Tips for Selling your House

Date Added: 14/07/2008
High interest rates, and sluggish property market mean that now is not the best time to be selling your home. However regardless what the market will do there are always some people who decide to sell for many reasons: job transfer, family expansion, upgrading, or sadly stretched finance.

If you are selling, or are planning to, it's important to move carefully and do your research. Experts say that with the right approach, you can maximise your profits, even in a slow market.

Spring is traditionally the busiest time on the real estate calendar, but experts agree there is little point waiting until then to list your property.

There is some good news for sellers, with the latest data from Australian Property Monitors showing that "average days on the market" has fallen from a year ago.

John Edwards, head of property analysts Residex, says vendors should not adjust the price once a property is on the market.

"Just take it off and let it rest for a couple of months and go back," he says. "That's why it is important to get the right price in the first place - if you set it at the right price you will sell it in a month."

HOMEWORK PAYS OFF

Home owners are advised to be methodical when it comes to setting their price and not just go with the agent promising the highest price. It is absolutely possible to achieve a great price in any type of market, as long as the property has great presentation, good marketing and appropriate pricing.

Choosing an agent who is an experienced , knowledgeable negotiator, trustworthy , and have high ethics is the key to better result. It's crucial, if you need to sell now, you must maximise the potential of your property by making your house look more appealing. It is far easier for buyers to truly engage with a property when it is shown at its best.

But don't get carried away. Keep an eye on your budget when dressing a house for sale in the current climate. Money is best spent on kitchen areas but be careful not to overcapitalise. Presentation can be as simple as mowing the lawns and making sure all maintenance work is done. Some sellers are failing to do these simple tasks, which brings down the price. No matter how unhappy you feel about selling, get out in the garden, mow the lawn, open up the house and make it nice, airy, breezy and attractive. Clearly some depressed owners are doing everything they could to make sure the house sold for the least amount of money.

TO AUCTION OR NOT TO AUCTION

  • Auction does maximise your profits but first:
  • Research your suburb's performance
  • Be realistic about the current market
  • Seek advice from more than one agent when setting a price
  • Don't adjust the price once you've started the marketing campaign
  • Presentation is still important
  • If there are no buyers within a month of listing look at your marketing campaign
  • Stick to a tight budget when dressing up your home to sell

 

Simon Alam 

Principal of Town & Country Estate Agents


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