When your house doesn't sell: tactics, choices and strategies
Category Blog
When you've had your house on the market for quite a while, and many people have come to view it, and as the weeks pass it doesn't sell, it's time to try a new tactic. If offers are unreasonably low, or there is very little interest from potential buyers, it can be very depressing and confusing. Because your house may certainly be attractive for many reasons, including size, appearance and features.
So should this conundrum befall you and your house, there are several options you can consider to change tactics and approach from a different angle.
Deal with the emotional factor first
Put emotional issues aside and try to figure out why it isn't selling. There may have been interest when first listed, but the trail of buyers and any possible offers have dried up. Owning a home that no one else wants to buy hurts. But there are always practical reasons that one can look at, and adjust.
Timing
Maybe the actual timing is wrong. It could be a slow time in the year, or that many similar properties are on sale in your area - or simply that the economy is not buoyant at this time. There are fewer buyers in winter, or over holidays, or if there is a market slump. So withdrawing and waiting a while may shift the odds in your favour.
Go rental
Renting could be a feasible option to follow. At least you may be able to move and set up your new home while the bills and expenses of running the old house can be dealt with.
This can be a difficult choice because being a landlord is a significant responsibility, and you might be better off finding a property management company to field the maintenance and tenant problems for you. Renting is a quick and useful route to go when you can't sell and will give you financial respite until the market returns to more favourable conditions.
Change your estate agent
This is debatable because it is not necessarily the agent's fault that the house is not selling.
And in any event, some agents are cannier than others, and may have some extra tips and tricks up their sleeve. But if the problem lies with your house, then even the greatest agent may struggle to achieve sale success. Despite what you may think, selling a home requires a great deal of work by the agent on your behalf - and if you have an agent who is lazy or skips the extra effort, it could certainly affect the reaction and interest of prospective buyers.
Make sure your agent lives in the area and has a good track record. And don't lay a preconceived idea of what your house is worth on your agent; just because other homes in the area are being advertised at a high price does not mean that you would get a similar price for yours. Trust your agent to be honest and realistic.
Consider extending your bond for renovating purposes
Sometimes you have to consider updating your house to match buyers' expectations. While adding some debt to your financial budget is quite a step to take, if it means putting a couple of areas of your house into better shape, such as the kitchen, it may well be worth the upheaval for a few months while you bring your house into better shape for sale. Work out your options carefully. There are some good deals out there and you may be able to swing improvements for reasonable costs. Listen to your agent's advice, and listen to what viewers are saying. A lick of paint can make an amazing difference, and even revitalising a couple of old pot-plants can be helpful. Small cosmetic changes can make all the difference.
Lower your price
And the last option is always to reduce the price. Of course, this isn't what you want to do, but it's a go-to option should all else fail. It's the last resort when nothing else works. There are always investors and buyers hunting for bargains, so this should really clinch a sale for you. Speak with your estate agent and get their advice on price reduction. The longer your property is on the market, the harder it becomes to sell; buyers move on and the market conditions change.
Put the sale on ice for a while
Alternatively, simply withdraw the sale. If you are not in a hurry to sell, then maybe waiting a few months or even a year is a good idea. Wait for a seller's market where there are fewer homes for sale and more buyers. Pull back for a while. Selling in the winter or during holidays or in a buyer's market can result in poor returns. Your estate agent can always keep the property on the back burner on a low boil, so to speak - and at a suitable time, you can reignite the process.
Leapfrog Property Group
Leapfrog Property Group offers a fresh and innovative approach to buying, selling, renting and property investments, ensuring the best property deals for clients across South Africa. Our agents are qualified, trained, experienced; our approach bold and spirited, driven by heart, generosity and honesty. It is our mission to advise, eliminate obstacles and save you unnecessary expense. Trust is our watchword. And value our motto. Armed with our combined credentials, we are the bright face of excellence in the South African market.
Author: Leapfrog Property Group
