Selling your home
As an agent there is really only one problem that is very hard to overcome and that is the Vendors unrealistic expectations. So let’s put this into the simplest of terms.
Something is only worth what someone is willing to pay for it.So in a real estate situation you only have two choices. One, lower your price to meet what the market is willing to pay. Or two, add value to your home. In the years of practising real estate I have pretty much heard it all. “I paid this much for the property so now it HAS to be worth THIS MUCH now!” Well, no, not necessarily. “THIS is the best block in the whole suburb!” Mmmmmm actually I think you might find that this block over here is considered the best block. “We have put in a $58,000 rock climbing wall so I expect $58,000 more for the property!” Yes and it looks like lots of fun but I don’t think there are any rock climbers looking for a house here right at this moment. In reality this client has made an investment in the sport and not in their house. In fact the wall might hurt the price, not help.
A good place to start to understand where your home fits in to the price ladder is to do a S.W.O.T. analysis. Strengths, weaknesses, Opportunities and Threats.
Strengths. What does my home have going for it? What did I like about it when I bought it AND does everyone feel the same way or is that just me? Does it have views? Is it a large block? Is it private? Does it have a luxury finish?
Weaknesses. Are there too many stairs? Is it noisy? Are the rooms to small or lacking wardrobes? Is it too far from transport, schools or hospitals? Is there a new freeway going in just behind it? Is it under a flight path? Do trucks use air brakes close by? Is it dangerous?
Opportunities. Is there something you can do to the house that would add value? Can it be subdivided? Can you add a bungalow? Is there a new sports ground coming soon or a new shopping centre? Can you tidy up the garden or paint or add a carport/shed?
Threats. Is there something that you know about, that if the buyer found out it would kill the sale? Termites? Rot? Freight train at 3am? Flooding every 10 years? Noisy neighbours or worse, rude neighbours?
So here is great piece of advice free from my mother. “The only person you can’t EVER afford to lie to in the whole world, is yourself!” Now obviously she didn’t mean you can lie to everyone else but when you lie to yourself you often do major damage and end up not making decisions in the real world.
So be brutally honest with the above list.
This will really help us when we come out to appraise your home. We will sit down with you and go through your list and then add in all the things we know about your property and all the other properties in your area. Our experience combined with your intimate knowledge of the home will help us get the best price for you.
Once we have agreed on a price the next step is to work out the best way to market it. But that is another blog.