Here are five things that everyone selling their home needs to know about buyers.
- Buyers do their research.Buyers know when you bought your home, what you paid for it and most likely, if you bought within the last 10 years, what it looked like when you bought it.
Buyers have as much information about your property and the comparable sales in the local market as real estate agents. They can’t be fooled and if your agent isn’t up to scratch with the local market conditions and comparable sales evidence, or you’ve not priced your property in line with it, you’ll be penalised for it.
- Its buyers that determine value. Buyers are the ones with the cheque books. You can ask what you like for your property but ultimately it’s worth what a buyer is prepared to pay. Your agents job is to put in place the process that will help you find the best buyer in the current market.
- The hot buyers will be all over your property in the first week it’s on the market.The peak internet hits on your property are usually within the first 3 to 5 days and your peak home open numbers are in that first week. If you mis price your property and/or poorly present or promote it, the hot buyers will dismiss it and move onto the next one.
- Its not how long you’ve been on the market that counts, but how long the buyer has been in the market.If a buyer has been looking for months or even years, is ready to buy, has missed out on other properties and wants yours – they’re going to act quickly and most likely will be your best buyer. If they make their move and miss out, they’re going to move on and buy something else.
Your buyer pool doesn’t replenish every week – it’s at it largest when you first hit the market and will reduce from there.
- Buyers have choice.In the current market, the majority of buyers don’t feel any sense of urgency to buy. If anything, they’ve been rewarded for waiting over the last few years with gradually declining prices.
Whilst the market is showing signs of change, it’s not across all property types and suburbs. For some property types and price points there’s still a surplus of stock where buyers will simply cherry pick the best – you must be competitive in your marketing price or presentation, ideally both, if you’re going to get a good outcome. And if you do find that motivated buyer that desperately needs to get into something – don’t lose them!
So if you’re thinking of selling, remember that buyers are smart, do their research and are looking to buy a property that meets their needs at a fair market value. That doesn’t mean you can’t achieve a premium price for your home, but it does mean that you need a professional local agent that can put in place the right process and strategy to help you achieve the best outcome.
Natalie Hoye is the Founder and Licensee of Red Fox Property Group – a boutique agency doing things differently in the suburbs surrounding Beaufort Street. We call it ‘real estate alchemy’: a genuine blend of science and intuition, marketing and magic, head and heart. The Red Fox Way. And we’d love to chat with you about your local real estate needs. Call us now on 0405 812 273.