Selling your property in a difficult market

Regardless of the wildly varying predictions about the real estate market, one thing is for sure; the market has slowed worldwide to a snail pace. Most countries are now faced with greater supply than demand, making it a buyer’s market.

If you are planning to sell your house, it is important to be realistic about setting your price. There are several steps you can take to ensure you get the best price for your property and that you achieve a sale within a reasonable time frame.

Buyers select properties based on their lifestyle, emotional and financial circumstances, and now in the current market they have increased buying power. If you optimise the look and feel of your house, you lessen the risk of buyers overlooking your property because of a few minor disadvantages it may have.

The Look of Your Property: You need to see your property from a buyer’s perspective, and ensure it is aesthetically pleasing. Make sure your house is immediately liveable. Buyers will expect to pay a bargain price for a house requiring work before they can move in. The buyer’s first impression of your house is the front garden, and a well presented, tidy garden will always add value. Mow lawns, trim shrubs and repair any visible damage - always keep rubbish bins out of sight. Outside the house, a fresh coat of paint on window trimmings or new varnish on the front door can make a big difference to the appearance.

Inside your house, de-cluttering can make rooms seem more spacious. If your house is cluttered, aim to remove at least one piece of furniture from each room and put it into storage. Brighten up your home with better lighting and a fresh coat of paint wherever needed. Replacing worn carpet can also have a huge effect on the appearance of your house. Fix the little things you have neglected, such as wall dents and cracked light switches. Make sure the house is sparkling clean prior to the inspection. This includes a clean and well presented kitchen and bathroom with no visible mould. You may also need to clean and reorganise the inside of cupboards, as people will often open these.

The Feel of Your Property: You need to appeal to the buyer’s emotional side, so that they see your house as their own, not someone else’s.
Take away excessive personal items that may appear as clutter to a buyer. These items might include sporting trophies, pennants, hobby items etc.

During the house inspection Turn on heaters in winter so that it is warm and cosy inside. Make sure there are no bad odours by keeping your home well ventilated prior to inspections and burning some pleasant smelling oils or dispersing air freshener beforehand. Remove pets and their feed bowls so they do not distract prospective buyers from the house, or deter those who do not like animals. If the property is empty and furniture has been removed, rent some. People find it easier to imagine living in a home if there is attractive furniture around.

Stay ahead of your competition: Think of other houses on the market as your competition. Research the market; see what other homes are offering in a similar price range. Are the other vendors doing something you can also do to make your house more presentable and competitive? Make sure your property is accessible by making it available for private inspections during the week as well as on the weekends.

Your estate agent: Make sure they are sending you clients suitable to your property? If you have 3 bedrooms it’s pointless the agent sending you a family of six, (the parents, the mother in law and three children). If you have an apartment it’s no use showing people who have two large dogs and want a garden.

Be pro active in the sale of your property, your agent is working for you, make sure they work hard for you, phone them every 2 weeks to see how much interest there has been in your property, it won’t hurt to make a little bit of a nuisance of yourself. When someone goes into the agency and your property fits their criteria, you want yours to be on their shortlist, not filled away and forgotten in a cabinet somewhere.

Price realistically: This is the golden rule to gaining genuine interest in your property. Make sure it is priced according to what the market dictates. Priced too high it will not attract interest as your property is only worth what buyers are prepared to pay for it. Think about the why you are selling your property. Don’t forget, if you are selling and buying in the same market, you may have to sell for a lower price then you should also be able to buy for a better price too! If you are buying outside your home market, unsure the property prices in the foreign market you intend to buy in are also favourable.

This article was adapted from: http://sandersproperty.blogspot.com www.sandersproperty.com.au