Why Some Real Estate Sells Quickly and Others Don't
On today's real estate market, a successful sale requires a precise strategy, the right price, and well-thought-out marketing, writes ELUM Real Estate broker Margo Merigan.
On the real estate market, it is quite common for some properties for sale to find a new owner quickly, while others take considerably longer. Why is this the case? One of the main reasons is certainly the price, but it is not the only factor that affects how quickly a property sells.
Price as a key factor in the sales process
Too high a price is often the main reason why properties don't find buyers. If the asking price is significantly higher than the market price, potential buyers may lose interest or prefer more affordable alternatives. Overpriced properties can remain listed until the seller is willing to lower the price or market conditions improve.
It is also important that the price reflects the property's true value, location, condition, and market situation. When the price is right, it attracts more interest and increases sales opportunities.
There are "shoppers" on the market
The current real estate market situation has brought about a new buyer behavior – so-called "shoppers". These are buyers who visit many different properties, gather information and compare offers, but often don't make a final purchase decision. From the seller's perspective, such behavior can feel frustrating and prolong the property's time on the market.
"Shoppers" can create artificial activity on the market, but in reality, this doesn't lead to quick sales. For this reason, it is important for sellers and brokers to be able to distinguish serious buyers and direct their energy toward those who are ready to make a transaction.
Other factors affecting sales speed
Property condition and presentation: Good condition and quality photos increase a property's attractiveness. Poorly presented properties or those in need of repairs can deter buyers.
Location and infrastructure: A popular area, good connections and amenities always sell better than less attractive locations. Depending on this, the property must be priced accordingly.
Marketing and visibility: Active and targeted marketing of the property (on social media, real estate portals, direct contacts) helps reach more potential buyers.
Flexibility and sales terms: A seller's willingness to compromise, for example with flexible viewing times or price negotiations, can speed up the sale.
In conclusion
While too high a price is one of the main reasons why real estate properties remain on the market for a long time, other factors must also be considered, such as the property's condition, location, marketing, and sales terms. Additionally, the sales period is also affected by buyer behavior – on today's market, there are many so-called "shoppers" who show interest but don't take decisive steps.
The best way to achieve a quick sale is a realistic price combined with a well-thought-out marketing strategy, good presentation of the property, and focus on serious buyers. As a seller, it pays to be flexible and active in order to find a suitable buyer as quickly as possible.
