Are you looking to sell your home fast and at a the top price?
Well, let’s look at some strategies you need to know before putting your property on the market.
It’s no easy task to set the price for your home.
It’s likely you’ll think your home is worth a mint and the estate agent will promise to get you top dollar if you let them sell it for you.
However, setting the fright asking price is important.
There are always purchasers for properties in every location; it just has to do with the right price.
If you get it right, a bit of healthy competition among some keen buyers could drive up the sale price of your home.
It also means that asking too much and scaring off these potential purchasers could be an expensive mistake.
Before putting your home on the market, it’s a good idea to get at least three real estate agents to conduct an inspection and give you an estimate of what they believe it could sell for.
Their estimate will be based on their working knowledge of the local property market and recent similar property sales.
Don’t just believe them – do some of your own research by carefully checking out comparable sales.
When is the best time to sell?
There are houses for sale all year round and buyers in the market constantly seeking that ideal purchase, but there are certain times of the year when it seems a bit easier to sell.
Springtime, when the weather is fine and the flowers are blooming, usually sees more buyers out house hunting.
You’ll also be faced with more competition, as a greater number of sellers hold off and put their property on the market during this active season.
I’d advise against starting your marketing campaign just before major holidays such as Christmas, before key events like an election or they footy grand final, or during any other time where potential purchasers could be distracted or even on holiday.
What if my property doesn’t sell?
If your property’s been on the market for a couple of months and you’ve had no bites at all, then ask yourself:
Is the price too high?
Has the agent marketed your property correctly?
If they have done sufficient advertising and there have been lots of people inspecting the property but no offers you want to accept, you should re-evaluate your asking price.
What’s the current market like?
If there are more homes for sale than there are potential purchasers, it’s likely that your home will take longer to sell.
What’s the condition of your home?
Once they’re inside is there anything specific about the house that could be putting purchasers off, and stopping them from making an offer?
How do I get top price for my home?
Presentation is a critical part of the selling process if you want to achieve a top price.
Most of us don’t really see our home as it might appear to someone coming through the front door for the first time.
Once you’ve lived there for a while you tend to get used to the squeaky doors, the weird noise the heater makes or the dirty spot on the carpet left by your dog!
First impressions count.
It’s important to ensure that the first impression will be positive.
You need to make sure that your home stands out from the crowd and will be the one that potential buyers will remember.
Enhance the appeal of your property by:
- Making the front of your property look appealing – plant some flowers in the garden and consider putting new mulch in the garden beds.
- Keep the front and back lawns nicely manicured, and pick up any rubbish or leaves that have fallen each day.
- Clean away cobwebs from under the eaves.
- Wash the windows and the outside of glass doors.
- Try to replace any cracked pavers.
- Make sure no cars are parked in the driveway or on the lawns while the house if for sale.
- Ensure the gutters are clean and rust free, they may need a coat of paint.
- Clear out the clutter. Pack anything you won’t be using before moving day and keep the boxes out of the way.
- Rearrange furniture to make the rooms look bigger and create spaces that allow easy access.
- Have fresh, clean, colour-coordinated towels hanging in your bathrooms. Put new soap in soap dishes, unclutter the medicine cabinet and always make sure toilets are flushed and spotless.
- Clean all the tiles and grouting in the bathroom and kitchen.
- Clean the oven, cooktop and the rangehood.
- Make sure floor space is clear, beds are made, and surfaces are dusted and tidy.
- Unclutter wardrobes and make the cupboards look bigger by removing clothes you won’t wear for a while.
- Don’t have dirty washing exploding from the top of clothes baskets. Try to keep your dirty laundry to a minimum and out of sight.
- Tidy up toys and clothes in your children’s bedrooms.
- Take those ‘to do’ lists off the fridge and pack away some of your personal belongings from the shelves and cabinets. Put away the family photos – you want potential purchasers to focus on how they would feel for their family to live there.
- Change all light globes to high wattage ones during the selling period. Turn on the lights, even during daytime viewing.
- Maximise natural sunlight by opening drapes and blinds.
- Consider washing any lace curtains or getting your drapes and blinds professionally cleaned.
- Make your house warm in winter and cool in summer.
- If you’ve got a fireplace, make sure it’s clean and has no old ashes in it.
- Air out your home before inspections and use a deodoriser to ensure it doesn’t smell like your pets. Perhaps have the pleasant aroma of a pot of coffee brewing or biscuits baking at inspection times.
- If your house really needs painting, use light, neutral tones – it gives the impression of space and appeals to most people.
- Buy fresh flowers and place them in vases around your home to make it more attractive and further eliminate any unwanted odours.
You don’t need to spend thousands of dollars, but it’s important to make your house neat, tidy and presentable – it’s all about appealing to as many people as possible.
Minor investments such as a new coat of paint or touch-ups and maintenance can yield you great bang for your bucks.
The aim is to get the best price for your home while spending the least money – but be careful you don’t overcapitalise.
Substantial renovations rarely add the same value as they cost.
Make sure all drawers and cupboards are clean and empty so people know there’s plenty of storage space for their belongings.
Because people love to entertain outdoors, it’s worth furnishing balconies and garden areas with nice outdoor settings including tables, chairs and umbrellas.
Buyer’s feedback is also useful to help you make any necessary changes during the marketing campaign for your home.
If lots of buyers really aren’t keen on a particular feature of your home, you might be able to do a ‘quick fix’ to make the property more appealing to the market.
Renovations can sometimes considerably enhance a property’s value; however, you can spend too much and overcapitalise.
As new homes become less affordable, purchasers are willing to forgo the latest designer kitchen or bathroom in favour of an overall package that’s less pricey.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.