With Perth’s ‘days on market’ sitting at 74 - there’s no denying many property sellers are becoming increasingly frustrated. If you’re one of the many property owners whose home is sitting on the market with little interest, it’s time to evaluate and make some decisions.
They say when a home is struggling to sell, it usually comes down to one factor and one factor only – price. We highlight the aspects you should keep an eye on in order to gain the interest your property deserves.
Price to sell
One of the biggest mistakes you can make as a vendor is setting an unrealistic expectation and listing your property at an inflated price as a means of ‘testing’ the market. This method rarely works, and your home most likely is going to sit on the market, attracting a “what on earth are they thinking with that price tag” label.
Properties attract the most interest in the first couple of weeks going to market- if you miss that crucial period by putting buyers off being an unrealistic price, you may miss them altogether.
To decide on an appropriate price, you need to take a look at what similar homes in your area are selling for. Next, you need to look at what your home has to offer in relation to other homes in your area and take the personal attachment and love you have for the home out of it. Perhaps your property has a swimming pool, an extra bedroom or a home theatre?
Supply and demand in your area, as well as the current state of the property market is going to ultimately affect the price as well. This is why we always encourage you to find a good agent that gets your local market- they will be able to offer you realistic advice.
Expired listings are a disaster…
Homes that sit on the market for several months with no interest, can be viewed by buyers as having something wrong with them.
Even if you then opt to hire a second agent who lowers the price, this will only confirm onlookers’ speculations, leading to even less attention for your property, a low turnout for inspections and several more months without any sign of sale. Buyers are savvier than ever… they know what they want, and they have the market at their fingertips – trust us, they’ll notice the changes.
So, get it right the first time. The thing is, most houses will sell quickly in any market- they just have to be priced right.