Selling-Buying In A Slow Market
Looking for some straight real estate selling tips?
We’ve been receiving quiet a few e-mails and phone calls recently on what else you can do as a seller to get your property sold, so for those of you out there still sitting on the market unsold here is some advice.
The root cause of your problem may well be the agent.
If you are not getting offers talk to your agent to find out what you can do from their perspective. If you feel that their answers don't make sense or you get answers like you need to advertise more or just drop the price you need to get in contact with us asap!
Selling and then buying...it is particularly important that you look at both aspects of your transaction, the sale and the subsequent re purchase. Ask any seller who is on the market “what they want?” and you will almost always receive an answer in dollars amounts. In reality if they thought about it a little more “what they want” is to get sold and then buy a new property. Therefore the most important focus here is not the sale price so much, it’s about the changeover dollar amount!
If the market is down a few percent more than your expectation is that really a negative…. not if you are selling and trading up… this can actually work in your favour!
Let’s look at a typical scenario… someone selling to purchase a larger home expected to sell for $500,000 but the shift in the market gives a sale figure of $475,000. That’s 5% down on their expectation!
On the re-purchase side they expected to pay $750,000 for their next property but only paid $712,500 also five percent down on expectation! Overall in that transaction the move to the new home worked out to be $12,500 cheaper because the market had dropped.
So although your sale price may be down a few percent, a perceived negative, you should also realise that your outlay for your next property will also be a few percent lower!, a positive. And that means that you have saved $12,500 plus now have to pay less in Government Stamp Duties and when the market does pick up again the percentage increase on a property worth $750,000 will be greater than that on a property worth $500,000… so you’ve made more money!
If the market is slow it is still the best time to sell and trade up!
What we do… Think of us as you would of anti-virus software you install on your computer to detect and eliminate a virus before it causes damage. We help home sellers to detect and eliminate issues which are typically caused when agents (who have their own agenda) give poor or misleading advice.
Unfortunately, there is a growing number of people who contact us when a problem has already occurred… remember you install anti-virus software on your computer to avoid getting a virus, so please contact us first so you can avoid problems with your sale.
We will always tell you in plain English what effect any advice from an agent will have on your sale and whether its good advice (in your best interest) or it’s going to cause you a problem in which case we will make alternative suggestions for you to consider.
PLEASE NOTE: We DO NOT pass your details onto anyone else, we do not on sell your email address or phone number to marketing companies or any such like or real estate agents. Your personal details go no further.
More Selling Tips...
Preparing Your Home For Sale
A New Way Of Selling
Presentation or Desperation?
Lots Of Lookers
Do Not Just Drop The Price!
Buy First Or Sell First
Playing With The Price