FOR SALE: What to do if your home isn’t selling

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PHOTO: RAWPIXEL

Once the decision is made to list your home for sale, the desire for a swift and profitable transaction is only natural. However, in the current challenging real estate climate, many homeowners are facing difficulties in selling their properties, with a sluggish market attributed to high interest rates and increasingly expensive mortgages over the past year.

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Some sellers, confronted with a prolonged listing period, feel compelled to resort to larger discounts as they navigate the slowdown in the property market. Compounding the issue, stretched household budgets are causing potential buyers to postpone their plans, exacerbating the challenges of selling a home.

For those hesitant to reduce their asking price, alternative strategies can be employed to enhance the property’s appeal and increase the likelihood of a successful sale.

Engage in a Charm Offensive: If your property has lingered on the market, consider building rapport with your neighbors. Encourage them to tidy up their adjacent outdoor spaces, as unkempt surroundings can detract from your home’s appeal. Offer incentives, such as a shared effort with pizzas and beers, to foster a collaborative neighborhood spirit and improve the overall presentation.
Secure Parking Solutions: Ensure potential buyers have convenient parking options. Politely ask neighbors to free up parking spaces during viewing days, especially if street congestion is an issue due to multiple households with numerous cars.
Strategically Time Viewings: Schedule viewings a day or two after the neighborhood’s bin collection day to present a clean and pleasant environment. A clutter-free street and an absence of unpleasant odors can significantly enhance the first impression for potential buyers.
Generate Competition: Overlapping appointment times can create a sense of competition among potential buyers, emphasizing the property’s desirability and encouraging more competitive offers.
Set a Realistic Price: Avoid overpricing your home, as it may deter potential buyers. A lower asking price can attract more inquiries, stimulate competing offers, and ultimately lead to a higher sale price.
Refresh Listing Photos: If your property has been on the market for an extended period, update the listing photos to reflect the current season. Outdated images may give the impression that the property has been listed for an extended time.
Craft a Compelling Story: Share a brief narrative about why you fell in love with the property and your positive experiences living there. Highlight the neighborhood’s appeal and community spirit, providing potential buyers with a more personal connection to the home.
Conduct Sleuthing: Gather soft facts about potential buyers from the estate agent, such as whether they have children. Tailor your presentation to emphasize features that would appeal to their specific needs and preferences.
Consider Auction Sale: If conventional sales methods have not yielded results, exploring auction options may lead to a quicker transaction. However, sellers should be aware that the final sale price might be lower than what could be achieved through traditional means.