How you price
Location
Right pricing
Condition
Selling terms
Marketing
Payment plans

As a seller or seller agent, sometimes you ask yourself why is my house not been sold all this while? Well, I hate to break this to you, but every day new properties are listed online to compete with yours on price, size, amenities, and location. And old listings get buried on real estate platforms. Unless you do something about it, and that boost your listing, the chances of potential homebuyers seeing your listing are very slim. With that said, here are 7 reasons why your property is still sitting on the market unsold. If you put into practice will change your sale process.

How you price

Before a buyer goes to the market to shop for a property, they already have their price range in mind. The first Price reason why homes don’t sell at this price and it’s not just what you are thinking although at is also a contribution factor. How do you price the property? When people put their homes on the market they list their property with a real estate brokerage firm in Ghana to sell for them. These real estate brokerage list the property and put it in the multiple real estate listing platforms in Ghana websites such as meqasa.com and villasharks.com to name a few now as these homes go on the market for sale home buyers look at properties through price breaks using price filters. Buyers look at properties through price, condition, square footage, number of bedrooms and baths but, the pricing strategy can make or break whether or not a buyer actually sees your home.

Before, some home sellers and agents were accustomed to pricing their listings on what is termed the “nines” like $29000 and $349000 and $179000 and it worked. But now, when a buyer is shopping for a house they look for homes with a drop-down menu property portals in Ghana. They’re looking for $200,000 to $250,000 or $225,000 to $230,000. Those price breaks are in the zero so for example if you price your property at $349,900 you’ll get people that will look with a cap of $350,000. And I guess you’re probably thinking what the heck is wrong with that pricing? Right, let me explain, If you price it at $350,000 if somebody’s looking between $275 and $350,000 property they’re going to find your house. That is right however, pricing it this way will have more people looking at your property. If you price your home at $349,900 and someone is looking on vllasharks.com or meqasa.com and they’re looking for a property that’s $350000 to $400,000 or $425,000 they’re not going to see your property. If say you price your property at $350,000 or $250,000 or $450,000 you’re going to get people looking from $450,000, $250,000 to $350,000 and higher and you’re going to have people who are looking below that at say $275000 to $350,000. Incorporating this one little simple trick would allow your home to be seen by thousands of more potential buyers.

Location

Let’s say for the sake of argument you were gifted or inherited the property. Can you change the location? Of course not. You have no control over that. The location of a property is a fundamental factor that can greatly influence its saleability and appeal to potential buyers. Factors such as proximity to amenities, schools, transportation, and safety can significantly impact buyers’ preferences. Of course, if you have a property in desirable locations like East Legon, Spintex, Osu, Dzorwulu or better yet prime areas like Cantonments, Airport residential area, Ridge, etc can attract a broader pool of interested buyers and command higher prices, while a less favorable location may struggle to generate interest and compete with other properties on the market.

To address the issue of location, you should emphasize the positive aspects of your property’s location in your marketing efforts. This may involve highlighting nearby amenities such as parks, shopping centers, restaurants, and recreational facilities that enhance the quality of life for residents. Additionally, you should provide information about local schools, healthcare facilities, and transportation options to appeal to families and commuters who value convenience and accessibility.

In cases where the property is located in a less desirable area, you can focus on promoting the unique features and benefits that set it apart from other properties in the vicinity. This could include highlighting aspects such as a quiet and peaceful neighborhood, proximity to natural attractions or green spaces, or potential for future development and growth.

Additionally, take advantage of upcoming developments in the area in your marketing. You should consider the long-term potential of the location and any infrastructure projects that may enhance its appeal in the future. This could include plans for new roads, public transportation expansions, or commercial developments that could positively impact property values and attract buyers.

Right pricing

Of course, as I mentioned price it right the first time you don’t want to miss that. You definitely want to price it because there are potential buyers out there looking for properties in your price range. When your home comes on the market it’s a brand new listing that they haven’t seen before and they’re looking within that price range and that’s why I say price is so important. Unlike the U.S. real estate market where homes are priced based on the sales history of similar properties sold in proximity to yours, the Ghanaian market is completely different. Sellers price based on their needs but you have to get it right and don’t overprice. For instance, if you are selling your 4 bedroom fully furnished built-in 1995 with a remodeled kitchen and a covered back porch with a yard fence but without a swimming pool for $200,000, you can’t compare that to Eben’s home which is also fully furnished with same feature but with a swimming pool. Got my gist?

