At the beginning of your campaign your agent would have appraised your property.
To get to this figure they would have conducted a comparative market analysis and looked at similar properties that have sold within the last 90 days. They would have considered current competition, wider market trends and your properties structure and conditions to arrive at a value that they believe you could achieve if you sold your property at that point in time.
Understanding buyer sentiment is important when setting your price. Talk to your agent and see if there are any passionate buyers, what does the agent think they would be willing to spend, what is the general feeling at the open homes?
Advice from your agent
Your agent is at the coal face of your marketing campaign, they are hosting open homes, fielding calls, sending contracts, following up attendees after inspections. They know how much interest there is in your property plus any positive or negative feedback. They know what the market is thinking about your property and are an important resource to tap into when setting your reserve. We buy houses in Fort Worth.
Any offers and market feedback
It is important not to get sentimental about your property and set an unrealistic reserve. It is very important to talk to your agent, to review any offers and listen to market feedback from your agent.
Over the course of a sales campaign, even a 3-4 auction campaign, the property market can fluctuate and it’s important to factor these changes in when setting your price. You want to be “in the market” not “on the market”. Consider carefully are you prepared to sell for what the market is prepared to pay?
If you think about it, when you put your home on the market to sell, the next owner will most likely to be younger than you are. If you’re selling your first home and upgrading, the buyer will often be a new first home buyer trying to get onto the property ladder. If you are downsizing from the family home, the buyer will most probably be another younger family with visions on raising their family in your home as you have done with yours. With this in mind, to appeal to them think about what they would want, what would make them fall in love with your home.
A generation ago, buyers didn’t care about technology in the home, but today this is a key feature. Buyers want to know about tech. They want to hear about the quality of the wireless service and internet.
A properties appeal can be increased or diminished because of the strength of mobile carriers signal or its internet service provider options.
Whilst this doesn’t directly impact the successful sale of a property, we have found that younger buyers are often highly concerned with the rising costs of their utility bills along with a having a greater environmental consciousness. With this in mind, many young buyers consider the energy efficiency of a property and then factor in the costs to update this post purchase.
Pre-approved or draft renovation plans
Just as studies show that decluttering and styling your home can help make your property appeal to more buyers, so too can have approved renovation plans or at least a design that would help young buyers visualise how they can add value and grow the property’s value in the future.
The kitchen is the one room that can make or break a sale. It’s usually the most expensive room in any house, so prospective buyers don’t want to see a kitchen that needs a total upgrade. This doesn’t mean a total re-fit, but there are some small things you can splurge on that will help make your kitchen more appealing.
Big kitchen, open floor plan
A generation ago, having a separate dining room may have been on a buyers wish list. But as time has changed kitchens and family rooms have become the heart of the home – in essence the kitchen is the new living room. A kitchen that flows into a TV room is high on the list of the perfect home for younger buyers.
Younger home owners entertain more informally than generations in the past, so their desire for open plan living comes from how they see their home functioning while they have friends over. They want to be able to flow through the home rather than be restricted by sectioned off rooms.
With technology improvements and changes to the workplace, more and more Australians are working from home and all signs point to this trend continuing. This makes a home office, or a space that can be used as a home office, very important for many buyers.
Home offices have vast appeal not only for those working from home, but are popular for buyers looking for a dedicated space where they can concentrate on work, take a Skype call, plan a presentation, catch up on the heavy work load or simply pay bills.
Neighbourhoods have a big impact on the appeal of a property for young buyers as they know the impact it can have on the future value of their property. Whilst you obviously can’t change the neighbourhood you are in, highlighting popular location features of your area is important. Do you have good schools, low crime rate, access to reliable public transport, good proximity to amenities, a good walkability score, historic charm or are there future amenities planned that will benefit the area?
Most younger home buyers grew up watching their parents spend their weekends doing their list of chores and aren’t keen to follow in their footsteps, a lot just want the simplicity of the turnkey solution and a home with low maintenance features is a winner.