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How long is too long to have your property on the market?

October 25, 2020

Wondering how long it takes buyers to secure a property these days? Selling your house can sometimes be a waiting game causing vendors to grow frustrated and lose patience. As trying as it can be, 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.

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.

Research the market

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 on the suburb research tool on homesales.com.au.

House for saleRemember 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.

Ask the expert

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.

Vendors talking to their sales agent about their house for salePerhaps 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.

Reassess your advertising schedule

If your property isn’t attracting buyers as you had hoped, perhaps its time to reassess your advertising schedule. 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.

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.

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Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
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