Selling your Property in a Slow Market
Many parts of Australia, including Darwin are experiencing a slowing Real Estate Market. After the decade of high performing house prices in Darwin, which has seen the Median House Price of Darwin Overall increase for $251,500 in March 2004 to $585,000 in December 2014, an easing of the market has been needed.
Although there are many stating that the Housing Market in Darwin is susceptible to a crash, this is simply scare tactics and you should always see behind why people would be making these sensationalised statements.
All house markets flow in peaks and troughs in line with Household income and Demand and Supply. You will note during the times of rapid increase, the government and other areas invested in to the housing market with strategies such as the First Home Owners Grant, which was great at getting people in to their own home. This did unfortunately falsely boost the market with an influx of extra demand pushing the prices up.
The Government has now limited the First Home Owners Grant to the quieter Construction segment to help build this area in which there has been a marked increase over the past 18 months.
But all of the above leaves current sellers in a situation many are not used to, “How do I sell my property when the market is flat”. There are a few tips and tricks we feel will help you sell your house in today’s market;
1. Be Realistic in what your property is worth in TODAY’s market
a. Too many people are still trying to sell their property for what it was worth in 2010. The market is slower, there are less buyers willing to pay as much for your property. As such do not go with an agent who tries to provide you an inflated sales target. Use an agent with a long history in the market as they have likely sold previously in a slow market and know how to target buyers differently
2. Sell your property how it should be sold
a. Too many agents try to push people to use Auction as a sale tactic. Sometimes this is the best way if you have a standard property which appeals to a broad market or if there is a large market of sellers to appeal to (such as in Southern Populated States). If your property is polarising in any way an Auction is NOT the best way to sell — as shown in the Channel 9 program The Block.
3. Clean your yard and Front Fence
a. Although many are pressed for time, if you can spend a weekend in the yard and clean your garden it will present your house. Be sure to not have too many plants as many people do not like to see a big garden as they see it as extra work. Keep it neat, tidy and clean with some colour. One thing many people do not look at when selling their property is the Front Fence. This should be presentable as it is the first thing people see when they come to look at your house. It does not have to be an expensive task, just a quick paint, new letterbox and de vine the front fence.
4. Paint, Paint, Paint
a. The cheapest most effective way to present your house, is to give it a lick of paint throughout. When thinking of colour schemes DO NOT go bold. Think neutral and classical as this gives the prospective buyer an avenue to picture his or her things in the property.
5. De Cluttering
a. Although you love your household goods, having too many in your house while trying to sell, can cause the proposed purchaser to feel like the house is smaller than it is. Having less furniture can make the house feel larger and as per the paint, if you can — try and keep the furniture in neutral colours and modern if possible. There are options to have people furnish your property for the time you are selling