If you haven’t received a suitable offer on your house, it might be a good idea to take it off the market while you fix the problem areas that are putting off buyers.
Your home has been on the market for an extended period and although your agent initially brought potential buyers around, the flow of people coming to look has either dwindled to a couple of visits a month or has dried up completely.
It's important to note that homes don't sell overnight and much will depend on the type of home, the area in which it's situated and the price. At this stage, according to a report released by John Loos, FNB’s household and property sector strategist, the average time a R1.157-million home will stay on the market is eight weeks. A home costing around R1.774-million will, on average, remain on the market for 10.18 weeks while a property priced at R2.969-million will stay on the market for 15.93 weeks.
There are however times when a property simply won't sell, regardless of how long it's been on the market. Generally speaking price is always going to be the biggest factor, but there are many other reasons a home doesn't sell, including putting a property that's going to cost money to make it habitable on the market. It's therefore vitally important for sellers to take heed of any feedback from estate agents and either drop the price or remove the home from the market completely and rectify the issues preventing buyers from putting in a realistic offer.
Remember, a home that requires work will attract lower offers and sellers who refuse to budge on price may sit with the home for an extended period of time. Those who are struggling to sell but who refuse to drop the asking price need to be realistic and rectify what’s putting buyers off.
Much can be done cosmetically to improve the overall look of a home. For instance, while a well-maintained garden won't totally distract a buyer from a home that needs maintenance, it's a start. A fresh coat of paint and new gutters will also go a long way toward ensuring the home gets a look-in from buyers.
Some things can't be helped. Small bedrooms, a pokey kitchen or dated bathrooms can impact a buying decision, particularly if the price is considered too high. That said, there are other factors that can drive the price, including aspects such as a pretty entertainment area and attractive living areas. The trick to selling a property is to make the best of what you have and this means you may have to spend money to create the right look. Spruce up the kitchen by repainting cupboards or put new handles on the cupboard doors. Use mirrors to enhance the size of a home and remove as much of the clutter as possible.
Consider taking the home off the market while you renovate and try to focus on the biggest problem areas. In other words, if the general consensus (based on buyer feedback) is that the kitchen is not up to par, then take the time to see how your can improve the overall look. Likewise, if the bathrooms are souring the deal, look for cheap ways to improve.
Love is blind and we often overlook things simply because we don't see them. It can be hurtful when agents give negative feedback on our most loved possession. However, it needs to be remembered that constructive criticism is good and those who listen may well end up selling at a higher price, in a shorter time.
