Scott's Weekly Column

Home sellers- do your research!

Why is it that some homes sell within a few of weeks of hitting the market and others languish for many months? 

The simple answer is… the homes that sell quickly are priced correctly for the market; remember that although the property may be fresh on the market the buyers may have been looking for many months.

In today’s world any potential buyer can log onto one of a number of property websites and research property sales prices for any area, any street and even what price a home last sold for. In fact the general public has access to virtually the same research as valuers and real estate agents. Most buyers today will do hours of analysing via the internet before deciding which homes are worth inspecting. If the research indicates that a home is overpriced the buyer will simply move onto researching the next most suitable property on their list and not bother with an inspection.

In determining the best price for your own property one of the most important things to do is your own research on property prices in your area. Just like the buyers you can view recent sales and properties currently listed for sale that you will compete with. Look at the size, age, features and condition of those properties recently sold and currently for sale and try to be objective. Understandably many property owners have an emotional attachment to their home and because of these feelings its difficult not to overestimate what your own home is worth, but try and look at it from a buyers perspective.

As a home seller you need to have a good knowledge of the current market however your agent should be giving you relevant up to date information every step of the way so that when you need to make a decision on an offer you can do so with confidence.

                                                                                                        

Have a great weekend