Whatshot
Property Talk
Property Talk
Date: 2017-03-10
We are firmly in the grip of a "buyers market" which is characterized by many sellers but relatively fewer buyers. In this type of market the stock of homes is not a critical factor. The quality of the buyers and their ability to perform becomes an important consideration for sellers. The strength of an offer is determined not only by the price presented but the speed the buyer is able to perform at and the proportion of cash to mortgage finance required on any transaction. Cash is king and a cash buyer who is ready and able to perform is worth significantly more than a buyer who is relying on mortgage finance approval or the sale of another property as a subject to condition as part of the offer. The best thing a seller can do in this type of environment is view his home through the eyes of a prospective buyer. The following five tips for sellers should make the process easier and result in a high chance of success:
1. Presentation is key: Every aspect of your home is likely to come under scrutiny by interested buyers. Think show room condition. This may mean spending time and money de-cluttering bedrooms, bathrooms, living areas and kitchens. Repaint and repair everything that is patently obvious, replace all broken or worn items. Think less is more.
2. Upgrade where easy and where the visual impact is significant. A good example of this would be fitting a garage door motor where none existed, or tiling a concrete garage floor and repainting the walls and ceilings, replacing worn or stained carpets, rusted electric hobs or old ovens and extractor fans in the kitchen. These items are all relatively minor improvements relative to the overall value of the property but add more than proportionate appeal.
3. Evidence of water leaks from either concrete ceilings or tiled roof areas can be fatal to securing a sale. As evidence of water ingress on a ceiling or wall can indicate far bigger remedial work, a buyer will discount pricing more than expected with homes that show any evidence of this.
4. Think award-winning landscaping. Manicured and well-maintained gardens or landscaped areas can add significant value to the property. In the same way a poorly maintained garden and surrounding landscape will detract from the value achieved. Clean up planters, flower beds, lawned areas and especially water-features. Stagnant water is a no-no. It should either be crisp and clean or get rid of it.
5. Work only with the best realtors. Quality trumps quantity. Professional photography and copy-writing in describing your home is essential. The agents' experience within the area and with the type of property is critical. There is only so much energy and enthusiasm to go around. Take advise on market related pricing and most importantly ensure ease of access for your realtors when they are scheduling viewings.
For further information and an interactive analysis of this article follow my blog: andreaswassenaar.blogspot.com.