Getting Ready to Sell
When you first start thinking about selling your home obtaining all the relevant information you can is key. Information such as sales statistics, knowledge of how the market is performing, the types of sales methods and how they work, your target market, advertising that will maximise the exposure of your property and how best to present to the market can help with your decision making. Also key is finding a salesperson with whom you feel comfortable enough to be able to communicate well with, in what is often, an emotionally challenging time. Please feel free to contact me at any time to obtain information or to arrange a time to meet!
Wellington Property Market Comment - July 2020
For those with an interest in property the big questions I’m hearing are ‘What’s going to happen to the market? and ‘Will prices fall?’ In Wellington what we are seeing is that the market has picked up just where it left off at the end of March with continued strong demand from buyers and low numbers of available properties. This imbalance between demand and supply has kept the upward pressure on prices and the recent easing of the LVR rules by the Reserve Bank will make it easier for more first home buyers to enter the market. This is likely to see even more competition for properties, particularly in the $500,000 - $900,000 range where the competitive intensity has created some outstanding sales results. As the price range increases the competition seems to thin out a little more with not quite the pressure on prices, but this inevitably will change. So if you are looking to upsize from say a 2 or 3 bedroom home to something larger now would be a great time to be active in the market. The difference between what you could potentially sell for and what you would need to pay for the larger home may not be as large as you think! In the short to medium term I think this situation will continue in Wellington and we are likely to fare better than some other parts of the country where a decline in prices looks much more probable. If you have any thoughts on buying or selling now or would just like to get an idea of your property’s potential in this market just let me know. I’m always happy to have a chat about what you would like to achieve and share my experience and ideas on how to get the best possible result. My advice is always free and friendly!
How the property is marketed and presented is key and as always the best prices are achieved when there is competition between buyers. It is still the market for 'no price' sales campaigns but there is a skill to making these work well to produce the best outcome so it really is the time to work with salespeople who have a track record in selling well by these methods. 'No price' sales methods include tender, auction and deadline sales and they really are popular with sellers as they have an end date by which interested buyers have to act and provide a competitive environment to ensure the best price is obtained. Each method has its merits and should produce a great result as long as the process is well run, is appropriate for the property and is not circumvented by a quick sale. Forcing buyers to make a decision quickly or miss out does cut down the number of offers received and in our experience the first expressions of interest are not always the highest. It therefore really is key to weigh up how important the quick sale is over the standard campaign as it is very rare for the initial buyers who offer early to be missing at the end of a 2 or 3 week campaign. We are always happy to provide our thoughts on the pros and cons of the different sales methods and how to make your home as marketable as possible whether you are looking to sell now or further down the track.
Sellers are increasingly opting to provide a LIM report and sometimes a builders report to buyers to make it easy for them to present unconditional offers. This also can help sellers as sometimes there are compliance issues that they are not aware of that are raised in the LIM and builders reports can show small fixes that are worth making prior to coming to market or identify issues that they may not be aware of that could affect the sale price. Buyers do now have an expectation that a LIM will be provided so it probably is something definitely worth looking to provide. Current pricing is $323.50 and the council takes 10 working days to prepare these. Providing a builders’ report that is undertaken by a building inspection company that is viewed as being reputable and thorough by buyers can be a major plus. All interested buyers will then have the opportunity to review the same report to help with their assessment of value. The other advantage of providing a report is that owners are likely to increase the number of tenders they receive as for some buyers having to spend money on reports before they know they have been successful can become a barrier to them actually submitting a tender. In our experience the greater the competition, the better the outcome is for owners.
As always promoting your property well using a good mix of print and internet is key to obtaining the best price. All agents have buyers looking to purchase property but all buyers will pay more if they are placed in a competitive situation and to ensure you have all the buyers who are looking to buy at the time you are selling, you have to make sure that they know you are on the market! It doesn't have to be expensive to put together an effective campaign.
How the property is marketed and presented is key and as always the best prices are achieved when there is competition between buyers. It is still the market for 'no price' sales campaigns but there is a skill to making these work well to produce the best outcome so it really is the time to work with salespeople who have a track record in selling well by these methods. 'No price' sales methods include tender, auction and deadline sales and they really are popular with sellers as they have an end date by which interested buyers have to act and provide a competitive environment to ensure the best price is obtained. Each method has its merits and should produce a great result as long as the process is well run, is appropriate for the property and is not circumvented by a quick sale. Forcing buyers to make a decision quickly or miss out does cut down the number of offers received and in our experience the first expressions of interest are not always the highest. It therefore really is key to weigh up how important the quick sale is over the standard campaign as it is very rare for the initial buyers who offer early to be missing at the end of a 2 or 3 week campaign. We are always happy to provide our thoughts on the pros and cons of the different sales methods and how to make your home as marketable as possible whether you are looking to sell now or further down the track.
Sellers are increasingly opting to provide a LIM report and sometimes a builders report to buyers to make it easy for them to present unconditional offers. This also can help sellers as sometimes there are compliance issues that they are not aware of that are raised in the LIM and builders reports can show small fixes that are worth making prior to coming to market or identify issues that they may not be aware of that could affect the sale price. Buyers do now have an expectation that a LIM will be provided so it probably is something definitely worth looking to provide. Current pricing is $323.50 and the council takes 10 working days to prepare these. Providing a builders’ report that is undertaken by a building inspection company that is viewed as being reputable and thorough by buyers can be a major plus. All interested buyers will then have the opportunity to review the same report to help with their assessment of value. The other advantage of providing a report is that owners are likely to increase the number of tenders they receive as for some buyers having to spend money on reports before they know they have been successful can become a barrier to them actually submitting a tender. In our experience the greater the competition, the better the outcome is for owners.
As always promoting your property well using a good mix of print and internet is key to obtaining the best price. All agents have buyers looking to purchase property but all buyers will pay more if they are placed in a competitive situation and to ensure you have all the buyers who are looking to buy at the time you are selling, you have to make sure that they know you are on the market! It doesn't have to be expensive to put together an effective campaign.