The condition

Often the condition of the property has to meet the price or the price has to meet the condition and what I mean by that is if the property is in dire condition if it needs a lot of work it needs painting needs updating and everything like that it’s going to cost you more in a price reduction than it would be to make the improvements to that property so when it comes to the condition of the property you want to start at the outside and spruce up your front door. In most cases, we never go through our front door and it’s so important to clean up the front door. Put a fresh coat of paint on and make sure everything is clean it’s the least expensive thing you can do. You’ll want to declutter everything you want to pull things off the countertops minimize everything clear out the closets. What you want to do is have the buyer walk into your property look into your closet and think wow there’s a lot of room here and the same goes for any room in your home. When you have crowded rooms and big furniture and a lot of pieces it’s hard to actually see and justify the size of a large room if it’s chocked full of a lot of stuff enough. Ghanaians like space. In fact most home buyers in Ghana buy homes based on the space so they don’t feel like they are living in a cubicle. Does your home smell? If you can smell it it’s hard to sell it. You have to make our homes as clean as possible although you may not even living in the home and yes that means cleaning carpets, cleaning floors, wiping down baseboards, painting baseboards, throwing some fresh paint on the interior, the kitchen, wiping down high traffic areas around light switches and exterior doors.

The terms

Don’t make this mistake most people make when placing their homes on the market and that is promoting and advertising the property “As Is”. Regardless of whether or not you’re going to fix anything or not when you market and promote a property as “As is” unless it’s just absolutely deplorable condition you don’t want to market it “As is” I will explain why you shouldn’t. The reason for that is a potential buyer sees it as a huge piece of work and although it may be a huge piece of work most buyers don’t typically want to tackle that without getting a really good deal. “As is” in the mind of a buyer means the house is not in perfect condition even if it is. And they will base their offer on that. Ghanaians like haggling and that will even put you not the right position when negotiating on price. Buyer will want a deep discount. You will be selling yourself short. So instead of putting as is put Fixer-Upper handyman special, do something like that but when you say “As is” you’re letting a potential buyer know that you’re not fixing anything. If you’re selling a property that way you have to know that once you put an “As is” on it you’re really just going to limit yourself to those buyers who are looking for old homes to buy and fix. Home flipping investors who are very few.

Lack of Marketing

Effective marketing is essential in reaching a wide audience of potential buyers and generating interest in a house for sale in Ghana. If your property is not adequately marketed, it may fail to capture the attention of qualified buyers, resulting in limited visibility and a prolonged time on the market. In today’s digital age, utilizing a comprehensive marketing strategy that leverages various channels and platforms is crucial in maximizing exposure and driving interest in the property.

To address the issue, you should work closely with real estate agents who have a strong understanding of the local market and access to marketing resources and networks. A proactive agent will employ a variety of marketing tactics to promote the property, including listing it on multiple online platforms, creating professional-quality photos and videos, and showcasing its unique features and amenities. There is this term called “personal marketing” in Ghana where agents market to people whom they have sold homes before. The agent has built good relations with this pool of buyers so when he/she offers them a property, chances are they will look at it or refer it to their network.

In addition to working with a real estate agent, you can also take steps to market your property independently through social media, networking, and word-of-mouth referrals. Sharing listing details and photos on platforms such as Facebook, Instagram, and LinkedIn can help reach a broader audience and attract potential buyers who may not be actively searching through traditional channels. Don’t forget the power of TikTok.

Payment terms

Access to financing bank loans to pay for home purchases in Ghana is a significant barrier for many potential buyers in Ghana. The banks will require from you a dozen documents and even if you are able to provide all of that they may still not approve you. If your property is not easily seller financeable, it can narrow the pool of interested buyers and prolong the selling process, as prospective buyers struggle to secure the necessary funding to purchase the property.

How do you fix this issue? You should consider offering flexible payment plan arrangements to make your property more accessible to a broader range of buyers. In Ghana not everyone can afford to buy a property and pay all cash right from the get-go. Purchasing power is limited. Work out with a buyer on trenches of payments over a period of time. This will allow the buyer to spread out over time. You get your home sold, he gets financed by you. It is win-win scenario.

Flexible Part-payments plans are a very attractive option for buyers who may not qualify for traditional bank loans or who prefer to bypass the stringent requirements and lengthy approval process associated with conventional financing. If you offer to include this in your listing page or social platforms, you will facilitate the sale of your property and potentially command a higher sale price by offering favorable terms. And there you it.

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