There is not much that can make a home unsellable, but there are plenty of things that can make a home incredibly difficult to sell. Once listed, it can be tricky to address the issues that are working against the home’s sale.
According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, once a home loses its new-to-market appeal, it becomes increasingly difficult to sell. “If a property has been on the market for longer than three months, then it might be time to take the home off the market and reevaluate the marketing strategy to ensure a timeous sale,” he explains.
Before relisting a home that has previously failed to sell, RE/MAX of Southern Africa shares the top three reasons why the property might have struggled to attract a willing buyer.
Rather than leaving room on the table for negotiations, overpricing a home can deter potential buyers from even considering it. Many buyers conduct their house hunting within a budget, and if a property is priced significantly above that budget, they are unlikely to stumble across it. What’s more, overpricing a home might mean that the home may not compare favourably to properties within the same price range, making it less appealing to potential buyers.
Unflattering Listing Photos
The majority of buyers begin their house hunting process online. Having professional listing photos can significantly impact the appeal of your property listing. Buyers are more likely to remember and consider homes with stunning photos, which can give your home the competitive edge. Professional photos can capture the property in its best light, making it more attractive to potential buyers right from the start. If you get the listing photos wrong, you can dramatically reduce the amount of buyers who will be willing to come and view the home in person.
Unappealing Features or Location
Homes can be trickier to sell if they are located in an undesirable area (e.g. along a highway or near to a high-crime area). They can also be trickier to sell if the home is in need of repair or has unique features that will only appeal to a niche market. In these cases, sellers should either look at ways to improve the home’s appeal or work closely with a real estate agent who is able to market the home’s true potential.
Unreliable Real Estate Agent
Not all real estate agents are top performers. Make sure the agent you choose has a verifiable track record, a good reputation and a valid Fidelity Fund Certificate. A big mistake that many sellers make is also neglecting to sign a sole mandate. By signing a sole mandate, you make it one agent’s sole priority to sell the home within a stipulated period. Real estate agents often juggle multiple listings at a time, so they might not give your home the attention it deserves unless you incentivise them through a sole mandate.
According to Goslett, understanding these factors that can render a house unsellable is crucial for homeowners who want to conclude a timeous sale. “By addressing these issues proactively and seeking professional guidance when needed, homeowners can increase their chances of selling their homes successfully in any real estate market,” he concludes.