Selling a home can be challenging, especially when your property lingers on the market longer than anticipated. While several common pitfalls can hinder the sale of your home, these are also easily avoided with the knowledge and guidance of a reliable property professional.
Adrian Goslett, the regional director and CEO of RE/MAX of Southern Africa, says that on average, a well-priced home in good condition in an active market should sell within three months or less.
“If a property remains unsold for more than six months, it might be due to overpricing, required repairs or ineffective marketing strategies,” he explains.
However, Goslett also cautions that these figures could fluctuate based on market conditions and regional demand.
“Collaborating with a knowledgeable real estate professional can provide tailored insights into local market conditions to help gain a better understanding of how long it should take to sell properties in your area,” he notes.
For those struggling to sell for some time, RE/MAX of Southern Africa shares some common issues and has expert advice on addressing them.
• OverpricingOne of the most significant mistakes sellers make is setting an unrealistic price. Overpricing can deter potential buyers who might not even consider viewing your property if it is beyond their budget.Overpricing can make other properties appear more attractive: “All overestimated prices will do is make properties priced correctly look like a bargain buy,” says Goslett.
The solution: Rely on your real estate professional’s advice and guidance, especially if a price reduction is needed. “Reducing the price multiple times in small increments might signal desperation to buyers. It might be better to make one significant reduction to hit a new price bracket, opening your property to a fresh pool of buyers who might not have seen it previously,” Goslett recommends
• Property damage and poor presentationFirst impressions matter. Cluttered, poorly staged, or homes needing repairs can be a serious turn-off for buyers. Cracks and other structural issues are a red flag to most buyers. Unless a home is priced correctly and accounts for the necessary repairs needed, it is unlikely to attract a willing buyer.
The solution: Ensure your home is clean and decluttered, and address any necessary repairs before listing. Major renovations aren’t necessarily required. Just ensure the home is neat and presentable – a blank (and structurally sound) canvas for buyers to envision themselves in.
• Choosing the wrong real estate agentNot all agents have the same experience or resources. An unreliable agent who is hard to reach and fails to keep you informed of the activities to market your home can hinder your home’s visibility and attractiveness.
The solution: Find a reputable real estate agent in your area with a proven track record, and then sign a sole mandate with them. It might seem counterintuitive, but an open mandate won’t offer the same motivation for the agent to sell the home. A sole mandate, set for a specific period, creates a sense of urgency for the agent to secure a sale before other agents can enter the picture.
While there are a few common pitfalls when selling your home, collaborating with a knowledgeable real estate agent can help you avoid these mistakes and provide tailored insights and strategies to expedite the sale of your property.
At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Stay in the know. Download the Caxton Local News Network App here.