How to sell your house in a depressed market

Ida du Plooy
Harcourts Dolphin Coast.

Harcourts

“It’s tough out there….” This is the sentiment amongst many South Africans today.
Times have changed and unlike a few years ago, it is not easy to sell a home in today’s depressed real estate market. Selling your home can be a tense, emotional process, but it doesn’t have to be. Selling your house can be relatively painless if you’re prepared and know what to expect. Selling your home in a depressed market vs. selling in a “sellers market” features much of the same advice, however, since selling in a depressed market usually means the prices are lower and more competitive. If you are not in a position to stay in your home and “wait out the storm”, you must be prepared to go beyond the usual to sell your home. Times spent researching market conditions are invaluable at present. It also helps to avoid putting any barriers in the way of potential buyers. Below are some tips to keep in mind when pricing your home to sell.

1. Establish the True Reason why you want to sell, in other words, how strong is your motivation to sell your property today. Many different elements can combine to create unrealistic expectations. Often Sellers are uninformed and have an over optimistic opinion of the property market or their home, the cost of the improvements they hope to recover, or the final amount to realise their future plans.”Testing the market” in a depressed market can be a fatal and costly mistake.

2. Do the Research: Visit open houses in your area to get a feel for pricing and to see how other people are presenting their homes. You need to think like a buyer to sell in a down market.

3. Make it Nice: Buyers will see your home for what it is. Make sure everything is in good working condition and try to make it look clean and clear of “clutter”. Think as if your home is on a first date and it needs to make a good first impression.

4.  Hire the Best Real Estate Agent: ( Harcourts Dolphin Coast agents voted The Best of the Best 2016 ) In a down market you need to have the best real estate agent you can find. Typically you want someone who is qualified and has been in the business a long time. Interview several agents and ask them to present you with a detailed marketing plan. This is not the time to have a “friend of a friend” handling your home sale! Your agent will present you with a detailed Comparative Market Analysis, comparing not only recent property sales similar to your property, but also showing you the homes your property will be competing with. Awarding a Sole Mandate make your listing the ‘Cream of the Crop” whilst listing with all agencies your property becomes everyone’s listing, but not one’s responsibility.

5. The Harcourts Promise:  Harcourts Dolphin Coast is commitment to help our sellers by providing them with our written exclusive service plan. Our Promise will be to provide you with:
A detailed written marketing plan
Post-inspection feedback at all times
Written progress reports
Marketing review meetings
All offers presented in writing

6. Price it Right: While buyers may still look at your house if the price is too high, they will pass on to the next house. Taking your CMA (Comparative Market Analysis) into consideration and visiting other homes on the market in your area, price your home below your neighbourhood’s most recent comparable prices. In a down market it makes no sense to price your home at the same price your neighbour is asking. You don’t want your house to remain on the market for a long time while you continually lower the price. Research clearly shows that properties sell quickest the closest to the asking price, within the first few weeks, if it has been priced correctly or just below the market value. So price it right the first time. Get Harcourts Dolphin Coast experienced and qualified area specialist to work in partnership with you to change your property from: FOR SALE to SOLD.
The price of your home must be right. Too low and you lose money.
Too high and you lose buyers.
  Just right and it is SOLD.
Here’s where the intimate local market knowledge and expertise of the Harcourts Dolphin Coast’s consultant comes in. Call us today to help you price the house right and to sell it fast by using our advanced technologies, marketing expertise and experience.
032 946 2331

Harcourts Dolphin Coast offers  an OPPORTUNITY  for experienced  agents looking to achieve the NEXT LEVEL in their careers by becoming part of a global organisation with the most advanced technology, marketing tools and an award winning Academy . E mail: dolphincoast@harcourts.co.za for a confidential meeting to find out more.

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