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Property Stalemate - Why is my Beautiful Home not Selling

Updated: Nov 1, 2023

It is very easy to blame market conditions when your home does not sell. We wanted to create a secondary checklist that might help as you work through how to put your property's 'best foot forward'

Selling a property can be a stressful and time-consuming process. In this blog, we'll explore some common reasons why properties may not sell and provide practical solutions to help you get back on track


1. Overpricing in the Current Market

One of the most common reasons a property doesn't sell is that it's set at the wrong price point. In the current macro-environment there are so many different factors at play.


A nervousness that homes in Jersey rapidly spiked in Covid - and that house values may still fall. Higher interest rates which means affordability for new buyers is more pressurised - this understandably leads them them to be more cautious when they make that property purchase. Real Estate Agents who have placed a higher value on your home either because they genuinely believe that is what it is worth, or to simply ensure that they are instructed on the listing.


Quite understandably as a home-owner you may have have emotional attachments to the property and some of your price point asipration may be based on personal sentiment rather than the market value.

  • Solution: Engage with your real estate agent and ask them to share their market analysis with you. The great news in Jersey is that every court transaction is available and you can cross reference this against what the property is marketed for through the agent, and then more importantly what it sold for. This gives you a true picture of what a property similar (comparable) to yours is worth in todays market. Looking at what's currently listed for sale as a comparable will not give you true guidance. Please be reassured that even in this more pressurised environment, there are certain brackets or properties that are selling well and holding their value. At Alexander Carmine Estates we undertake a lot of trending analysis to ensure when we represent you as a vendor, we are providing you with reassurance in our valuation methodology. If helpful to chat through you can contact us here https://www.alexandercarmineestates.com/contact


2. Distracting Presentation

First impressions matter. If your property doesn't look appealing or well-maintained, potential buyers may be turned off. If you have a certain style which is 'obvious' this may not be appreciated by a new purchaser. It is so important that when potential buyers view your home they can see themselves living there.

  • Solution: Talk to your Real Estate Agent and really listen to their advice. They can share their thoughts, but also after every viewing they should be sharing with you the feedback from any potential purchasers.


3. Ineffective Marketing

In today's digital age, marketing plays a significant role in selling a property. If your property is not being marketed effectively, it may go unnoticed by potential buyers. If it has minimal 'airtime' it can quickly become forgotten. While an agent with a substantial portfolio may seem attractive, keep in mind you will then be competing against all of the other vendors for the agents attention, marketing budget and social media posts.

  • Solution: Engage with your Real Estate Agent to have a proactive insight to their marketing strategy for your home. At Alexander Carmine Estates we work with you on the marketing plan. We share what can be expected in terms of proactive posting and engagement. We utilise high quality photography, and social media to showcase your property to a broader audience.


4. Unresponsive Real Estate Agent

If your real estate agent is not responsive or proactive, it can hinder the selling process for both the potential buyer and you as the seller. If buyers cannot quickly view your home they may try another property with another agent. If you are not receiving proactive feedback from potential buyers as they view, you can't make adjustments as you prepare for the next viewing.

  • Solution: Communicate any concerns with your agent and, if necessary, consider switching to a more dedicated and responsive professional who can help you reach your goals. It's insightful to ask a close friend or family member to 'sense check' the process for you. This will let you know if potential buyers are receiving the focus you would hope for.


5. Location

Sometimes, factors beyond your control, such as the neighbourhood or location and this can impact your property's saleability.

  • Solution: Highlight the positive aspects of your location, such as nearby amenities or good schools. This should be showcased as part of your marketing strategy. You may need to be more patient and wait for the right buyer who values these aspects.


6. Inflexible Terms

Strict completion dates or non-negotiable terms, can deter potential buyers. In the current market try and think about every potential buyer as an opportunity to showcase your home. In fast paced markets vendors became more stringent about only allowing viewers with 'cash buyer' or 'mortgage approved' status.

  • Solution: Be welcoming to all viewers, as even if the property is not the right time or right home for them, they may know someone who it is right for. Word of mouth marketing in locations like Jersey is invaluable. Consider accommodating reasonable requests from buyers to facilitate a smoother transaction.


7. Lack of Disclosure

Hiding or neglecting to disclose property issues can lead to mistrust and difficulties in the property transaction journey. Be mindful that many issues will likely come out in the survey or advocates enquiries and so approach with integrity and declare at the outset.

  • Solution: Be transparent about the property's condition, including any known issues. This honesty can build trust with potential buyers.


8. Limited Accessibility

If your property is difficult to show or view, it may limit potential buyers' interest.

  • Solution: Ensure that your property is easily accessible for viewings and open houses, even if it means adjusting your schedule or making your property available during weekends. We appreciate that in some situations (like having a young family) that preparing for a viewing is incredibly hard work. Work with your agent on how the property can be the most available with the least stress to yourself. A good agent will help you with this.


Conclusion

If your home is not selling, it is essential to identify the root causes and take proactive steps to address them. By pricing your property realistically, improving its presentation, and working closely with a responsive real estate agent, you can increase your chances of selling your property successfully. Remember that patience and flexibility are also key when navigating the complex world of real estate.


Please check out other Blogs to help support you on your property journey https://www.alexandercarmineestates.com/blog and/or subscribe below for further updates.


If I can help answer any of the questions above please do contact me


Danny



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