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Why isn’t my Home Selling?

To stage or not to stage?

Every vendor wants to maximise the value of their property and sell for the best price. To do that, and hopefully to even exceed price expectations, it’s best to have numerous buyers fall in love with your home and develop an emotional attachment.

By engaging a stylist/decorator with expert knowledge and experience in real estate, there is a greater focus on presenting a lifestyle. The buyer is not just purchasing a house, they are purchasing a lifestyle – lifestyle and home go hand in hand –  and the purpose of a stylist is to give a property “the look” that complements the home.

Vendors unfamiliar with effective property styling often comment, “Our place can sell itself”, and insist on leaving it empty. This is a major error – a property without furniture will always look smaller than a styled one, even if the space has a superior level of design or architecture. Styling can provide the perspective that buyers need to eradicate the guesswork. For example, potential buyers shouldn’t have to guess what size bed will fit in the second bedroom.

An experienced property stylist will have a good understanding of the real estate market and the targeted demographic for the property. Correct furniture selection is an integral part of the process. While you might love your oversized, comfy, brown couch, a more suitable choice could be a slimline design in a soft, neutral colour tone that will allow potential buyers to view the space to better advantage. Accessories and furnishings should add a sense of texture and detail to complement the character of the property.

Attractive features of a small property, or a house with a complicated layout, can be enhanced by clever styling techniques and presented to their best advantage and a dynamic style team will know how to detract from the less desirable aspects of a house, such as an outdated kitchen or lack of natural light. Expert stylists also know how to easily transform a junk room into an extra bedroom. An extra bedroom can add thousands of dollars to the price of a property or even clinch the sale.

Why isn’t my Home Selling?

Q: We put our home on the market 3 months ago (auction) and had no bids. Since then we have put a price on it, but we haven’t received even one written offer. Our agent is a lovely lady but we just don’t seem to be getting anywhere. Any suggestions? Diana C.

A: There is nothing as frustrating for a home seller as their home not selling, and I’m sure your agent feels the same way too!

There are a number of possible reasons, but the most obvious is the price. If you have been through an auction campaign and had feedback at say $1m and you are holding out for $1.2m then maybe that’s your problem, especially if the market is not on the rise. We are often confronted with a potential seller who has based their price on what the house owes them, or what a neighbour’s property sold for. The sale price is determined by the buyer, not the seller I’m afraid.

Another reason can be your choice of agent. There is no doubt that a good agent will get you a better price than an average agent, and in a tough market such as now, this is even truer. We have written before about choosing the right agent for you, and as we say, it’s even more important in the current market. Certainly, make sure they have a good rapport, but also check their listings to sales ratio: How many properties have they taken to market this year, and what percentage of them have sold? Over 80% or 90% is good.

There may be a whole raft of other reasons you are still on the market. People will tell you that presentation makes a big difference, and it does. But the price will always trump any other reason: If your home needs a $100,000 makeover then it will be reflected in the price. Drop the price by $100k and you will very likely sell. If you want to spend the $100k doing the makeover you may find it easier to sell, but not necessarily for an extra $100k!

We’re sorry you haven’t managed to find your buyer, but keep an open mind and think hard about what you are willing to accept in order to move on.

Next week we will talk about what your rights are in terms of a listing with a sole agency.

Why isn’t my Home Selling?

Q: We put our home on the market 3 months  ago (auction) and had no bids. Since then we  have put a price on it but we haven’t received  one written offer. Our agent is a lovely lady but  we just don’t seem to be getting anywhere.

Any suggestions? Diana C.

A: There is nothing as frustrating for a home seller as their home not selling, and I’m sure your agent feels the same way too!

There are a number of possible reasons, but the most obvious is price. If you have been through an auction campaign and had feedback at say $1m  and you are holding out for $1.2m then maybe that’s your problem, especially if the market is

not on the rise. We are often confronted with a  potential seller who has based their price on what the house owes them, or what a neighbour’s  property sold for. The sale price is determined by the buyer, not the seller I’m afraid.

Another reason can be your choice of agent.  There is no doubt that a good agent will get you a better price than an average agent, and in a  tough market such as we have now, this is even truer. We have written before about choosing the right agent for you, and as we say, it’s even more important in the current market. Make sure you have good rapport certainly, but also check their listings to sales ratio: How many properties  have you taken to market this year, and what percentage of them have sold? Over 80% or 90%  is good.

There may be a whole raft of other reasons you are still on the market. People will tell you that presentation makes a big difference, and it does.  But price will always trump any other reason:

If your home needs a $100,000 makeover then it will be reflected in the price. Drop the price by $100k and you will very likely sell. If you want to spend the $100k doing the makeover you may find it easier to sell, but not necessarily for an extra $100k!

We’re sorry you haven’t managed to find your buyer, but keep an open mind and think hard about what you are willing to accept in order to move on.

Next week we will talk about what your rights are in terms of a listing with a sole agency.