Most people are aware of the typical selling tips given to Vendors when a property is listed for sale - tidy gardens, pack away personal items, give your walls a lick of paint, you know the drill. Most of these can seem common sense but as the current market provides a somewhat challenging selling market for some, there is no better time for Vendors to start taking action!
There are few factors that all Vendors should take note of to ensure you have luck when it comes to listing your property.
- Obtain a building inspection report. This is best done before marketing commences so you can address any surprises before potential Buyers take a look at your property. This way there will be no problems to discourage Buyers, or reduce their perception of your property and its value.
Pick the right Agent. It is always beneficial to choose an Agent with a solid track record for good communication, creative marketing, accurate appraisals and timely results. This will help to ensure you achieve the results you desire sooner rather than later.
Prepare your property for sale. Run a fine tooth comb over your whole property and ensure you are properly prepared for potential Buyers. Check out your street presentation, your interior furnishings and de-clutter your living spaces. You could even speak to your Agent for advice on how best to arrange your interiors to maximise light and the perception of space through priority areas such as bedrooms, kitchens and living rooms.
Make sure your price is right. Start by researching recent sales in your local area to ensure you have realistic price expectations. If your property is priced accurately, you will be able to sell your property in a timely manner.
Take note of market performance
It is always important to take note of the market conditions, so you can adjust your expectations accordingly. Throughout 2015 so far, the property market has been showing signs of change and Vendors have had to take these changes into account when selling.
The Perth market has shown signs of slowing down, so it’s important to be realistic about the changing rate of price growth and how that will affect your home’s value. Whilst many market analysts anticipate further growth in prices later this year, the Perth market seems to be holding steady for now. Yet this pace of growth may be restricted by growing affordability issues and rising unemployment due to the decline in the resources sector, so continue to monitor the market’s progression as the year goes on.
Take note of what Buyers want
As first home buyers emerge in the market, making the most of record low interest rates, a trend is developing toward apartment living and an appetite for new buildings. Naturally, quality of finishes and additional amenities will be crucial to these development’s success.
Additionally, developments that provide rooftop facilities and pet friendly strata rules will be more attractive to a wider variety of owner-occupiers.
However, as always, the demand for un-renovated houses, close to the Perth CBD, will continue to be strong. History has shown that Australians love to renovate, improve their home’s capital value and add their personal touch, and there is no better place to make these renovations than a home in a prime location.
As always, Buyers looking to upgrade will also be making the most of low interest rates. Couples and families looking for the typical 4x2 family home are present in the market, particularly in suburbs within close proximity to primary and secondary schools.
As always, people will continue to buy and sell around Perth throughout 2015 as there is little to discourage them from testing the market. However, it wouldn’t be unreasonable to anticipate Buyer caution to be more evident this year as market uncertainty is particularly present. Yet, on average, Australians can still well afford residential property and will continue to invest accordingly.