THERE is no doubt every city, town, suburb, regional area, coastal or rural location will have its most popular property configuration.
Not only accommodation and the size overall, but room layouts, block size, aspect, features, specification, value range and even design, style and age.
Many of these elements are actually very challenging to quantify in online searches. This is why today’s contemporary market has seen such a swift emergence and evolution in house marketing in the form of imagery, both moving and still, interactive floorplans and the now highdemand drone shot.
All done to promote a property’s features to a very hungry, information-greedy buying public, so they can see if your property actually offers the local market “must haves”.
Ignore this housing market phenomenon at your peril. However, to be able to address the issue or actually create changes to meet this market demand, in many cases is not only physically impossible, but the cost would actually outweigh the added value benefit.
So if you are the vendor of the property type that is different and simply does not conform to the most sought after property demographic, what to do?
Properties of all types still sell even when they don’t fit in, but establishing your area’s “most popular” search configurations is an absolute must for all sellers to really help understand likely demand and the true value of your home.
I often witness mistakes in perception and unnecessary concerns from sellers worried or simply unaware that their property’s specification, presentation, design, or location has the impact on the market place it actually does, whether that is a positive or a negative impact.
I really suggest, as a seller, you get to know your market’s most popular property configurations then fine tune that knowledge by looking in the papers and online to check out presentation/specification, what is expected and what buyers demand for their hardearned dollar.
If you do this before you start the whole process you will feel educated and in control from the get go.
Why is this relevant, especially if your home misses the mark and you are different?
IF your home is smaller than usual, price accordingly, and if you are able to demonstrate a way to extend/create more accommodation, get the plans and development applications in place. If your home is bigger, accept the buyer numbers will be less but they may be more focused as they have less choice.
ALONG with most popular property configuration comes most popular price range.
Accept that if your home is higher in value, demand may be slower and additional size may not be fully reflected proportionally in added dollars. If the likely value is below the area’s median, demand may be higher than you expect — buyers love entry-level buying in most areas.
IF you are preparing to sell, never presume you need to do anything other than clean, tidy and de-clutter without checking your local market first. If your property is not in the most popular category, you should be wary of how much you should risk on improvements. AS a potential seller of a different or unique home, play the timing game. Try to tie your listing in with only limited numbers of similar homes for sale. In an instance like this you’re generally competing for a smaller buyer pool. If that is linked to a small supply you could be a real winner. My message for the those who do not have “usual” homes: there is no need to worry. Acknowledge your home’s strengths and weaknesses, then you will know if staging or improvements are worthwhile and viable. Not forgetting buyers: feel free to buy in any category, but be wary the high-demand property configurations can come with high price tags and less value for money.
Andrew Winter hosts on the Lifestyle Channel