TIPS ON LOCAL PROPERTY RESEARCH
When it comes to selling your house, there’s no single factor that’s more important than the price. Unfortunately, the price isn’t determined by how much you love the house or how much you think it’s worth. It’s dictated by market conditions. Are you in a buyer’s market or a seller’s market? What does your house have to offer that others don’t? How does your home stack up against others for sale in the area? These are all questions that you need to consider before nailing down a price for your listing with For Sale For Lease.
DO YOUR RESEARCH
The first step in answering questions about your market is to do some research. During your comprehensive search of your local market, you need to get an idea of what homes have listed and sold for during the past six months or so. You should also examine the price of homes that are currently on the market. Finally, take a look at homes that you know have been on the market for a long time as this may tell you that the price point is undesirable when compared to what the property offers. The best way to do this research is to compare property sales websites like OnTheHouse.com.au. You should also take a look at flyers and newspaper ads that contain the words “reduced price” or similar phrasing that may hint at which prices are too high. Below is a list of websites that allow you to conduct local sales and rental research:
KNOW YOUR COMPETITION
All homes on the market are in competition with new construction, but this doesn’t mean that your home can’t compete. Before you take on any renovation or home improvement projects, get an idea of what new homes look like inside. This will tell you what many current buyers are looking for. Again, you can do internet property searches to look at pictures and videos of home interiors. Things to look for include the type of flooring in the home, light fixtures, wall colours and the overall feel of the home. You may find it helpful to attend a few open for inspections in your area to see how your home stacks up against others in your neighbourhood.
UNDERSTAND THE DEMOGRAPHICS
Most neighbourhoods have a demographic. For example, are your neighbours mostly young families, young professionals, middle aged couples or elderly people? Knowing this is beneficial because someone within one of these demographics is whom you should be targeting your adverts for. It also determines how you sell your home. A young couple just starting out, for example, will probably look for a home that includes a refrigerator and washing machine. Established families probably have these appliances, so whether or not one comes with a home is not a deciding factor.
A little research goes a long way in helping you sell your home. By becoming knowledgeable about your local market, you’ll see what buyers are looking for and what you can offer. You’ll also be better informed about which improvements to make, if any, before you put your home up for sale.