While there is an air of positivity and anticipation of an improved economy and property market this year, the reality remains a relatively flat market with well-informed buyers who are highly selective about what they buy and how much they will pay.
In this market with fewer buyers, more property stock and downward pressure on prices, now more than ever, sellers need to focus on avoiding the common mistakes that can cost you both in terms of the time it takes to sell and lower offers. A survey undertaken among top agents in the USA, highlights important mistakes to guard against such as:
- Overpricing - 51% of agents said this was the biggest concern as sellers often want to list at a high price in the mistaken belief that it will get better offers. In a digital era with easy access to listings and prices, this is obsolete and ineffective. The best way to avoid the overpricing trap, is to work with a skilled local agent who will provide a market analysis to derive at the best listing price.
- DIY or low cost listings - property transactions are complex and navigating these is part of the value that an agent brings. While digital agencies and new operators offer lower fees, most rely on sellers having to do more, and they lack local market insight and expertise. It has been proven that local area agents still sell more property and achieve better prices on average.
- Not prepping your home for sale - 21% of agents voted this as a sticking point in the sales process. Your agent should do a walk-through and highlight areas that need repairs or updates. Your property should be in show house condition when it goes on the market. This means that all maintenance must be done and it should be freshly painted if necessary.
- Show your home without staging it - buyers make up their mind within seconds and with so much competition to attract buyers, it has become necessary to ensure your property is show house ready and welcoming to buyers. 32% of agents reported that making the property presentable on show days attracted a higher offer and selling price.
- Bad listing photographs - photographs are vital to showcasing your property and should show it in the best possible light. That means that the property must be clean, neat and clear of clutter when the photographs are taken. Personal items should be packed away, put out clean towels and fresh flowers. Importantly, ensure that the outdoor areas are neat as well.
- Hiring a bad agent - your estate agent is the most important ally when selling your property. A great agent spends time on marketing your home and negotiating the best price with buyers. Proven area experience backed by a strong marketing plan should be part of your screening of the appropriate agent.
Home is our Story and property our passion. A reminder that the new General Valuation roll for the City of Cape Town is open for inspection and objection from 21 February 2019 to 30 April 2019. If you would like an updated valuation of your property for comparison, please feel free to contact us.
To discuss your next property move, be sure to contact us.
Seeff Southern Suburbs | +27 21 794 5252 | southernsuburbs@seeff.com
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