COOLING market conditions mean sellers will need to be on their game this year.
Following on from last week’s top tips for buyers, we asked the experts for their advice for sellers chasing sales success in 2016.
CHRIS GRAY, chief executive of buyers’ agency Your Empire
BE REALISTIC: With market conditions turning back in favour of buyers, you’re probably not going to get the same price as your neighbour did last year, even if your property is better. Follow your agent’s advice on pricing. Correctly priced properties have a much better chance of selling at the optimum price.
DO YOUR OWN RESEARCH: Look at other properties that are up for sale and compare your price to theirs as well as those that have been sold in the past couple of weeks to get a good estimate of how much to list your property for.
FOCUS ON PRESENTATION: Good properties that are well presented will always sell well. Ensure your property’s outdoor living areas and gardens are tidy, and give windows and blinds a clean to ensure you’re letting in as much natural light as possible. Hiring furniture can be another great way to finish a room. Other Stories
OPTIMISE PROPERTY INSPECTION TIMES: Tailor inspection times around the best time of day for your property. Organise inspection times for earlier in the morning if it’s normally very hot at your place. Consider midday if your property is in the shade and a bit cold. Avoid inspections in the afternoon if you get a very hot afternoon sun.
CONSIDER RENOVATING:Renovations can create instant appeal and equity. A quick low-fuss paint job, fresh carpet, installing new curtains or blinds and replacing kitchen cupboard doors can lift the value of your home. For every dollar you spend, you should aim to get at least $1-$2 back on the sale.
PETER KOULIZOS, property lecturer and author
CHOOSE YOUR TEAM: You need to select the right person to sell your property. Contact three local agents and ask them for an appraisal. Don’t necessarily appoint the one who says they can sell your property for the highest price. Some agents say they can get a higher price to secure your listing. Look for the best performing agent. A good performing agent should be well dressed, have professional promotional materials that encourage potential purchasers, and respond in a timely manner to your calls and emails. If they are getting back to you promptly, they are probably doing the same with potential buyers.
BE PREPARED: Make sure all searches and documents are prepared well in advance so that if you’re lucky enough to get an appealing offer in the first week or so you’ve got the paperwork ready for the buyer to sign. The longer the buyer has to wait, the greater the chance they’ll cool off.
PRICE TO SELL:A common mistake sellers make is setting their initial asking price too high. This can result in your property sitting on the market for a long time. The longer your property is on the market, the less likely you are to sell it at that price. You are better off advertising the property for just a little more than it’s worth and giving yourself room for negotiation rather than asking for a high price and dream that someone will come along and buy it.
ENZO RAIMONDO, Real Estate Institute of Victoria chief executive
MAKE AN IMPACT: You only get one chance to make a good first impression, so it’s a good idea to undertake basic maintenance, such as repairing dripping taps and removing stains from the bath and basins. If there are any loose or broken tiles in the kitchen or bathroom then it’s worth taking the time to repair them. Any obvious damage will reduce your selling price. It’s also important to declutter and remove excess furniture.
SHOW SOME STYLE:Staging a home for sale often adds to the sale price. If you don’t want to invest in a stylist then you can always spruce up the bedrooms using quality bed covers and linen. Also make your home as light as possible by raising blinds and opening curtains as well as cleaning bathrooms and walls. Investing in bright, low-energy light bulbs can also improve the appearance of a home. Arrange furniture to make rooms look big and easy to walk in.
TIDY HOUSE MAKES A GOOD IMPRESSION
ELIA Cannizzo and husband Andrew Themistokleous (left) are selling up in Melbourne’s eastern suburbs, looking to move closer to the city. Elia Cannizzo and husband Andrew Themistokleous have been sprucing up their Wheelers Hill home ahead of auction. Picture Norm Oorloff
The couple, both 37, are selling their home at 30 Threadbow Cres, Wheelers Hill, at auction on March 5.
Ms Cannizzo said they had focused on presentation ahead of the sale, which is being handled by Harcourts Judd White director Dexter Prack.
‘We have been cleaning up around the house and garden to make sure everything is presentable,’ she said. ‘I think decluttering is important and making sure there is plenty of light coming in.’
The pair are looking in the inner western suburbs of Yarraville and Newport for their new home to be closer to Melbourne’s CBD.
‘We’re a young couple and we thought we should get something that better suits our lifestyle while the market was hot,’ Ms Cannizzo said.
They bought the Wheelers Hill gem in 2001 and moved in a few years later after renting it.
The block of about 640sq m was too big for them, she said.
In Wheelers Hill, house prices leapt 23.1 per cent in the year to October to a median of $960,000, according to CoreLogic RP Data.
Mr Prack said sellers should ensure the front garden was neat since first impressions mattered.