- Posted 10 Aug
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In today’s hot real estate market, many homes sell within weeks of being listed. Around 80 per cent of homes in the capital cities sell at first auction. But what about properties that fall into that other 20 per cent, the homes that fail to find a ready buyer? Here are tips to help your home sell easily at a fair price.
1. Don’t set your price too high
Even in a booming market, you’ll need to be realistic about the price your home can command based on its condition, square footage, amenities, and location. Sellers who over inflate home values hoping that a hot market will lead to reckless buyers are usually disappointed.
Most buyers are savvy about local markets, and many are now hiring buyer’s agents to help them research and search for the best deals. If you price your home substantially above market values, be prepared for a longer selling process and the probability that you’ll eventually lower your asking price.
2. Don’t raise your asking price
Sellers who set a fair price in a hot market may immediately receive multiple offers. This has been the case in markets such as central Melbourne in recent years. These sellers may be tempted to see if they can get even more.
This is a turnoff to buyers, because they think they are being taken advantage of, and they are right. Do your research and get advice from an agent your trust, then set a fair price and stick to it if you want to make a quick sale.
3. Get motivated
If you are not committed to selling and moving quickly, buyers can sense your hesitation and may wonder what’s wrong with your property. Before deciding to list your property, it’s important to evaluate your options, discuss the potential move with family members, and get everyone’s support.
Once you are truly committed, set an ideal timeline of when you’d like to move and a definitive price that you’ll say yes to. That way, if offers start to come in you won’t be indecisive or turn them down. You’ll have a plan for success and stick to it.
4. Spruce up your place
Buyers are naturally wary of a property that looks neglected. Even in a hot market, the home with worn out carpets, peeling outer paint, or an overgrown yard will be the last to sell. Most home owners are not looking for a fixer up project. They want an attractive home that is ready to move into with minimal effort.
For the same reason, buyers interested in property investing will often pass on a run down home unless the price is substantially lower than market value. Investors lose money on the property while they make updates and repairs, and most would rather purchase a place that they can start charging rent for immediately.
5. Be smart about advertising
To get the maximum attention for your listing, you’ll want to create a compelling web profile and invest in online marketing. Your agent is an expert on her local market and should know the best places to advertise your property. A great listing can result in multiple offers and a higher overall final price.
6. Include great photos
Using professional looking photos that show off the best aspects of your property will compel buyers to take more interest in your property. Odds are they have looked at hundreds of listings online and are trying to narrow down the most likely candidates to tour. Or perhaps they are investors making a buying decision long distance. Either way, high quality photos can help make the best impression.
Australian Credit and Finance has helped thousands of customers find mortgages to meet their needs. If you are researching your next home and want to talk to a loan expert, contact us today.