If you are a potential vendor and you happen to find yourself in a situation where your property is taking longer than anticipated to sell, take heart... It can happen unfortunately but this is where the team at Thomson can assist you. As we are in the business of selling and attuned to the nuances in the market, it is our job to convey the feedback we receive to you so that you can make a concerted decision based on what the market is telling us.
As a general rule, properties that take an extended period of time to sell are frequently overpriced, but there can be other reasons, such as unusual design features that may deter more conservative buyers.
The old real estate motto that, “there’s a buyer for every property,” remains true, but the owner of a slow selling property may have to weigh up whether it’s best to wait for that elusive buyer or lower the price to attract a greater range of potential buyers.
The team at Thomson will assist you in choosing an effective marketing campaign which is more important when selling an unusual property. This might include special advertising which focuses on the property's unique features, such as development potential, proximity to shops, schools and public transport. Additionally we can advise you on whether it can be better to auction a property that is unusual, because setting an appropriate price is more difficult and an auction might best determine the market price.
Launching into a major renovation or remodelling the property to appeal to a larger section of the real estate market is one way to ensure a reasonable sale time, however this is an extreme measure to undertake and cannot always guarantee a complete return on your investment. A less dramatic makeover may be enough to stimulate interest, however, seeking professional advice is certainly worth the time and effort.
People planning on building new homes with unconventional features or fashionable innovations should keep in mind the possible effect this will have on a property’s re-sale value. Most homebuyers are conservative in their tastes so unique design features should be considered carefully.View next article View previous article
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