You’ve finally made a decision to sell your house. So you put your property on the market and thought to yourself, “it’s time to get my return on investment!”. Months later, you still haven’t had any offers. Patiently you wait, but it’s taking much longer than you expected - exuding frustration. Is it the steep competition or the fickle real estate market? Here are some of the main factors on why your house isn’t selling.
1. Overpriced
Your house may be in a tip-top condition with great location, but if the price is too high or above market selling price, it will not sell. Market dynamics like elections, rate rises or changes to zoning can also contribute 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 long run, as your listing ages and becomes less desirable 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 the property.
You can have a look at this data on our website when searching for the property’s info. Additionally, don’t forget to take note of the pros and cons of comparable properties to help you determine what type of price adjustment will be most effective.
2. Unappealing Location
Photo by Rudi Venter
A property situated in a place where accessibility i.e. no highways or public transportation is limited, with no catalyst in the location such as schools, hospitals, shopping malls, amenities and etcs, or it is within a noisy area can put off potential buyers. This can be a quite tricky 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. Lastly, find an experienced agent that can help you deal with this shortcoming.
3. Oversupply
This happens when there are many similar properties for sale in the area. The most common scenario is when the new development has just been completed and vacant possession. Selling a unit in an oversupply market can affect the speed of your sale, the demand and may even affect the selling price due to competition. This is because when the supply outweighs the demand, it will be harder to find 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 wrong with your house - It is in a good condition and the location is great, as well as convenient. It is possible that the problem could be your real estate agent. Do bear in mind that he/she is your front-line representative. This agent could be lack of skill, overselling or burnt out, which can affect the selling process. Having said that, it’s not necessarily the agents fault. More often than not, there’s not much information given to the agent, which will led to he/she giving the wrong info.
Solution:
If you feel as though your agent 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 real estate agent. 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 agent with as much information as you can.
Read: Positive Traits to Look Out For in a Real Estate Agent
5. Inadequate Listing Photos
Before
After
It is said that you only have 7 seconds to make a first impression - which is it important to have good quality photos of your house. Most of the buyers start searching for the listing online and make a decision about whether to come see your house based on a quick skim of your listing photos. If the photos look bad, they might just move on to next 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. Check this article by Zillow Porchlight, to know more about the do’s and don’ts of listing photos. Nevertheless, if DIY is your cup of tea, read our past article - 5 Tips for Great Property Photography on Your Smartphone.
6. Poor Marketing
Just because you hired a realtor, 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 additional 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.
There you go. We hope that this article will help you to relook on your marketing strategy so that you can sell your property. Don’t forget to post your listing on PropSocial - It’s FREE!
If you have any other solutions, please share it with us in the comments section.
(Written by: Nisya Aziz, 27th Nov 2017)
