In the first few weeks after your property comes on the market, you can generally expect one of three outcomes;
(1) There have been lots of inspections and lots of offers
This is the ideal situation. Your property is correctly priced, buyers recognise this and are competing to inspect and buy your property. When this happens a sale is generally just around the corner.
(2) There have been lots of inspections but no offers
When this happens there could be three reasons;
- There is something cosmetic about your property that is causing buyers to shy away. We need to identify this issue and then take action to correct the problem.
- The property advertisement describes your property inaccurately (it reads or appears better than it is in real life). When this occurs we need to rewrite all or part of the advertisement and / or remove or change some of the photographs
- The asking price could be too high – buyers may be inspecting your property and then moving on to buy similar homes at lower prices.
(3) There have been few inspections and even fewer offers
When this happens it means your property is being marketed at the wrong price. There is only one solution for this problem and that is to correct the asking price to match the market conditions.
But what happens if nothing happens?
No buyers at your open homes? No buyers calling to inspect your property? Nothing?
The simple answer is that your property is being marketed at the wrong price. Buyers are comparing your property with others in the same marketplace and are choosing other homes to inspect and not yours.
On a market where there are much fewer buyers than there are properties for sale it is critical that you advertise your property at or close to the current market price. If not, then what few buyers there are will simply gravitate to the lowest priced, equivalent property in your marketplace. And you may not even see them – they will bypass your property altogether.
Just like fishing, you have to get your bait and hook in the same place as the fish!
Selling your home? Don’t go past the experts.
Contact Prudential Real Estate Campbelltown:
(02) 4628 0033 | campbelltown@prudential.com.au
