Is the Singapore Property Market Set for a Dip in 2024?
TLDR The Singapore property market is experiencing shifts with Morgan Stanley adjusting its outlook on major developers. A forecast predicts...
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TLDR
When trying to sell your home, ensure it is competitively priced based on its unique features and the current market trends. High-quality photos and staging can significantly enhance the appeal of your property to potential buyers. Additionally, maximizing natural light and addressing minor repairs can make your home more attractive. Consider these factors carefully before deciding whether to buy, sell, or wait in the real estate market.
Your home has been on the market for a while now but it’s taking longer than expected to receive the ideal offer. It’s not a great sign if it’s taking so long to be sold – the longer it stays, the more potential buyers could infer there might be something wrong with it. If your house isn’t selling, here are some potential causes and how to combat them.
1. Your House Is Overpriced
One of the key explanations why your home isn’t off the market yet is that it is priced too high.
Recently, you’ve been aware that certain HDB flats in more outside central regions were sold for a million dollars. Even more surprisingly, a flat in your neighborhood achieved this same amount.
This makes you contemplate that you could list your flat at the same price, however, if your flat is a 1,300 sq ft 5-room property in Yishun while the million-dollar flat is a 1,900 sq ft executive flat, prospective buyers will immediately be deterred and decide to walk away.
Don’t be swayed by the high price of a property nearby – if your home doesn’t boast similar advantages, such as a generous floor area or a fresh renovation, it won’t fetch the same price. You can check with me with your estimated Property Valuation to ascertain the correct rate for your house, and keep a tab on similar properties in the area to get an understanding of the real estate market. Don’t let that one sold-at-a-staggering-price home distract you!
Take a peek at what other houses are listed around you. Does your price tag reflect the average prices? If not, it may be time to lower the price and increase your chances of finding the perfect offer instead of waiting for months on end with no offers.
2. The Photos In The Listing Are Bad
Nowadays, potential home buyers flock to property portals like 99.co, and the first thing they notice are the photos of the property. Thus, if you have a listing on such portals, make sure the images aren’t blurry or dark, as this can discourage buyers from considering your house. With so many properties having beautiful pictures, buyers are likely to pass over listings with inadequate photos. So, if you think the photos of your home don’t do it justice, speak with your agent about replacing them for a more attractive presentation.
Take your listings to the next level – why not add a video? Creating an engaging video for your property has never been easier, produce video listings in no time, and get more leads in less time.
If not, it might be wise to consider enlisting the assistance of another agent who could assist you in showcasing the property in the best possible light, perhaps even enlisting a professional photographer to take pictures for promotional materials.
3. Your House Isn’t Staged
If your house doesn’t seem very appealing to potential buyers, it might be because of the matching chairs and couch in the living room, or because the kitchen counter is cluttered.
Either way, people can’t imagine living there. So they don’t bother to visit. One solution to make it more attractive is to stage it, not only for the photos for the listings, but also for the visits.
Enhancing the look of your home with furniture, decorations, and plants is a great way to help potential buyers envision themselves living there. A property agent can provide valuable tips for how to effectively stage your home. If you need extra help, many agents offer professional home staging services.
4. Your House Looks Very Dark
If potential buyers come across your house on a property portal and decide to visit it, but upon arrival find it not to their liking due to its dimness, they may say, “No, this is too dark for me.” On the contrary, however, you may find the house to be well-lit and airy due to your personal preference or the way you have habituated to it (like keeping the black curtains drawn to keep out the sunlight).
When selling your house, appeal to as many people as possible by starting with a simple task: clean the windows! By allowing natural light in with day curtains, you’ll brighten up the atmosphere of the home, while still offering some privacy and reducing any potential glare.
5. Your House Looks Like It Needs A Lot Of Repair
Having your house on the market for over 20 years with no renovation in that time?
That can be a turn-off for potential buyers. The sight of water damage on the ceiling would only confirm that the house needs a lot of work and maintenance – something most buyers don’t want to invest in. It would be a waste of time and money to do any renovations now, right?
In Singapore, potential home buyers tend to renovate to their tastes, so those hoping to move in quickly may not be keen to put in an offer; renovations like replacing the floor tiles or dismantling the kitchen cabinetry take time, which translates to longer periods before being able to move in.
Even if it’s been ages since your home has been updated, it may not be worthwhile to completely overhaul it. To breathe life back into it, why not consider some minor modifications? These may include painting the walls and ceilings with a more neutral hue, hiding any cracks, and addressing any water leaks.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
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