If you’ve made the emotional and financial decision to sell a property, there’s nothing more stressful than finding it’s taking longer to sell than you anticipated.

After all, selling a property is a commitment and an investment and it’s often the key event that allows you to embrace the next chapter of life.

And it begs the question, why can’t I sell my house?

So, let’s walk through why your house may not be attracting the interest it should, how long is too long to have a property on the market, and what you should do if your house isn’t selling.

How long do most houses take to sell?

Although most sellers hope their property will be advertised for sale and then receive a suitable offer within a matter of days, that’s often not the case.

The reality is the length of time it takes to sell a specific property varies depending on factors like market demand for properties of that type, other similar properties available, and how well the property is priced, advertised, and presented.

That said, the key metric for how long the average property takes to sell in a specific area is known as ‘days on market.

This figure is available from data providers like Property Value and is basically the recorded average of how many days properties in an area were advertised for sale before being classed as under offer or sold.

It also illustrates the average price of properties in that suburb, how much overall prices have risen or fallen in the past 12 months, how much properties were discounted on average, how much stock was available, and also how long on average properties in that area spent on the market.

If you’re looking to determine days on market for the Noosa and northern Sunshine Coast region, which imsold property services, the breakdown is available here:

• Castaways Beach
• Coorooibah
• Cooroy
• Doonan
• Peregian Beach
• Peregian Springs
• Noosa Heads
• Noosaville
• Sunrise Beach
• Sunshine Beach
• Tewantin
• Tinbeerwah
• Verrierdale

Factors that impact selling time

The market plays a major role in how long any property takes to sell. And this comes down to supply and demand.

In a property market where there are lots of people looking to buy, but few properties available, properties tend to sell more quickly.

This then reduces the average days on market for a specific area.

If that ratio changes and there are lots of similar properties available, but fewer buyers then days on market tend to be longer.

There are a number of external factors that can prompt this shift. These include:

• Interest rates – In the event of low-interest rates, buyers often have greater confidence about purchasing but during a series of interest rate rises they might become more nervous about the costs associated with buying property.
• Consumer sentiment – Economic elements like the cost of living, the political landscape, or the general state of the economy can make consumers warier or more inclined to spend.
• House prices – If property prices are high, fewer buyers might have the equity needed to purchase in a specific market, but in an area where the property is deemed more affordable, houses might be in demand.
• Housing supply – If properties are hard to come by due to the fact the area is an exclusive enclave with limited stock, demand will likely remain high.
• Limited opportunity – If there is limited land available for the construction of new properties or building costs are high, this can also increase demand for existing properties in a specific area.

Then of course other elements feed into this equation such as the features and benefits available in a specific area, proximity to transport and the nearest city, available employment opportunities, and more.

Reasons why your house isn’t selling

Beyond the state of the market and the demand for property in an area, there might also be some very specific reasons that your house isn’t selling, so let’s now look at those in detail.

The property price is wrong

Getting the price of the property right from the outset is critical. Set it too high and you will deter prospective buyers from even looking at your home.

Set it too low, and you miss out on the capital you deserve for one of your most important financial assets.

So how do you set the price correctly? This is where a trusted and experienced real estate agent is worth their weight in gold. They are able to accurately appraise your property for the price it will attract in the current market.

Incorrect selling method

There are numerous ways to sell a property, including private treaty, auction, and for sale by tender or negotiation.

Some properties and indeed markets lend themselves to these selling methods more than others.

Private treaty – Private treaty is by far the most common sales method in Australian real estate. It sees the property listed for a specific price. The advantage of this is that prospective buyers can instantly gauge whether a property is likely to suit their budget.

Auction – Auctions allow the market to set the price for the property, with the sales campaign typically lasting around 28 days before the auction takes place.

During this time, your agent gauges the feedback of what potential buyers believe the property is worth, which then allows you to set the reserve price for the minimum amount you will accept at auction.

Auctions create competition and often result in a property selling by a set date.

For sale by tender and expressions of interest – These sales methods see the prospective buyer put forward the price, they are willing to pay for a property. 

The advantage is it creates competition like an auction, but the disadvantage is that it might deter prospective buyers who are unsure of what price the property will command.

If your property is not attracting interest, the sales method could potentially be putting prospective buyers off.

The marketing’s not right

A good marketing strategy is a key to a successful sale, and the aim of the game is to position your house in front of the right type of buyer in the right way.

To do that a range of ingredients come together including good photographs and imagery, advertising in the right place, and in some cases even styling the property to make it more appealing.

Marketing is the factor that gets prospective buyers to come and view your property in person. So, if you find few people are attending open homes, it could be the marketing that is affecting your ability to sell.

The property reality doesn’t match the expectation

While marketing and advertising draw people in to view your property in person, the property they walk into then needs to match or exceed the expectation they have.

And this is where preparation comes into play. Your property should look neat and appealing from the street, while all repairs and maintenance should be tended to in advance of listing your property for sale.

It’s important to remember, that even minor issues can raise a red flag with a potential buyer, so ensure your property puts its best possible foot forward throughout the sales campaign.

What to do if your house is not selling

The reality is there is a property for every buyer and a buyer for every property. However, if your house is not selling within a reasonable timeframe, it could be time for you to examine exactly what’s not working and determine a new strategy.

Here are just a couple of options that you might need to consider…

1. Talk to your agent about where they feel the campaign is going wrong. Create questions to ask real estate agents when selling your house. They should be able to quickly define the problem and come up with an alternate strategy.
2.  Review your real estate agent’s performance. If your agent struggles to come up with suggestions to improve the likelihood of a successful sale, it could be time to consider seeking a second opinion or the services of another real estate agent.
3. Review your pricing. As much as we would all like a property to sell for the best price possible, sometimes the market simply isn’t willing to pay what you had hoped. At this stage, it could be time to review the pricing of your property.
4. Consider whether the property is being marketed in the right way to the right type of buyer. New photographs might be in order or the property might need to be advertised in a different place.
5. Give the property a refresh. Even little things like the exterior paint color can be a deterrent to potential buyers. If feedback indicates there’s too much work involved for potential buyers, consider investing in a minor refresh of the house before relisting it for sale.
6. Take a break from the market. If there are a lot of properties for sale in your area and your house simply isn’t attracting interest, it might be prudent to take a break, then re-list the property at a later date.

How imsold can help

Which real estate agent should I choose?

If you’re looking for an agent who will consistently work with you to achieve your goals and who believes sales is about true service, you can reach out to Andrew Johnson and the imsold team here.