Putting your home up for sale can be a lot of work – from choosing an agent, preparing your home and then keeping it tidy for open homes.
But what if, after all this effort, you don’t receive any offers? While it’s not a common scenario, it’s essential to understand when and why this might occur and what steps to take next.
Does it happen?
We’re in a housing shortage, so surely your house should fly off the market – right? Not always. Successful sales always hinge on two critical elements: marketing and price.
Marketing: Effective marketing is crucial to attract the right buyers and stand out among similar properties. Your listing should highlight your property’s selling points without overselling, providing potential buyers with a clear idea of what to expect. If your marketing strategy is off, you might attract buyers who are either unable or uninterested in purchasing your property.
Price: While aiming for the top price is natural, it’s crucial to list your property at a price that aligns with the market and its features and condition. An overpriced home can deter people from even attending the open home, let alone making an offer.
When should I expect an offer?
The timeline for receiving an offer depends on whether you are selling via auction or private treaty:
Auction: You may receive offers before the event, but they are often lower than your expectations. Most agents will advise you to wait for the auction.
Private treaty: The interest in your home can be gauged by the turnout at the first open home. Your agent should guide you on how many groups to expect, based on the market and the price bracket of your home. Generally, in South west Sydney, expecting around five groups to the first open home is standard, with anything above that being more likely to uncover a great buyer. Offers should start coming in after the first or second open home. If not, it’s time to investigate why.
No offers on my house: what next?
If you’re not receiving offers, the first step is to have an honest conversation with your real estate agent. You need to know the attendance at open homes and the feedback from potential buyers. For example, is it out of their budget, not what they were looking for, or was there something else that put them off? Depending on the feedback, your next steps might include:
Low-cost modifications: Is there something putting off buyers when they inspect the property? If so, you’ll need to assess whether it is worth fixing, or if you can compensate with a price adjustment. This could involve minor repairs or cleaning up eyesores like a non-compliant pool. We wouldn’t recommend embarking on any major renovations, as in our experience buyers prefer a slight price reduction over significant changes.
Refresh the marketing: If your advertisement isn’t accurate or doesn’t showcase the home’s best features, your buyer might just swipe on past. Getting professional copy and photography helps present your home in the best light, and attract the attention of the right kind of buyer.
Adjust the price: Your price should reflect the market and your property’s features and condition. Keep an eye on the local market trends and how similar properties are priced and presented and seek advice from your agent on the best way to adjust your property’s price.
By ensuring your photos, copy, and price are on point, you’ll increase your chances of attracting offers on your house. Remember, every open home is an opportunity to sell, so don’t hesitate to ask questions and make adjustments based on feedback.
If you’re thinking of selling or are experiencing challenges in selling your home in South west Sydney, our team at Prudential Real Estate is here to help. Contact us today for expert advice and support throughout the selling process.
Prudential Real Estate Macquarie Fields | (02) 9605 5333 | macquariefields@prudential.com.au
Prudential Real Estate Narellan | (02) 4624 4400 | narellan@prudential.com.au
