Advice To Get The Highest Price For Your House

Real estate industry leaders have cautioned vendors to be wary of agents who exaggerate a home’s value to secure the listing.

The warning is prompted by a more competitive spring selling season among agents who are desperate to secure the fewer properties on the market this year.

Agents report that the number of spring listings is growing. Yet the 489 auctions scheduled for Sydney this weekend is 5 per cent down on the number held the same weekend last year. Just before the start of spring there was 10 per cent less properties – including new and old listings – on the market compared with a year ago, according to research by SQM Research.

At the same time, Sydney’s average time on the market is now 90 days, up from 79 days a year ago and a peak of 93 days earlier this year, according to Australian Property Monitors.

“That just means pricing in this market is critical,” says SQM Research’s managing director Louis Christopher. “There’s still a lot of stock on the market – albeit much of it older stock, but it’s still competing stock – so vendors have to price their property correctly because if they don’t then they risk it sitting on the market a long time.”

Shaun Fallins of Global Property, points to the correlation between longer days on the market and unrealistic expectations by vendors.

“In the past two to three years there’s definitely been a large gap between what vendors expect and what buyers are willing to pay,” Mr Fallins said. “But given enough time on the market, that’s changing. Buyers aren’t willing to pay more, but vendors are starting to meet the market.”

Yet a quick sale also usually amounts to the highest possible price.  “There’s a terrible statistic in the industry that shows about half of sales are made at a price that is less than the owner was previously offered. That means the vendor could have done better if they had taken the early offer.”

The early offers are often the best ones, adds White. “The listing is fresh, and the purchaser has often come across it after a long period of house hunting and is keen to settle the matter,” he says.

It is the responsibility of selling agents to let vendors know how their property is positioned in the current market, according to the chief executive of the Real Estate Institute of NSW, Tim McKibbon.

“There are some difficult conversations going on between vendors and agents, and that might have something to do with why there are fewer properties going to the market”. The reality is, McKibbon adds: “Vendors need to go to the market knowing that it’s not what it was five years ago. So the price you paid in 2007 is no longer relevant.”


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