The price is right … isn't it?
Ask an expert, then ask another expert
Don’t just go with the first agent, or even the one you get along with the best; go with the one who encompasses the three Rs: reputable, reliable and realistic.
Those flyers you receive in your mailbox from local real estate agencies offering free valuations? Take them up on it! The simplest and cheapest option is sometimes the best. Australian Property Monitors also offer a range of customisable reports and analyses for anyone looking to sell their home.
If you receive a few wildly differing prices, think about why this might be – was anything different on appraisal day? Was the house cleaner/dirtier/colder/darker than usual? Does the agent have a vested interest?
Look around
Does your home have kerb appeal? Kerb appeal is a term you may have heard around the traps (it’s even the name of a TV show). Although more common in the US market, the idea is still the same: first impressions last. Would you buy your house based simply on what you can see from the outside? If not, think about some simple improvements: clean the exterior – especially windows – and fix any obvious damage (for example, on letterboxes and doors). Tidy up the garden. Mow the lawn.
Also, check out the competition: if you have the time and inclination, it’s a great idea to go snooping around other houses in the area that are comparable to yours in size, condition and location – or to check out what’s happening in a neighbourhood you’re particularly fond of. You might even get some good ideas for staging your home for inspections. No matter what, be proactive: make sure you go to inspections and auctions, and check out property listings and house prices online.
Timing tips
Many real estate agents will tell you that spring is traditionally the best season to sell. Gardens are in full bloom, and the weather is generally favourable for inspections. There is, however, one possible catch with choosing a popular time to sell: more competition! But you can’t just rely on facts and figures to choose the best time, so be sure to talk things through with your real estate agent to find the right time for you.
Going to extremes
Don’t go in too high. Real estate agency Raine & Horne Bunbury explain that even if you’re prepared to take less – a lot less – for your house, it’s still better to offer it for a price that’s reasonable and reasonably close to what you want. Otherwise, you risk scaring off people who can actually afford your property by making them think they can’t.
If you price your property too low, hoping for a bidding war to break out, you could be in for a nasty shock when potential buyers are actually put off by the low price. They may approach your house with a negative mindset and expect to find fault with it. Don’t shoot yourself in the foot!
Of course, there’s no guaranteed formula for finding the right price for your property, but a bit of research and some preparation can at least guide you in the right direction.