Reason 4 of 5 why your property isn’t selling – Low buyer confidence due to the economy (eg: GFC)
A property might be priced right, be in a good location and be well presented and still won’t sell in the expected time frame. The state of the economy and consumer confidence will also play a part in the property sales process. The Global Financial Crisis (GFC) was a good example of that. Investors in particular, stayed right out of the market for well over a year during that period of uncertainty. Many buyers thought long and hard as to whether to keep their hard earned savings “safe” and “pay down their own debt” or to borrow and invest in property as prices were falling in some areas. The more conservative approach won the day for the most part, during those years of the GFC.
There will always be buyers and sellers no matter what is happening economically, but the state of the economy and the sentiment of the day need to be factored into the asking price, to overcome the hesitation during those times.
If you as a seller are aware of this point, but don’t want to reduce the asking price of your property and you are not desperate to sell for one reason or another, then it may be better to take your property off the market and wait for a more opportune time to sell.
For a no obligation review of your property please call Peter Davies Licensed Agent, Chilli Realty on 0402 335 005.