At present, the lifestyle block market is experiencing an overall lift nationwide. However, lifestyle properties come with their own set of nuances, and when it comes to selling, they are the most at-risk type of properties for not selling the first (or second!) time around.
We’ve identified three ‘risk indicators’ that keep lifestyle properties from moving off the market – and what you can do to prevent them!
To be fully prepared for selling your lifestyle property, download our must-read guide: “Life Beyond the Lifestyle Block — A guide to selling your lifestyle property and what comes next.”
1. Property is overvalued
Everyone wants to get the highest price possible when selling their home, yet far too many people overvalue their house. It’s easy to do, after all, you are emotionally attached to your home and all those memories you made there are valuable – to you. As a result, sellers often think their home is worth more than prospective buyers do.
Overvaluing a home may not seem like a big deal but even in a hot housing market it could prevent your home from selling the first time around and the longer a home sits on the market, the more pressure the homeowner feels to keep reducing the price. In order to get the property sold, the seller lowers the price to its market value or worse lower than that.
2. Property has structural (leaky house) issues
Structural issues are one of the top reasons houses stay on the market for too long. And when you are selling your lifestyle property, these issues compound. Are there any barn or storage structures on the property? What about fences and gates? Even the land itself is something to consider when getting your property ready for sale. There’s a lot of work that goes into maintaining a lifestyle property – and if a buyer senses there will be structural upkeep and maintenance in their near future, they’re likely to go running for the hills!
3. Property is not listed with the appropriately skilled agent
Selling a lifestyle property is much more complex than selling a residential property. There are financial, legal and tax implications, as well as other unique factors to consider such as location and season. Many sellers don’t realise the importance of these subtleties and how they will vary region by region.
So, how to avoid the dreaded re-list?
Always choose an agent who specialises in your area! One who has a good handle on all the properties and who truly understands the individual requirements, features and subtleties in your area (this could include council limitations, fertiliser requirements, variety of acreage etc.) as well as its unique selling points.
Chances are, a regional agent is already well known in your area and has had successful recent sales. Selling a rural lifestyle property is a specialist field so the best agents require the ability to understand buyers needs and wants and provide them with the specialist knowledge they require to make their decisions.
Your agent should have a database of potential buyers they can market your property to, even before the property is advertised, increasing the likelihood your property will sell quickly.
To help you figure out if now is the right time to sell your lifestyle property and how to do it, download our must-read guide: “Life Beyond the Lifestyle Block — A guide to selling your lifestyle property and what comes next.”