When property markets are influenced by external factors or changes in economic conditions, there can be fluctuations in how fast a property may sell. There are additional factors that can also limit the length of time that it takes to sell a property and important factors to note if you are considering selling.
If a property is priced well, irrespective of the market conditions, it will sell in a shorter period, potentially in line with the time frame that you may be wanting it to be sold.
If a property is overpriced, it may sit on the market for a much longer period or may not sell at all. As time goes on, you may find that offers received will become lower as potential purchasers try to negotiate given the length of time that it has been listed.
If a property is presented well, it will likely achieve a higher sale price and sell faster in a quieter market. Prospective purchasers will look at the property with an emotional view, especially if they are looking to live in the property rather than invest.
As such they will look at the presentation from the view of seeing themselves living in the property. Presentation is key to achieving more prospective purchasers especially if the property is well priced and marketed well.
A good agent will be aware of market conditions, have a good track record, and communicate with you on all possible scenarios of the sale. They will work with you on a marketing strategy that presents your home in a positive light to prospective buyers.
They will also have a good database of key contacts to market the property to and a social media or print strategy for success depending on the property and the type of buyer that they are trying to attract to your home.
If your property is well presented and priced right, and still not moving in the market, it is wise to sit down with your agent and talk about what may have gone wrong or areas that could be improved.
Is it the marketing? Is it the presentation or price? Are they reaching enough prospective buyers? Are there other strategies that the agent could or should be using?
When you have the magic mix of price, presentation, and marketing just right, offers will come through, however it is also up to the agent and you as the vendor to respond to the offers effectively and don’t let the opportunity pass you by.