With real estate time is everything. The value of your home is largely dictated by what your neighbours are doing and what they are expecting for their homes. It is therefore crucial to monitor the market closely and seek sound advice before putting your property on the marketing during Spring. Since your home is in direct competition against your neighbors’ home, your asking price needs to reflect theirs. Although we appreciate that every home is unique and has its own advantages, buyers often shop around for what they perceive to be the best value for money on the market and therefore despite your home having better features or qualities, prospective buyers will take in to consideration the proposed value of these features and qualities. During Spring we see an influx of homes coming onto the market for sale as many people perceive this period of the year to be the ‘BEST TIME TO SELL’. What many homeowners don’t understand is that this period is also the time when your home will be in competition with the highest number of other homes in the area. It is therefore essential that your home is the best perceived home in the market place with both presentation and marketing. Here are a few tips for you to make sure that you home achieves more during the busy Spring selling period:
- Present you home immaculately. With increased competition your home needs to stand out and be on top of every buyers shopping list. Failing to do this will simply increase the value of your competition’s home.
- Out-market and promote the competition. Many owners believe that Realestate.com.au and Domain.com.au is the only way to attract buyers. With an 80% chance that your buyer will come from within a 7.5 kilometer radius from your home, you need to heavily promote your property to local buyers. Majority of people buy locally for many reasons including familiarity with the suburb or area, schools and access to employment. It is therefore crucial that you are not only marketing online but also offline through mediums such as this newsletter.
- How many properties are currently listed on the market which would be in direct competition to yours? A great question to ask yourself before going to market. This should not only include properties in your suburb but also in neighboring suburbs with similar price points. In Dandenong North we generally have a large overlap of buyers who are looking in Noble Park and Noble Park North, Endeavour Hills and to some extent Mulgrave and Rowville. You must do your research before selling and determine if there is a significant influx of property listings on the market at the point when you are intending to sell. Waiting an extra week or two or even month could result in you achieving an extra $10,000 to $50,000 in value for your home.
