Stuck on the Market? Why Your Property’s Not Selling.
Here Are The Real Reasons Your Home Isn’t Selling.
While very few saw it coming a mere five years ago, Adelaide’s property market is seriously booming.
With extremely low supply levels, high demand and record property values, today, Adelaide truly is a seller’s dream.
Yet while most homes are being snapped up within days, other homes still aren’t selling as quickly as expected.
So if you’re asking, “Why is my property not selling?” this blog is for you.
It’s a question many vendors are asking, and the answer often lies in a few unintentional, but avoidable, mistakes.
Here, we explore 5 common missteps that can prevent your home from selling, identify what sets a successful sale apart, and find out how a skilled agent can help you turn the situation around.
- Pricing Mistakes
- Poor Presentation
- Inadequate Marketing
- Neglected Repairs and Maintenance
- Ineffective Open Inspections
Adelaide’s Current Property Market Conditions
The current state of Adelaide’s property market is unlike anything seen in recent years, with property values consistently reaching new record highs even as interest rates skyrocket and cost of living concerns bite.
But despite all this, there are still plenty of buyers looking to get in on the action!
Why? Because as of mid-2024, there are a shortfall of homes for sale. Advertised stock is tracking well below the five-year average - which means demand is outstripping supply.
This perfect storm creates an ideal environment for vendors, with homes selling quickly - and often well above asking price.
It's a hot vendor’s market through and through.
So if your home isn’t attracting offers, it’s time to it’s time to look at why.
5 Common Mistakes That Prevent Homes from Selling
1. Problem: Pricing Mistakes
One big mistake that’s seen often is setting the wrong price from the get-go.
If your home is overpriced, even in a market where demand and competition is strong, buyers might not even consider it.
Kate Barnett from We Connect Property puts it simply.
“Setting the right price really is crucial. Price is often one of the first things potential buyers consider when it comes to narrowing down their initial search.
“An overpriced property immediately sends the wrong signal, can rule your property out for many, and can prolong the selling process unnecessarily.”
On the flip side, pricing your home too low can also prove problematic.
A price that is substantially lower than the suburb average could attract suspicion from buyers who may think there’s something wrong with the property - potentially scaring them off for good.
An even worse scenario? Flip-flopping on price mid-campaign.
In a slow market, it’s tempting to drop your price in small increments if your property’s not selling. Similarly, in a hot market, the instinct may be to bump it higher.
Either way, this can negatively affect the sale process as buyers get confused, disillusioned or sceptical and ultimately walk away.
Solution:
A skilled agent will perform a thorough market trend analysis to help set a more competitive and appealing price relative to its value, whilst ensuring your property aligns with current market conditions and stands out for all the right reasons.
“Accurate pricing upfront is crucial,” says Kate.
“Working with your agent to set a realistic price from the start not only ensures your property attracts the right buyers, but also minimises any unnecessary mucking about mid-campaign. That way, it’s more likely to sell within a reasonable timeframe.”
So if you think you might have a pricing issue, speak with an experienced agent who knows the area well, and they’ll give you their best advice.
2. Problem: Poor Presentation
Another factor that could be affecting your sale, is the presentation of your home.
Poor presentation can be a real deal-breaker among buyers who are looking for a place to call home.
Staging (also known as styling) your home properly can make a huge difference to how your property is perceived – and prevent it from languishing in the online listings too long.
That’s because staging isn’t just about making a home look pretty; it’s about helping buyers envision themselves living there.
In fact, various surveys have shown that styled homes can often sell up to 3 times faster AND fetch final sales prices up to 12.5% higher than non-styled homes - all because buyers fall in love with spaces they resonate with!
Sales Director at We Connect Property, Natalie Jones, affirms this.
“Presentation is everything. A well-styled home is key to making a lasting impression, and this is very evident during the open inspection phase.
“We generally get far more buyer interest - and consistently higher offers - on properties that are well presented and thoughtfully staged to accentuate their best features.”
Solution:
If you think your property could use a spruce up to help boost its sale chances, chat with your agent!
They’ll be able to advise on the most effective, cost-efficient presentation solutions to enhance your home’s appeal, suggest some simple tweaks and share some proven staging techniques. They may even be able to stage it for you!
