reputable real estate agent with a proven track record in your area. When you find this agent, sign a sole mandate with them. It may seem counterintuitive, but an open mandate won’t offer the same motivation for the agent to sell the home. A sole mandate, which is set for a specific period, creates a sense of urgency for the agent to secure a sale before other agents can enter the picture.
While there are a few common pitfalls when it comes to the sale of your home, collaborating with a knowledgeable real estate professional can help you avoid these mistakes and provide tailored insights and strategies to expedite the sale of your property.