Preparing or waiting for a sale and wondering, how long is too long to have your property on the market?
Selling your house can sometimes be a waiting game causing vendors to grow frustrated and lose patience. And when your property surpasses the average days on market of other properties – it can be concerning.
There are a number of reasons why your property may be sitting stagnant on the property market, some of which you can control and others which you cannot. Is it the price? Is it the market? Let’s explore these factors to better understand your situation.
Are your price expectations reasonable?
Perhaps the most common reason for a property remaining on the market over a long period with no interest is vendors setting the asking price too high.
It can be very difficult to put a price on your own home when you carry so much emotional attachment to it, and even more challenging if you have lived in the same property for many years or it has been part of the family over generations.
Remember that while your home may have a high sentimental value, it may not hold the same market value and you should adjust your expectations to reflect the market in your area. Distancing emotion from the sale means settling on a reasonable asking price and your property spending less time on the market.
Did you research the market properly?
As part of your pre-sale research, you should have assessed the average selling prices in your area and compared similar properties, not forgetting to pay particular attention to the average days on market and number of properties listed.
This data will give you a good indication on whether you are in a buyer’s or seller’s market. You can find this information online with Corelogic or Property Value.
Remember that you should be frequently researching throughout the duration of your campaign to ensure your knowledge of the market conditions is current and your property is priced appropriately.
Did you speak to real estate experts?
Don’t forget that as much as you want your property to sell, so too does your sales agent. You should take advantage of their wealth of knowledge by asking for their advice on how to help your property sell faster.
You should ask for their honest opinion on your property and their thoughts as to why it may not be selling as fast as you had expected. Your agent will be able to compare your property to others they have sold in the past and provide you with constructive feedback on what works and what does not.
Perhaps your property could benefit from some basic home improvements such as a fresh coat of paint or updated fittings and fixtures.
Or, maybe your property requires some general maintenance or a good tidy up to get it up to selling standard. A fresh set of unbiased eyes may give you just the advice you need to make some necessary changes to your home and attract an offer.
Suggested reading: 14 tips to sell your property in under a month
Is your advertising schedule the right one?
If your property isn’t attracting buyers as you had hoped, perhaps it’s time to reassess your advertising schedule.
A real estate advertising schedule refers to a detailed plan outlining how your property will be marketed for sale. It’s typically created by your chosen real estate agent and should be discussed and agreed upon before listing your home.
If you initially chose the least expensive package with less marketing inclusions, it may be worth upgrading to a more comprehensive package that will get your home in front of the eyes of buyers.
Speak with your agent to discuss your options for boosting advertising and expanding to alternative channels.
Did you consider timing the market?
Accurately predicting market peaks and troughs is nearly impossible. You might miss out on a good selling opportunity by waiting for an ideal moment that never arrives.
Having said that, selling in a seller’s market can reap benefits. Multiple offers and competition can drive up the final sale price. And a hot market attracts more potential buyers, increasing the chances of finding a suitable purchaser.
Suggested reading: How to assess whether it’s a buyer vs seller market.
Final word on a long property sale
Realistically, there is no hard and fast rule as to how long your property should take to sell. This changes based on a number of factors including the location and market conditions at the time.
If your property hasn’t been getting any bites and your patience is starting to wear thin, be sure to speak to your agent and ask for their advice and tips for attracting buyers.
FAQs on why your property might still be on the market
What does it mean if a house is on the market for a long time?
A house lingering on the market in Australia (generally above the average days on market or DOM for your region) can point to several factors:
- Overpriced: The property might be listed above its fair market value, discouraging potential buyers.
- Location/Condition Issues: Compared to similar listings, the location or condition of the house might be less desirable.
- Seasonal Fluctuations: The housing market can be seasonal. Properties might take longer to sell during specific times of the year.
- Marketing Strategy: Insufficient marketing efforts by the agent could limit buyer exposure.
Should I sell my house now or wait until 2024 Australia?
There’s no one-size-fits-all answer. Here’s a breakdown to help you decide:
- Market Conditions: Currently (as of March 2024), Australia’s property market seems to be shifting towards a more balanced state compared to the peak seller’s market of 2021. While buyer demand remains steady, rising interest rates and increased inventory might lead to longer DOMs.
- Personal Needs: Consider your urgency to sell. If you need a quick sale, waiting for a potential market upswing might not be ideal.
- Expert Advice: Consult a reputable real estate agent who can analyze your specific property, market trends in your area, and provide a personalized recommendation.
Will property prices double in 10 years?
Predicting property price movements over a decade is challenging. Historical trends suggest steady growth, but not necessarily doubling.
How many days on market is good?
The ideal DOM depends on the current market conditions in your area. In a hot market, DOMs tend to be lower (potentially under 30 days). A balanced market might see DOMs in the 30-50 day range. In a buyer’s market, DOMs could be higher (potentially exceeding 60 days).
