You’ve had your property on the market for 5 months and it didn’t sell. You’re frustrated and not exactly sure why it’s not selling. You’re not alone.
We’ve round up determining factors and provided actions you should take.
- The Property is Overpriced & Does Not Match the Area
In a seller’s market, a seller may feel comfortable pushing the asking price a bit higher, and this can be a huge mistake. Wealthin Properties Listing Manager, Marina Veretyuk said that determining the best asking price is one of the most important aspects of selling a property. If your property is listed at a price that is above market value, you will miss out on prospective buyers. “If you’re noticing your neighbors are selling and you’re not then it’s time to change your agent.” She added. “Get someone who can provide you with a Professional Property Appraisal and analysis of the local market with solid comparable, and specific market trend data in order to know the real value of your property and price it accordingly,” she suggested. Another tip is whether the price suits the area or not. Location is a contributing factor to property pricing. Therefore, property in more desirable areas or prime locations will definitely be priced higher. Properties in areas which are under construction, more crowded, fewer services should be priced lower than homes in more developed, exclusive and well-serviced areas. Understanding the neighborhood will help you determine whether or not your property is fairly priced.
- It Has Been on the Market for a Long Time
Another sign your property is overpriced is how long it has been on the market. While some properties may sit on the market due to other reasons, this is usually an indication of overpricing. Generally, fairly priced properties will sell within a couple of weeks or even just days. Therefore, if this specific property has been on the market for weeks and weeks, then chances are, it is overpriced.
- The property has too little viewings
Number of inquiries and viewings conducted are a big sign that can help you determine whether your property is overpriced or not. If few people are interested in it, then there is definitely something wrong. Moreover, if you realize that the surrounding area is otherwise healthy and inviting, then the issue is more likely to be pricing. Be sure to ask your agent, if you have one, how often the house is viewed and bid on. “It is important to listen to the client’s feedback coming from us (agents). We encounter the objections of the clients and it is always smart to consider what we suggest in order to make a sale.” Elham Molaei, Wealthin Properties Specialized Business Bay Agent said.
- There are too many upgrades and home improvements
When you add extra amenities to your property usually you want to get even and ask for a higher price in order to compensate the money you spent. However, the problem here is determining whether the buyer actually need these upgrades. According to Real Estate experts, this could be a good thing or a bad thing as too many upgrades may increase the price of the property without being of value to some buyers but will be good if buyers do understand these upgrades. In any case, it’s good to track down the materials used, additional expenses and price it fairly.
- Your agent doesn’t seem to care
Sometimes there’s nothing wrong with your property at all: It’s priced right and is well-maintained. But your agent could be turning people off. Let’s admit it, some agents have little to no personality, some are burnt-out, some don’t care, and others have no social skills. Choose one that you feel most comfortable with and has people skills. Who knows? You’ll find one of our agents appealing!
Selling your Dubai Property? Get your Free Property Appraisal & List your Property with us today and Get Maximum Exposure and Exclusive Benefits. Call our Hotline at +971 52 521 5207 and one of our RERA Certified Brokers will reach you shortly.