3. Problem: Inadequate Marketing
Effective marketing is another area where many vendors fall short.
While it may not feel like marketing is necessary when the market is running hot, it’s actually during these periods you need it the most.
Why? Because good marketing makes sure a property stands out from the crowd, attracts the best buyers and, ultimately, secures the highest offers.
In fact, in today’s digital age, having high-quality photos, stand out listing copy and a strong online presence is baseline non-negotiable – after all, you only get one chance to make a big impression!
And skilled agents know how to use these tools to get your home noticed.
“If your home isn’t marketed well, it simply won’t reach enough of the right buyers,” says Natalie.
“At We Connect Property, we make sure our marketing plans are individually tailored towards ensuring your property reaches not only the widest possible audience, but also buyers who are genuinely interested.
“Virtual tours, social media campaigns, online real estate websites and traditional advertising, alongside professional copywriting and photography are all important tools we use to get your home noticed by those most likely to make the best offers.”
Solution:
When the aim is to get your home sold quickly and for the highest price, an experienced agent will know which combination of these marketing tools will work in your area and advise accordingly.
So don’t be afraid to speak with them, discuss your budget and also what tactics might be best to get your home sold, pronto!
4. Problem: Neglected Repairs and Maintenance
If your property has obvious problems, visible signs of neglect or overlooked repairs, snagging a sale will become much more difficult.
Even if you do attract some initial interest, hidden issues found during inspections will quickly scare buyers away too.
So when it comes to selling your home, effective maintenance is key.
Kate reiterates its importance.
“We’re certainly not suggesting that a full renovation is required, but taking care of any obvious repairs and maintenance issues before you list your home for sale can save a lot of trouble down the line.”
Think a fresh coat of paint, fixing leaky taps or replacing broken tiles.
“Potential buyers appreciate a well-kept home and are more likely to not only show upfront interest in the property, but also make a strong offer, once they can see it has been looked after.”
Solution:
If maintenance issues are holding you back, but you’re not sure where to start, get in touch with your real estate agent STAT.
Based on experience, they’ll be able to identify the most crucial - and cost effective - repairs and improvements that need to be made prior to listing, to ensure your property is in the best possible condition before it hits the market.
They can also lean on their network of trusted local contractors to ensure high-quality work is undertaken, and ensure every dollar you spend will be adding value to your bottom line.
5. Problem: Ineffective Open Inspections
Despite their disruption to everyday life, open inspections typically form an important part of any home selling mission.
That’s because, understandably, buyers prefer to see a property in real life before making what is often a huge financial decision.
So if you’re opening your home and still not seeing results, there are two big factors that could be working against you.
Firstly, if your open dates and times are too limited, potential buyers might not get a chance to see your home.
But it’s not just about timing.
Your presence during home inspections can also be a deal-breaker.
While it is still your home, sticking around during inspections can make buyers feel uncomfortable, especially when discussing changes they might want to make.
If they’re made to feel like they’re intruding on your space, they’re less likely to consider the property seriously.
Solution:
This is where it’s best to put the buyer’s needs first, and trust your agent to handle the process.
It’s their job to maximise your property’s exposure by accommodating potential buyers’ schedules, and to create a welcoming environment during inspections - increasing your chances of a quick sale
Selling a home in Adelaide’s competitive market requires more than just listing it and hoping for the best.
But by addressing some common pitfalls and leveraging the expertise of an experienced real estate agent, you can tackle the market confidently and ensure your home earns that coveted SOLD sticker sooner!
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If you’d like some expert guidance and support, we’re ready and waiting to help.
And if you’re just getting started, or looking for more valuable property selling, buying or investing tips, tricks and hints? Check out these other handy articles on our blog:
And for all the very best property selling, buying or investing advice, why not connect with us?
We Connect Property are your local property market specialists with over 21 years’ experience in selling, buying and managing property in southern Adelaide.
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Give us a call on 0403 799 983 today, or drop a line to sales@weconnectproperty.com.au - we can’t wait to chat!
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DISCLAIMER: All recommendations made by We Connect Property are general in nature and not to be relied upon as legal or financial advice. To ensure accuracy, we always strongly recommend seeking independent, professional advice tailored to your specific situation before making any investment or financial decisions.