You might have heard the saying, “you only need one buyer…” from your selling agent after your property has been on the market for a while, with little or no interest and no offers forthcoming from buyers.
There are several other well used sayings in the real estate business as well, but sometimes certain properties do take longer to sell than others, irrespective of if they are marketed as Auction or Private Sale. There are usually several reasons why this is so, which I will outline in the following points, with the aim to assist anyone selling currently or thinking of selling, who might have a property that falls under one of the following categories.
Reason 1 of 5 why your property isn’t selling – Poor condition of the property
Not everyone is a handyman. Those properties advertised as a “Renovator’s dream” or “You can add value here” and those that require more than simple cosmetic work are often too much of a challenge for many buyers. The unknown cost of repairing the property and the time and effort required is not everyone’s cup of tea.
If your property needs a lot of work and you are selling without doing that work yourself, I would highly recommend getting a building inspection done before you put the property on the market so you can provide the report at the inspections.
This will give the buyers an idea of what work is required, if there are any major structural issues and will provide a list of items that need attention, to get quotes on. This is one way to overcome the uncertainty of an un-renovated property sale.
You cannot expect to sell an un-renovated property for the same price as one that is similar but renovated. Adjustments will need to be made to the price to take into consideration the cost, time and effort in doing the repairs. If these adjustments have been made, even a property that needs a lot of work and is in poor condition, will sell.
For a no obligation review of your property please call Peter Davies Licensed Agent, Chilli Realty on 0402 335 005