A property stays on the market on average between 66-77 days, from when that sale sign is erected out front to the final settlement.    

In our current property market climate, that’s a best-case scenario.

Unfortunately, it’s not one every seller gets. 

There are pieces of real estate that tend to linger on the market longer, if not indefinitely.

I call this property purgatory. 

Data from Core Logic shows there are more properties on the market today than a year ago.

While clearance rates are now higher than they were 12 months ago, settled sales are down 16.5 per cent nationally year on year.

We’re well and truly in a buyer's market. Supply is outstripping demand, and that’s bad news for vendors. 

On top of that, property values have fallen by 6.4 per cent in the last year; forcing sellers not only to show patience but also to make concessions when selling.

If you’re willing to do neither and want to get your house sold stat, here are my tips to help you escape property purgatory. 

Suss out the competition 

If your house has been dawdling on the market for months, it’s time to do a deep dive into how your property compares to similar listings in your local area or properties that have sold recently.

In other words, suss out the competition. 

Gather with your real estate agent to work out exactly how your property stacks up against the rest. Make sure to compare apples with apples, though. Don’t compare your humble family home to the Jones’ mansion next door. 

What you’ll want to do is look for differences in the asking price, block and dwelling size, floor plan, number of bedrooms and bathrooms, quality of fixtures, furnishings and fittings, proximity to public transport, schools, shops and so on. See if anything immediately jumps out at you. 

It’s also not a bad idea to snoop around some open homes and auctions near you to see how these properties are marketed and what they’re selling for. 

Mix up your marketing strategy

Once you’ve identified pain points with your property that can be fixed relatively effortlessly with some unique selling points, you should recalibrate your advertising to leverage the latter.

For example, if your home is a little rundown, why not market it as a fixer-upper that offers opportunities for investors to strike gold? 

In a buyer’s market, investing a little more in marketing can pay dividends.

Studies have shown that properties with higher marketing spend generally get twice as many inspections than properties with smaller marketing budgets. 

I would advise to utilise the latest technology in your real estate agent’s arsenal to make your listing stand out from the pack.

Get the aerial advantage to showcase the most striking features of your property with some drone footage and photography.

Couple this with some outside the box promotional material that can go viral online.

This is especially important considering that 86% of potential buyers use the internet to search for homes, according to a survey by Meridian Australia. 

Review your price 

Your property could be stuck in limbo because your asking price is too high. You need to start looking at your listing from a buyer’s perspective. 

A simple way to do that is by looking at the sales history of different properties and auction results in your suburb in the past 12 to 24 months.

Be honest with yourself: does your asking price truly reflect the property’s value and current market conditions? 

If not, it’s time to re-adjust your price expectations or you risk paying the price for not changing yours.

A survey by RateMyAgent found that for six per cent of vendors, the sale price of their property fell below their expectations.

Renovate and style your home to sell

A quick facelift could be what the doctor ordered to get buyers’ attention.

You can strip decades off the façade and interior of your home with some low-cost improvements, like a fresh coat of paint on the walls, updating old cabinetry and replacing chipped tiles in the kitchen and bathrooms. 

Remember, you don’t get a second chance at making a first impression, so style your home to knock prospective buyers off their feet.

Give them a glimpse of the dream life that awaits them when they walk through the door. 

Home staging can have an initial outlay of between $2,000 and $15,000, depending on the size of your property, how many rooms need staging and the amount of furniture needed; but it can pay dividends.

A survey by LJ Hooker real estate revealed that 98 per cent of agents believe styling a property can help sell it faster, fetch higher sales and increases value by over 2.5 per cent. 

Talk to your real estate agent  

If you’re concerned your property has been in purgatory for too long, speak to your real estate agent about what’s next.

They may advise taking a break from the market and renting your house in the interim or trying something else.   

In this business, communication is key, so make sure your real estate agent gives you regular updates on leads, inspections and is upfront about feedback, good or bad, from buyers in the market. 

Remember, you’re paying your listing agent a pretty penny for their expertise, so if you’re not getting the level of service you expected, then it may be time to part ways with them. 

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