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 "In the lucky position to actually own a house in NSW? Here's some basic, but sound advice if you want to sell." - Mark |
| Homework pays in a slow market |
| By Real Estate Institute of NSW |
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June 18, 2005 Thinking about selling your home? According to Cristine Castle, vice-president of the Real Estate Institute of NSW, doing your homework is essential in Sydney's tighter market conditions. "With fewer houses being sold, it's important to do everything you can to achieve a great sale price," she says. Castle was commenting on REI research for the March quarter which revealed that the volume of residential transactions had contracted, while median prices rose slightly. "Despite the drop in sales volume, there is still strong demand out there - especially from buyers who are being attracted back into the market by more stable conditions," Castle says. "To really capitalise on that demand, it's critical that you get the fundamentals right when selling your home." The first of those fundamentals is your choice of real estate agent. "Choose an agent with a thorough knowledge of local market conditions," she says. "Shop around - many vendors ask a number of agents to give them a free market appraisal." Real estate agents will inspect your home and offer an estimate of its worth based on a working knowledge of the local market and recent sales prices. There is no obligation to engage the agent who gives the market opinion. "Another topic to discuss with agents is their ideas for marketing your home. Marketing has an especially important role to play in a slower market. Listen to the agent's listing presentation, and make a judgement on whether you think their ideas will appeal to potential buyers." Another essential for vendors is doing some homework on property prices in your area, especially after the price volatility of recent years. "We always advise consumers to research past sales in their area," Castle says. "You should take care to focus on the most recent transactions in order to get the most relevant evidence for your decision. This is where a good local real estate agent is indispensable. With their up-to-the-minute knowledge of recent market activity, they can help you set the right price." Finally, Castle says today's market conditions mean it is important for vendors to make their homes as appealing as possible to potential buyers during open inspections. "First impressions really do count," she says. "Make sure the interior of your home is neat and tidy - in particular, the kitchen, bathroom and laundry. On the outside, make sure paths are swept, windows are cleaned and gutters are cleared of leaves." This column is supplied by the Real Estate Institute of NSW. Reference: The SMH. 
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