Selling property has become a formidable task for many property owners, primarily due to the impact of high inflation, repo rates, economic uncertainty, and slow house inflation on the real estate market. As a result, homes in various areas are remaining on the property market for extended periods of time.
Cobus Odendaal, the chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg, highlights several common reasons why certain properties are not selling. While sellers have no control over the interest rate and the current state of the market, there are key factors within their control that can significantly impact a home's saleability. By addressing these factors, sellers can enhance their chances of selling their homes in a timely manner, even in these challenging economic conditions, Odendaal advises.
To get their properties off the market, property owners need to put their best foot forward. Odendaal shares some tips to achieve this:
Get a reputable estate agent:
Having the right estate agent in your corner can make a world of difference. Interview at least two or more agents in your area, considering factors such as their proven sales record and experience in the local market. Avoid agents who make extravagant promises, as a good agent won't heavily discount their commission or overvalue the property just to secure your business.
Avoid overpricing:
One of the most prevalent issues hindering home sales is overpricing. In an attempt to maximize profits, sellers often set listing prices beyond the market's tolerance. However, this approach can be counterproductive and is a common reason for homes staying on the market for prolonged periods. It's crucial for sellers to conduct a comparative market analysis to accurately gauge their home's value and adjust the price accordingly. When it comes to selling low-end properties, it's crucial to avoid the pitfall of overpricing by imposing exorbitant fees typically associated with high-end properties.
Prioritize presentation:
First impressions matter, especially in real estate. Poorly presented properties with lackluster curb appeal or cluttered interiors often struggle to attract buyers. Research by the Real Estate Staging Association reveals that professionally staged homes spend significantly less time on the market compared to their unstaged counterparts. While hiring professionals is not necessary, investing time and effort in minor upgrades, decluttering, and enhancing the property's curb appeal can make a substantial difference.
Address unresolved issues:
Hidden defects or unresolved issues, such as leaky roofs, outdated plumbing, or structural concerns, can act as major deterrents for buyers. Overlooking these issues can sabotage the sale of your property. Research from HomeLight indicates that homes with significant issues typically sell for 10-20% less than properties in good condition. Therefore, prioritizing necessary repairs and considering a pre-listing inspection to proactively identify and address potential red flags is crucial. If certain issues cannot be resolved due to budget or time constraints, transparently disclosing them to potential buyers fosters trust and prevents deal-breaking surprises down the line.
Be flexible with terms:
Flexibility is key in a competitive market. Remaining open to reasonable offers and accommodating buyer preferences can facilitate a smoother transaction and increase the likelihood of a successful sale. Additionally, having flexible viewing times is important as potential buyers may explore other options if your property is unavailable.
Utilize high-quality photos:
In the digital age, online property listings play a significant role in attracting buyers. Stand out from the competition by using professional, high-quality images that showcase all areas of the home, both inside and out. Investing in professional photography can significantly improve the presentation of your property and capture the attention of potential buyers. Consider updating your images to reflect the current season and entice buyers to take another look if your home has been on the market for some time.
By implementing these strategies, property owners can enhance their chances of selling their homes in a challenging real estate market.
