Selling a home can often feel like navigating a maze, especially for those who find their properties lingering on the market longer than expected.
While there are various obstacles that can hinder a successful sale, many of these issues can be avoided with the right guidance from an experienced real estate professional.
According to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, the expectation is clear.
“On average, a well-priced home in good condition should sell within three months or less in an active market.”
When properties remain unsold for over six months, it often signals deeper issues, such as overpricing, necessary repairs, or ineffective marketing strategies.
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“Collaborating with a knowledgeable real estate professional can provide tailored insights into local market conditions,” he advises, underscoring the importance of understanding specific neighbourhood dynamics.
For homeowners feeling the pressure of a slow sale, RE/MAX of Southern Africa highlights several common pitfalls and offers expert strategies to enhance marketability and expedite the sale process.
Overpricing
One of the primary errors sellers make is setting an unrealistic price for their property. Overpricing can drastically diminish interest, deterring potential buyers who might not consider a home that exceeds their budget.
“All overestimated prices will do is make properties that are priced correctly look like a bargain buy.”
- Solution: Rely on the advice of your real estate agent when determining a competitive price, especially if a reduction is necessary. Instead of multiple small reductions that may signal desperation, consider making one significant price drop to attract a fresh pool of buyers who have not previously viewed the property.
Property damage and poor presentation
Homes that are cluttered, poorly staged, or in disrepair can leave buyers with an unsatisfactory first impression. Visible damage such as cracks and structural issues can act as major red flags for potential buyers.
- Solution: Before listing your home, ensure it is clean, decluttered, and that necessary repairs are addressed. Major renovations are not always needed; rather, presenting a neat and structurally sound canvas enables buyers to envision themselves in the space.
Choosing the wrong real estate agent
Not all agents are created equal, and selecting an unreliable agent can be detrimental to your sale. An agent who is hard to reach and fails to communicate effectively can limit your home's visibility in the market.
- Solution: Hire a reputable real estate agent with a solid track record in your area. It may seem counterintuitive, but signing a sole mandate can create urgency in your agent. Unlike an open mandate, which can dilute motivation, a sole mandate establishes a commitment for a specific duration, encouraging the agent to work diligently towards securing a sale.
While the process of selling a home can be fraught with challenges, avoiding common pitfalls is possible with the right support.
By partnering with an experienced real estate professional, sellers can enhance their knowledge of the market, refine pricing, and present properties attractively, ultimately easing the process and leading to a quicker sale.
IOL