Reasons Why Your Property Is Not Selling
There could be a variety of reasons why your property is not selling including factors such as bad marketing, bad timing or bad pricing. Bad marketing plays a big role in the most cases of properties not being sold. Consider advertising your property for sale on a prominent property listings website such as NoAgent.
Here are some more possible causes for your property not being sold:
Competition from Other Property for Sale
There may be too many properties for sale in your area at better prices and your property is getting lost within the myriad of better options. This can be the result of your property not being realistically priced or due to a desperate sellers market with too many sellers offering low prices in order to urgently sell their property.
Too Much Exposure to the Property Market
It will detract from the value of your property if your property is represented by multiple agents and adverts and you also run the risk of double commission on the sale of the property. Too many show house days will also have negative effect on the value of the property as it creates a sense of urgency and desperation.
Too Little Exposure to the Property Market
On the other end of the scale too little exposure will also minimize the possibility of your property being sold. If you are selling your property through an estate agency make sure they are doing enough to market your property.
Incorrect Pricing of Property
Setting the correct price is a very important factor to consider when selling your property. If you set the price too high you will stigmatize your property as “too expensive” and when you start decreasing the price it may be considered as being a desperate sale. Do proper research to make sure you set a realistic price from the beginning and if you do have to reduce the price of the property do it slowly and conservatively.
If your property has been on the market for more than 3 months consider withdrawing it from the market and taking a couple of months to work on improving the property. Enter your property in the market again giving attention to the points raised in this article.
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