It’s not a secret that high costs in the housing market make it difficult to own a home. Of course, it goes without mention that slight downturns, as well as surges in this market, do exist but still high housing costs often prevent many people from actually owning a home.
But what happens when you want to sell a house? The real estate market is quite volatile and both buying and selling a property can be extremely difficult especially if you’re a first-time buyer or seller. Many circumstances need to align for you to be able to sell your house – this mostly means finding the right buyer at the right time.
Selling a house, just like buying one, can be challenging for several different factors and reasons. We took it upon ourselves to compile a list of possible reasons why your house is not selling. So, take a look and maybe you’ll be able to figure out where things went wrong and fix them accordingly.
Are you selling your house at the right time of the year?
Selling a house is not as easy as it may appear and many things play a significant role when it comes to listing your house on a market. One of the most important things is the time of year.
There is the right time for everything even selling your house. Generally speaking, the real estate market is at its peak in the early spring. This means that chances of selling or buying a property are higher at this time of the year. If you wait even a bit later you risk getting into the period when the market starts to flood which is late spring and all through the summer months only to come down to a sudden halt in the fall and winter months.
Are you on the right market?
Similarly, knowing where to list is also very important when selling a house. We have two markets – the buyer’s market and seller’s market.
On the buyer’s market, you’ll find many houses that are waiting to be sold and very little buyers. Here, also you’ll find properties that sell for less but stay longer on the market.
On the other hand, on the seller’s market, you’ll find many sellers but very few houses. This is where houses sell faster and at a favorable price.
Also, it can be said that when prices are going down it’s a buyer’s market, and when prices are going up it’s a seller’s market. And of course, you’d want to be on the latter market.
Currently, in Australia, it’s speculated among experts that Sydney may once again become a seller’s market due to high demand.
Is the price too high?
In most cases, the greatest reason why a certain house is not selling is the price. Placing a price to a house is tricky and this is why it opens the window for mistakes. Many factors determine the fair value of your house – the location, the neighborhood, the supply and demand, and many others.
If you place a high price on your home the chances of selling it are smaller especially if the said house is priced well over other houses in the neighborhood and it doesn’t stand out in any way.
If you have problems estimating the value of your house the best thing that you can do is consult with a real estate agent. Real estate agents can advise you and tell you the real value of your house and even help you sell it faster.
You’ve been misadvised
Bad advice can also be one of the reasons why your home is not selling. People often think that if they try to sell a house on their own they’ll save money. Quite on the contrary, not being properly informed and being misadvised can get you to lose lots of money.
Navigating the waters of the fickle real estate market can be tricky for someone who has never dipped their feet in those waters. So, if you want to sell your house faster and for a favorable price, do yourself a favor and hire a good conveyancer who can save you a lot of headaches.
If you are looking to sell a house somewhere in the Tamworth area, find a law firm that can do conveyancing for you. Conveyancing in Tamworth can be successfully done by a licensed professional who can advise you about selling any property and they can also help you with all the legal work.
The lack of a good impression
Your home may be lacking in certain places – like aesthetics. This includes both the curb appeal and the interior of the house.
Curb appeal matters and a lot. How can it not, when the first impression of the house is highly important. No one wants to buy a house with an ugly front yard and weathered façade.
Similarly, the inside of the house is equally as important. So, staging the house right can sell your property faster.
These five reasons are often crucial when it comes to selling or not selling a house. It’s up to you now to determine where the things went wrong and hopefully straighten them out and put your house on the right market and at the right price this time.