Why you still can't sell your property???

Why you still can't sell your house???

You’ve in the end made a decision to sell your house. So you put your property on the market and idea to yourself, “it’s time to get my return on investment!”. Months later, you nevertheless haven’t had any offers. Patiently you wait, butit’s taking a lot longer than you expected - exuding frustration. Is it the steep competition or the fickle real property market? Here are some of the essential elements on why your house isn’t selling.

1. Overpriced

Your house may be in a very well upkeep condition with excellence location, but if the price is too high or above market selling price, it will not sell. Market dynamics like elections, rate rises or modifications to zoning can additionally make contributions to this matter. So, maybe it’s time to rethink the pricing. Otherwise, this could end up leaving you with a lower offer in the lengthy run, as your listing a long time and will become less suited to the buyers.

Solution:

One way to fix this issue is to check the past transacted priced from Valuation and Property Services Department (JPPH) to have an idea on what’s the market price for your listing or check with the bankers and/or real estate negotiators

2. Unappealing Location

A property located in a vicinity where accessibility i.e. no highways or public transportation is limited, with no catalyst in the vicinity such as schools, hospitals, shopping malls, amenities and etcs, or it is within a noisy vicinitycan put off potential buyers. This can be a quite complex predicament.

Solution:

There are three components to selling a house - price, location, and condition. If you feel that your location is bad, then your price in comparison to the homes around it is going to have to be lower, and the home’s condition has to be better - interior and exterior. Focus on the sellable factors of the neighbourhood like scenic route or nearby schools or shops.

3. Oversupply

This occurs when there are many comparable houses for sale in the area. The most common situation is when the new development has just been completed and vacant possession. Selling a unit in an oversupply market can have an effect on the speed of your sale, the demand and can also even have an effect on the selling price due to competition. This is because when the supply outweighs the demand, it will be tougher to locate a buyer.

Solution:

While this is beyond your control, if you are in a position to hold off putting your property on the market until there is less competition, it is worth considering. With the right timing and pricing, you’re able to sell the unit, or maybe you can rent out the unit first. If you’re still optimistic about it, maybe you can furnish or renovate your home to set it apart from the pack. This will give you a higher chance of closing as compared to the rest.

4. Choice of Agent

Sometimes, there’s nothing incorrect with your house - It is in a desirable condition and the vicinity is great, as well as convenient. It is viable that the trouble could be your property negotiator. Do bear in mind that he/she is your front-line representative. This negotiator could be lack of skill, overselling or burnt out, which can have an effect on the selling process. Having said that, it’s not always the negotiator fault. More frequently than not, there’s not much facts given to the negotiator, which will led to he/she giving the incorrect info.

Solution:

If you feel as though your negotiators isn’t delivering the results you’re hoping for, feel free to have a chat with them to let them know about your concerns. It may be time to break up with your negotiator. Other options would be hiring more than one agent, especially when times are bad. This means that you’ll reach over to a bigger audience and increase the chances to close the sale. Don’t forget to prep your negotiator with as much information as you can.

5. Inadequate Listing Photos

It is said that you only have 7 seconds to make a first impression - which is it essential to have good first-class pictures of your property. Most of the customers start looking for the property listing online and make a decision about whether to come see your property based totally on a rapid skim of your property listing pictures. If the pictures appear bad, they might just go on to next property listing.

Solution:

If you feel that you don’t have photography skills, why not hire a professional photographer? You may need to spend a little bit of money, but it’ll be worth it. The photos should showcase your home’s best angles. Another way to improve your photos is to ensure that your home is spotless and well-staged before you take them. Other than that, include photos of any unique or special features in your property such as swimming pool or garden. 

6. Poor Marketing

Just because you hired a property negotiator, that doesn’t mean you should leave the marketing activities to him/her alone. Sometimes, it’s just not enough.

Solution:

You can further your marketing strategy by placing more advertisements in newspapers, online property portal and social media. Better yet, include a video tour of the home to give an extra dimension to your online listings. You can also hold an open house inspection to engage with more than one buyer. This will create word of mouth marketing within the community.

**source Propsocial dated 27/11/2017