I have found throughout my career that there is a buyer for every property, just maybe not in the time that you might think if you have not paid attention to some really important factors.
The length of time on the market is affected by a number of factors.
If it is in the right location then that is great, but if it is in a location that is not as desirable, then allowances will have to be made. It seems that everybody wants the worst house in the best street, but not the best house in the worst street.
Fortunately, you can adjust the price if you have gone on the market too high, but it is at the risk of losing all of your best buyers at the beginning of the marketing and in the process of initially overpricing, selling everyone else’s house in the area, as buyers compare others to your overpriced one. You will also waste valuable marketing funds, and have to pay for more maintenance, staging ( if you are staging the home) and if you are using bridging finance to purchase another, then there are those ongoing costs too. So pricing correctly in the beginning is crucial.
State of repair:
Buyers will look at anything that needs work to be done and they will immediately deduct an amount off the expected selling price by their estimation. The only problem is, is that a rotten window frame might cost a few hundred dollars to fix, but by their calculations it will probably be thousands and this will be reflected in their offer that they make, as they will be worrying what other maintenance has been left to get worse and is hidden beneath the exterior. If the house is untidy or the garden overgrown, buyers will judge it quickly. Many will buy other properties that are nicely presented instead.
You cannot sell a secret, so it is important to market your home making sure that your photographs are professional and that they tell a story. Many a property has not sold as the photos and wording of the advertisement have failed to grab the attention of the buyers. These days, with internet marketing, buyers peruse often at speed on their mobile devices, so you need inviting headlines and good photos to get them interested. Paying for marketing is the norm these days, and a professional real estate agent should be able to give advice on the most cost effective way of putting your property before the largest targeted audience to get you the most possible in a fair market environment.
The type of title:
It is important to make sure that your property does not have a defective title. For example: A cross leased property with a conservatory not marked on the Flats plan is considered as a defective title. There are other forms of title and some could be harder to sell than others, like a freehold property on leasehold land, or company share. The reasons can be complicated, but normally relate to the fact that the costs and rules and lending criteria are different, for example some Banks will only loan a certain percentage on a Company Share title and there might be rules in place that dictate whether you can rent your property out or not, or even have pets.
It could be that you have a big dog that leaves foul smelling surprises around the front lawn, or the property could smell of stale smoke. It maybe that the property is tenanted and the tenant is untidy and uncooperative. Whatever the reason, first impressions do count.
First impressions are the most lasting
Here are some Amazon links that could be of interest to you
Real Estate Investing: Own, Rent and Time Well Spent: How To Create Passive Income From Property Investment
Real Estate Investing: Generate Passive Income and Live Off Rental Properties (Property Wholesaling for Beginners, and Commercial Real Estate & Apartments)
Positively Geared: How to Build a Multi-million Dollar Property Portfolio from a $40K Deposit Paperback – 1 April 2020 by Lloyd Edge (Author)
Rich Enough?: A Laid-back Guide for Every Kiwi Paperback – 16 November 2018 by Mary Holm (Author)$23.00
Property Investing For Dummies – Australia$36.27
Mastering the Australian Housing Market Paperback – Illustrated$31.25
The Intelligent Investor Paperback – Illustrated, 27 August 2003$22.99
The Barefoot Investor 2019 Update: The Only Money Guide You’ll Ever Need Paperback – Illustrated, 1 July 2019$19.00