Another year is drawing to a close. Christmas is just around the corner. Yet your house still hasn’t sold.
So what should you do?
First and foremost, at this time of year there’s enough stress as it is- so ask yourself if you want to be worrying about the sale of your property as well?
Also, if you were concerned that perhaps you’ve been doing it wrong, note this: while the Real Estate market has performed especially well in Sydney this year, auction clearance rates have been steadily declining to as low as 62% last weekend (November 11-12, 2017) as we move towards the Christmas and New Year festivities.
From early December, our day to day life always changes for about 6 weeks. People go through the annual rollercoaster of celebrations/ parties/ family and friend get togethers and the general holiday festivities. The last thing they want on their mind is work or buying a property, so they give in and just enjoy the season while it lasts.
Now this doesn’t help you if you want your property sold, so here are two important tips to move forward with:
#1: Take time out!
You need a break to re-evaluate what’s happening and the property also needs a break. If you keep your property on the market too long, buyers will either:
a) Avoid the property, thinking something is wrong with it because it’s has been listed for so long, or
b) Even worse, they’ll use this as a negotiating tactic, thinking that you’re getting desperate to sell.
#2: The Four Key Sales Influencers
These are: Location, Presentation, Price and Marketing.
Your location determines who’s looking at your home and how competitive you are in the market. You need to look at why other nearby properties have sold and what might have been different in their situation.
Our experience shows that presentation is a very big factor when it comes to selling your property. If you haven’t already done so, consider having your home styled. Engage a professional because they know the little things that appeal to buyers and make all the difference.
There’s no point clinging to a price dream if your property sits on the market for another year. If you want or need to sell, then price to sell in the current market (not the market you originally bought in). Put yourself in the shoes of your buyers and be honest about a reasonable cost. Work with your agent and lower the price as much as you need to.
Property buyers are a savvy lot. They research the market, sometimes for months or years, before they buy. Refreshing the marketing can make a big difference. New photos, a new property description or even changing the order of the photos (so the property looks different) all help. Even changing your agent can bring a fresh spark to the property.
While deliberating with the above advice, remember that preparation is key to success. Speak to your agent or someone you trust and be open to accepting advice you might not like to hear.
Then once you’ve got this taken care of? The best thing you can do is relax- and enjoy the festive season!