5 tips for selling your home in a recession
If you are a seller in most areas today, you had better price your property to sell if you hope to attract buyer interest. Otherwise your property will sit on the market.
Buyer enquiries have almost halved since the start of the year, and we are now in the slower period with activity only really expected to pick up from September onwards.
The current recession, along with negative sentiment, is having an adverse effect on property sales overall, but there are still plenty of opportunities for sellers.
Sellers need to know that they are now in a buyer’s market, and if they are not serious about selling, they should rather take their property off the market. The latest FNB Property Barometers point to a progressive decline while stock levels are rising rapidly.
For those who are serious about selling, there will always be opportunity.
Here are some of the important aspects that serious sellers now need to consider:
1. Price right
This is now the number one consideration for buyers. If you are going to have high price expectations, you are helping other properties sell - it is that simple.
Remember, buyers now first start their property search online, and can immediately see what is on sale in the area and at what price ranges. If you sit at the top of the high price pile, they will simply overlook your property and move on.
Tip: Check sold prices in your area, to see what similar homes have recently sold for.
2. Fix it
With so many properties to choose from, buyers are not going to be interested in a property that appears to be neglected.
Get the basics right. This includes a neat garden, clean swimming pool and a clutter-free home that is in a good state of repair, especially insofar as carpets, the kitchen and bathrooms are concerned.
3. Go sole
If you want to go from ‘for sale’ to ‘sold’, then a sole mandate will give you the edge in the current market.
Listings by multiple agents is off-putting to buyers, and competing agents are not going to give you the attention that a sole agent will, especially since there is now so much competition for buyers.
4. Sweeten the deal
In this market, you will need to be negotiable. If you do need to sell, consider any serious offer, especially if it is a clean deal and the buyer does not have to sell up first.
The risk of turning down an offer or waiting for the buyer to first sell up might well balance out any drop in price that you may need to entertain right now.
5. Experience counts
Lastly, be sure to choose an agency with a track record in the area. Many newcomers to the market are promising high prices to get mandates.
All this does is waste the seller’s time. Rather, go to market with the right agency and at the right price.
The latest interest rate drop will no doubt encourage more buyers, but sellers need to know that today’s buyers are smart - they have access to the latest news and technology, and they know exactly what is going on in the market. To stand out, sellers need to heed smart advice.
Author: Property 24