Why
is my home not selling?
If
your house has been on the market for a number of months,
you may well have to consider lowering your asking price.
Maybe you over priced, or it may be that the market conditions
quickly changed.
Whatever
the reason for the lack of interested buyers, you are
faced with three options.
Sit
it out
Buyers tend to get more and more wary of properties that
have been on the market for a some time and the longer
it stays unsold, the worse this effect is going to become.
Sometimes it pays to be patient but if you are in a hurry
to sell you should lower the price. Or if you have been
trying to sell it on your own it might be time to get
the professionals in.
Lower
the price
Most people lower the price of their property if it hasn`t
been on the market for a while. If you are going to lower
the price, make sure that you do it so that prospective
buyers can see the difference, but don`t lower to the
point where you are leaving yourself short. Talk to your
agent and get their opinion on what price you should lower
it too.
Take
it off the market
If you are selling out of choice rather than necessity,
it can be worth thinking about taking your home off the
market for a few months. Waiting until the broader market
conditions can help make sure that you get the price you
are looking for, but only if your property is valued correctly
in the first place. If you are simply asking more than
the property is worth, you are going to have trouble finding
a buyer whatever the market conditions.
You
need to assess why your property is not selling. Is there
a fall in the market? are you living in a run down area?
is your asking price to high? or is there damage to the
house? Talk with your agent and go through the possible
reasons for the property not selling.
You
could try changing your agent or signing up with more
than one. Allowing other agents to try and sell the property
will broaden the number of potential buyers that are reached
with your property details.
