You’ve put your place on the market but months later you still haven’t had any offers and you can’t figure out why it hasn’t sold. We asked some real estate experts to come up with the main reasons some properties languish on the market.
Overpriced – The most obvious reason a property does not sell is because the price is too high. “The market is constantly changing and three months is a quarter of a year. Especially in a falling market, most vendors and their agents reduce prices to meet the market too late and end up chasing the market down. This normally results in a lower sale price than a vendor who responds to the market,” says Damien Sienkiewicz, senior sales consultant of Beller Real Estate, in Melbourne.
Noisy locations – “A property situated on a train line or a major car thoroughfare with heavy traffic and a shopping strip can present a selling challenge as people have a preconceived idea that it will be noisy,” says Stasi Adgemis, director of hockingstuart, Doncaster, Melbourne.
Presentation – “With the younger generation of buyers purchasing a bigger proportion of the properties each year, you need to tailor your sale to them. The internet is the biggest source of buyer inquiries but there is always a sea of properties online at any time so you must ensure yours stands out,” said Mr Sienkiewicz.
Over supply – Too many similar properties for sale in the area will affect the speed of your sale and maybe the final sale price.