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If your house has been on the market for a while and it hasn’t sold yet, you may be wondering why. In my experience, there are three common reasons why a house doesn’t get snapped up straight away.
- Unrealistic expectations
- Presentation
- Poor Marketing
So what can you do about each of these three things?
Unrealistic Expectations
Essentially, what this means it that your property is not ‘competitively’ priced. Potential buyers are finding it to be too expensive in this challenging market. This does not mean that you have to price you house too low. All it means is that it needs to be priced comparable to similar properties that have sold in your area. Don’t look at what other houses are advertising for, look at what they sold for. That’s what counts, and that’s what buyers will also be looking at. Try regularly searching http://www.realestate.com.au/sold and http://www.domain.com.au/?mode=sold for in and around your area. This you give you a realistic idea of how much to price your property for. The bottom line is, if houses are not selling for what the price that you want to get for your own property, you might be better off waiting until prices are on the rise again.
Keep posted for next week's tips for the presentation of your home.
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