Going once, going twice, sold! These words are music to the ears of any seller – unless the property went for far lower than expected. Avoid disappointment at crunch time with these five tips on how to get the best possible price for your home.
1. Do your research
As the saying goes, ‘knowledge is power’. The more you know about the real estate market, the more confidently you’ll be able to price your home. So how can you find out what the market is doing?
- Visit open homes. See as many properties as you can in your area each week. Ask the real estate agents plenty of questions, and take notes about everything from how they are presenting the home to what kind of buyers are interested.
- Read the property section. Start familiarising yourself with property buzzwords and get an idea for the ‘heat’ of the market. Are properties selling like hotcakes or are journalists referring to the market as ‘cool’ or ‘lukewarm’?
- Pay attention to numbers. Look for research that is based on sound data. Writers can inject a lot of hype into the market – numbers speak louder than words.
2. Spruce up your home for sale
Once you have a better understanding of the market, think about ways you can add value to your home. Small renovations such as a fresh lick of paint or new carpet can do wonders for the overall look and feel of a property. Here are some more great ideas:
- ‘Less is more’. Clear your home of clutter to make it look tidy and presentable. You want the focus to be on the size of the rooms and the structure of the house – not on your ornaments or photo frames.
- Don’t forget outdoor areas. A tidy garden, sun-drenched deck or quaint patio are all huge selling points for prospective buyers. If you have an outdoor area, be sure to draw attention to it with stylish outdoor furniture or bright pot plants.
3. Work with a great real estate agent
As you can see from the above points, preparing your home for sale is quite a time-consuming task. Between going to open homes every weekend and performing some DIY magic on your property, it can take a long time. To speed up the process, consider working with a real estate agent. They can take care of some of the paperwork and provide much-needed advice and support. Look for an agent who has:
- Local experience. Someone who has been selling homes in your area for a long time will have built up a good network of contacts.
- Enthusiasm. You can’t overestimate the power of having someone positive and encouraging on your side.
- Reasonable fees. Of course, agent fees will cut into your overall profit. Make sure you work with someone who can help you sell the property for more than you would be able to alone; this will help to offset the cost.
4. Get a quotable value (QV)
When setting the price for your property, you need a base value to work from. Several companies in New Zealand offer valuation services, where an expert comes to your home and assesses its worth based on the current market. This is called a quotable value (QV). Commission more than one valuation if possible; this will help you determine a good price range to aim for.
5. Be realistic but hopeful
Now that you’re armed with the tools and knowledge to sell your home, it’s time to set your price. Start by being realistic. Aiming too high can set you up for disappointment and alienate potential buyers. Aiming too low, on the other hand, can see you miss out on making what the property is worth.
Once you have a realistic figure in mind, increase is slightly – but not too much. This will give you some breathing space if someone wishes to negotiate the price down. Remember, you can always lower your price to make a deal if the property isn’t selling, but you can’t put it up. Good luck!
Want some more tips on how to prepare your home for sale? Check out our free guide:
