Selling of real estate property can be a tedious and time-consuming process. It becomes a stressful event if the seller has not participated actively to market his/her property and the property has been on the market but unsold. In such cases, it is important for the seller to evaluate the reasons which are contributing to the property being unsold. Many a times, there are situations when the number of properties outnumbers the number of potential buyers in the real estate market, which heavily affects and in most cases is the most probable reason causing a decrease in the sale of real estate property.
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What can I do if my house is not selling?
A potential seller is many times in a sticky situation where though his property has been in the market for a long period of time, it yet remains unsold. He may have taken all possible means and modes to make a deal such as reducing the price below its market value, to spending money on advertisements in order to increase the number of potential buyers of the property and still be disappointed when their property has not been sold for a long period of time.
Further, a seller can postpone the selling of the property. It may be so in situations where it is not a good time for selling the property. He must wait for the optimum time to engage in the marketing of the property in order to attract potential customers. If it is important for the seller to sell the property, and if he is unable to do so, the property can also be rented out.
This is a good alternative as it will still allow for the inflow of income when there is no demand for houses in the market. In most cases, the parties renting the property end up purchasing it, thus eliminating the need for the seller to search for potential buyers.
Most property owners do not wish to sell their property at a reduced price. However, if it is absolutely necessary for the seller to sell the property then he can sell it at a much lower price than the initial asking price since one seller would want to sell his property below its market value.
Since many investors and real estate agents are always on the lookout for cheap property, it is not very difficult for a seller to find a buyer. However, selling the property at a price lower than the market value should be a last resort when the seller is unable to find a better method for selling his property. If the seller is hesitant to sell the property at a lower price, he can either rent out the property or wait for a better value or advantageous time.
Market through other channels
The medium of using a real estate agent is a very common method in ensuring the sale of a property. However, if the property is still not sold, a seller can use other channels to market his property.
The seller can send out an advertisement either in a newspaper, magazine or through a press release. It provides a platform to further the announcement of the sale of a property and attracts various potential buyers. He can either write an advertisement on his own, or can hire an ad-agency to write about the availability of sale of property and attract potential buyers.
Potential buyers often search on the internet to find real estate property. The information fed by the seller regarding the property should be accurate. The picture and specifications of the property should not mislead the potential buyers. Further, the internet is a great medium to approach potential buyers and is an integral aspect of advertisements.
A seller can also make can use social media as a tool of advertisement for the sale of his/her property. It is important to ensure that all the details regarding the property must be correct. The more the social media presence a seller has, the more is the advertisement of the property. This helps to spread information to potential buyers. Social media also provides a chance to showcase different aspects and features of the property. The most common social media platforms used are Instagram, Facebook, LinkedIn, Twitter.
It is a common understanding that a buyer will avoid a property that requires repairs. A seller must make the necessary repairs in order to show that the property is in a habitable state. It is important that the property be presentable when buyers come to see it. Items that are required to be repaired/replaced should be done at the earliest and before a buyer arrives so that the property is presentable to the buyer. The seller should also not be in a hurry to sell the property without making the necessary repairs.
What is the best month for selling a house?
Timing is a key essence when it comes to selling a real estate property. There are certain times of the year when there is a high demand for a real estate property, which enables the sellers for selling the property at a premium price. Thus, is important to plan ahead of time as to when the property should be made available on the market in order to secure the asking price.
A trend that has been observed in the real estate industry is that a majority of homes are sold in summer, leading to the sellers obtaining the price sought by them. The months in which most property is sold is May, June and July. These are the summer months in which people are interested in the purchase of a real estate property.
Activities such as vacations and outings occur in summers, and it is directly linked to the buying of property by potential buyers. It has further been noticed that the start of a school year after the end of summer vacations is the time when most properties are sold. Potential buyers always look for properties before the end of summer in order to be settled before the beginning of the academic year.
What are the common grounds that makes the selling process of a property failed?
The most frustrating experience that a seller faces is when the property fails or remains unsold despite being on the market for a long period of time. However, it is important to note that the sale of a property involves several stages. If a property is unable to attract potential buyers, it is essential to investigate the reasons contributing to the property being unsold. It may be due to several reasons that the property fails to be sold. These are
Property may be overpriced
Overpricing of a property is one of the common reasons for the failure of the property being unsold. If the property is overpriced, it will be immediately noticed by the potential buyers who may then not want to purchase the property. Further, overpricing of the property leads to the property being in competition with other properties that offer a better value for money.
Lack of appeal
If the property lacks aesthetic appeal, it may lead to a smaller number of buyers being interested in the property. The lack of appeal also affects the ability of the seller to be able to sell the property. The seller must invest in the property and ensure that it is presented well. This will lead the buyers to be interested in the property.
Poor staging of the property
Staging is one of the most overlooked aspects that is involved in the process of selling a property. Staging of a property involves presenting the property in the best manner possible thus helping the prospective buyers picture themselves living in the property.
Many times, the sellers do not market their property well thus being another contributing fact in the failure of selling the property. Making the property attractive is important, as when prospective buyers come to view the property, the online, as well as the aesthetics of the property, will keep them interested in the property.
The real estate sector is highly unpredictable, with a frequent fluctuation in the pricing of properties. If there is low demand for a property, but there are a lot of properties for sale, it leads to an excess of competition between the sellers who have listed their property. In such a situation, the seller can remove the property from the market, wait for the demand to go up and then again list the property to attract potential buyers and sell the property at its market value.
Is selling an empty house faster?
How to showcase one’s property to potential buyers is an important aspect of selling a property that requires a lot of decision making. The question of whether the property should be empty or full has to be decided by the seller at the earliest.
It must be kept in mind that having furniture all over the property clutters up the place. Cluttering makes the property feel crowded and disorganized. Even though it does not affect the quality of the property, it does have an effect on the way in which the buyer views the property.
The buyer may feel that the property is too small even though in reality it isn’t. Alternatively, presenting a completely vacant property to the buyer gives them the opportunity and space to imagine themselves living there in their own terms. They get to see the entire area of the property and identify its unique features so that they can build a home for themselves as per their whims and fancies.
Presenting an empty house comes with its own pros and cons. Though it may be appealing from the outside, presenting empty rooms isn’t as appealing as presenting a furnished property. A plain picture of the interiors makes the property look dull and sad. Therefore, selling the property to potential buyers, one has to see apart from the property itself to make it attractive. Thus, a seller can take the following steps to make an empty property appealable-
- Buyers usually are very quick in noticing the defects in the property than its advantages. This happens because the property is not furnished to draw away the attention from the minor defects does not have any Thus, it is important to make sure that the property is well cleaned and has been freshly decorated.
- Marked or stained floors are among the first defects that are noticed by the buyers. It is important to ensure that the property looks ready for occupation by the buyer. Thus, one must replace old or worn-out floors.
- Ensure that the windows are clean. Clean windows enable the buyers to appreciate the view outside from inside the property. It is inferred by the buyers that the property is clean and has not been neglected.
- The property should be aired out to prevent it from smelling damp and musty. A seller should visit the property once a week to ensure that the property does not have a damp smell.
When the property is yet unsold after being on the market for a long time, a seller can either keep the property for rent or invest further in the property to make it marketable. He may also decide to wait for the real estate market to improve with demand in the number of real estate properties. The sellers can ask local real estate agents to decide an advantageous time that will enable the sale of the property at a reasonable price.