Still struggling to sell your property?
Category Property Tips
We are often called in by a homeowner because their property, which is on the market for sale, has not attracted a buyer who is willing to make an offer to purchase.
Normally by the time we receive such a call the owner is already frustrated with the lack of buyer activity, lack of feedback/communication from the estate agent marketing the property and several other factors.
Invariably, there are two main reasons for a property not selling within a reasonable time frame which is around 30 days in the Plumstead market.
The first and most important reason is the property is overpriced. It is therefore not competing with properties offering similar specs, features, location etc., and as a result buyers ignore the overpriced property and target the other properties offering better perceived value.
Today's buyers are armed with a wealth of knowledge, freely available on websites and other platforms. Overpricing can be as a result of the owner having a preconceived idea as to the value of their property and the agent goes along with that price (often in the knowledge that the price is unrealistic).
Overpricing is also often due to the agent wanting to flatter the owner with a high valuation, thereby hoping to secure a mandate. These agents are often new in the industry or new to the area and are scrambling to get a foot in the door, so to speak.
The other important reason for a property not selling is a combination of overpricing plus having an agent who lacks negotiating skills and a lack of knowledge as to what is happening in the property market within their area (sad but true).
Choosing an agent with a proven track record who is active in the area together with the correct pricing being attached to the property will result in the property being successfully sold within a satisfactory time frame, irrespective of any shortcomings the property may have. All properties are sellable - providing the price is right.
Click here to view a Propstats printout covering house sales in Plumstead since the beginning of this year. The information shows the property address, what price the property was put on the market at and what it sold for, together with the number of days it was listed on the market. The printout also contains other useful information.
Home is our Story and property our passion. We thank you for taking the time to read the above and invite you to not hesitate to contact us should you wish to discuss any property related matters.
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Author: Gina Meintjes
