Before getting too far into selling your property, it’s critical to assess your financial situation and needs. Will the sale of this house provide enough for payment on a new home. Ensure you are aware of all the fees you’ll be faced with along the way:
- Agent’s commission
- Marketing fees
- Legal fees
- Refinancing fees
- Valuation fees
- Moving costs
- Connection of utilities
The above list does not cover the cost of purchasing a
There may be some easy, cost-effective changes you can make to tailor your property to the target market. What is the demographic makeup of the area? A family of four with pets or a young couple looking for their first home? Agents have access to statistics on the makeup of the suburb demographic and what properties are in demand. Ensure this information is in the CMA (Comparative Market Analysis) that the agent will provide you prior to listing your property
Once you’ve determined who your property’s potential buyers are and chosen your agent, you can sit down and work out your selling strategy. Be involved in this – don’t just leave it up to your agent. Determining your game plan now will allow you to allocate adequate funds and have a realistic timeline in mind.
Get into the mindset of a prospective buyer and consider the pros and cons of your home. Make a list of things that need fixing or upgrading – but be careful not to overspend/overcapitalise. Liaise with your agent on this.
You’ll want your agent to give you feedback after each inspection or open house and be honest about anything you should change. Find out what may have made buyers choose other properties over yours and make changes where possible.
When a property stays on the market for a long time, the issue is most likely the price. Meet with your agent and reassess the competing market. Get an independent valuation to set the price, prepare new marketing material for your property and set out again. You may wish to consider changing your agent. When the new agent posts the property online, it will jump back to the top as a new listing.