How should I know when to list my home?
That would have to be the most commonly asked question that a real estate agent gets asked.
To tell you the truth, the market is great if a home is priced in-line with current market feedback and marketed with professional photos and video and then presented beautifully, then every home that goes onto the market will sell within a reasonable time frame.that's the good news!
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The bad news, is that every buyer we come across knows this and tells us how bad the market is! And most of the time their offers are low and sometimes $50,000 below asking price.More about how to deal with this later.
Going on the market today is about reading the market and listening to what the buyers are saying over the first 2-4 weeks and then adjusting the price if necessary. Some sellers leave it too late before they adjust their price. They say things like "we can come down, but we're not dropping the price!" and "we're open to offers" and "We don't need to sell". The hard truth of the matter is that if you don't need to sell, don't!
At the moment buyers have a lot to chose from More choice than they have ever had in a long time. The buyers will say things like "well if the seller is stuck on his price then we will move on and make an offer on the one down the road or around the corner".
So sometimes it can take 2-4 weeks to firm up the price. Sometimes you can get it right from day 1 and sell it in 1 week! But to cut a long story short, no one, no agent (no matter how experienced they are) will be able to tell you exactly what you are going to get. I feel a good agent will be able to tell you within 10% of where the home sits in price, unless it is a unique home say in the centre of Launceston with loads of character.these homes are extremely hard to price and usually go to the market by Auction.
We are currently doing a campaign titled "Tough Market? Tough Agents!" This campaign gets straight to the point and delivers a message that the market we are in is a tough one. There are fewer buyers out there than ever before, there are loads of homes on the market (at the time of writing this there we're 3197 properties on the market in the Launceston and Greater Region area for sale with only approx. 70 selling in any given month) and the media is telling everyone how bad the market is and how the economy is not good. So this combined means that we are dealing with a different buyer these days.
Todays buyers are sometimes very fearful/cautious and definitely will not be rushed into making a decision on a property. They are well researched. Due to property websites such as allhomes.com and google etc, they sometimes (in my opinion) know more about some properties than some other agents! However, this same buyer will move extremely quickly and pay his highest price when put in direct competition with another buyer to buy a property. We have seen this many times in recent weeks, when a buyer is excited about a property but non committal, as soon as another buyer expresses interest they fear they may miss out on the home they have just fallen in love with. When this happens they move very quickly and sometimes pay the asking price or more just to avoid missing out on the home! The key to creating this environment of multiple interest is through the way the home is perceived online and off-line after all perception is reality! There is no doubt that the best presented homes and the best marketed homes get top dollar and create the best platform for multiple offers.
So the days of just sticking a for sale sign out the front of a property and whacking it on the internet are over. It takes a much more strategic approach to selling a home these days if you want the BEST buyer who will pay you the best price that is.
So I feel in this market you need a different type of agent. An agent when the buyers come to knock your price down is going to say the right things to the buyer.a good negotiator. You don't want to lose the buyer either Buyers just need to be convinced that they aren't over paying for a property. After all we don't have buyers coming out of the trees anymore like we did 5-6 years ago in the boom. So the agent needs to be very discerning and read the situation correctly so that he can advise his vendor on the most likely possible scenario.
Todays market can be a very scary place, especially if you, the seller don't get the correct advice and guidance from the start. Agents need to have honest and crucial conversations with their sellers. Because if a home is still on the market after 90-120 days, and it's say under $400,000, then generally speaking, the agent isn't having the correct conversations with their sellers.
On the flip side, the market can be a great place if guided correctly through it by an experienced agent who uses all the available tools available to create maximum exposure to the most amount of buyers, who communicates and informs the seller of everything that is going on with the sale and handles the negotiation correctly.
After all, every home that is PRICED correctly, MARKETED correctly and PRESENTED correctly will sell..in any market!
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Posted in Real Estate Post Date 02/01/2016