While prices are still higher than they were before the pandemic, houses are taking longer to sell and many buyers are unsure about how much lower the market will go. If your home is currently on the market but not selling, there are a few things you can do that will help.
One of the best things you can do is understand how your home is doing within the market. Homes aren’t sold in a vacuum. This means that even if your house is brimming with potential, perfect for a myriad of buyers or looks fantastic, the market will always dictate how quickly and for how much a home is worth.
If you’ve already put your home on the market, sit down with your real estate for an honest chat about the feedback they’ve been hearing from buyers. It’s likely that what they tell you won’t be new information, but listening to their feedback and advice is important.
Visit other open homes in your area and see how your home stacks up. Get a feel for how your home's presentation, size, features, and price compares to your neighbours.
You should also find out how long it’s taking for similar homes to sell. If these are also sitting on the market for months, there’s probably not too much you can do.
In a downward market, there comes a time when sellers need to adjust their price expectations. Many sellers fall into the trap of holding out for a specific amount of money. If you paid more than what you’re selling your home for, that’s understandable. No one wants to walk away with less money in their pocket.
Too often, vendors want a price that is out of step with the market. The lofty highs that many homes sold for during the pandemic are no longer realistic. Plus, if your home has increased in value since you bought it, you’re not losing anything.
Consider whether you’ve been rejecting offers that your real estate agent might think is reasonable. If you don’t want to be realistic about what your home is worth, now might not be the right time to sell.
Two years ago, homes that needed a lot of work sold like hotcakes. Now that the market is in a downturn, potential buyers can be a lot more picky. View your home through the eyes of a buyer. How much work does it need, and who are you trying to sell to?
If your home is more affordable, many first-home buyers would be willing to paint or do aesthetic renovations to make it more modern. If your home is more suited to a large family, you should make it look as tidy as possible.
Tidying up your section, water blasting, removing shrubs or trees that block light to your home or adding an outdoor area can all help your home sell. So too can a lick of paint inside or replacing old threadbare carpet from the bedrooms.
If you’re happy with how your home looks and with how your agent is handling the sale, look for ways to make your property more appealing on paper. In a buyers market, people want to know how much to offer on a home. Try adding a price to your listing. This will help it show up in more results on sites like TradeMe and open your home up to a whole new group of potential buyers.
Auctions are far less popular than they were two years ago. Moving to a deadline sale might be more appealing to a buyer right now.
Review your marketing approach. If you’re not yet advertising your home through flyers or print advertising, ask your real estate agent to start doing this. Make sure you're using high-quality professional photos of your home in print and online. Print campaigns and letterbox drops can also help reach more people.
If you don’t think your real estate agent is performing as well as expected, it might be time to go your separate ways. If you’ve never sold a home before, talk to friends, family members or colleagues to find out how reasonable your expectations are. You don’t want to part ways with a good agent for no reason.
If it’s time to part ways, review any documents you signed when you first listed the property with your agent. This will help clarify whether there are any things you need to consider before letting them go. Then, ask your friends and family for recommendations. Once you’ve found a new real estate agent, you can let your current one go.
Most agents will want to hear feedback on their performance. If a specific issue made you part ways, you can be honest. Otherwise, you can just say you’d like to try an agent a friend requested since your home has been on the market for a long time.
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Finally, just be patient. If you don’t need to sell your home immediately, consider taking it off the market. Just be aware that there are no guarantees that the market will improve in a few month's time. However, if selling your home is stressful, taking a break can help you focus on other parts of your life that might be more pressing. If you’re experiencing changes in your job, family or personal life, selling a home is just another thing you must worry about.
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