Stop stress­ing about sell­ing

The Advertiser - Real Estate - - Sherwood Drive, Glenalta - ANTHONY KEANE

IS your house feel­ing dis­tressed? A lit­tle unloved? If so, it’s not alone. And there are things you can do to help get it back in a happy place. A re­port by SQM Re­search says there are more than 11,000 prop­er­ties for sale un­der dis­tressed con­di­tions in Aus­tralia, in­clud­ing more than 660 in South Aus­tralia.

SQM says dis­tressed property list­ings in­clude bank forced sales, di­vorcee sales, de­ceased es­tates and those sell­ing be­low their val­u­a­tion, cost or last sale price.

But per­haps the big­gest dis­tress­ing property prob­lem for sell­ers is sim­ply when no­body seems to want to buy it. SQM’s list of dis­counted prop­er­ties in­clude some that have sat on the mar­ket for more than two years, and oth­ers with ask­ing prices dis­counted by more than 30 per cent since they went on the mar­ket.

If your house sales is stuck in neu­tral, here are some ideas to get it mov­ing.

Are you be­ing too picky? Re­mem­ber that the true price of a property is only what some­body is pre­pared to pay. Val­u­a­tions by the coun­cil, pro­fes­sional valuers or real es­tate agents are worth noth­ing if no­body will pay it.

Some­times the dif­fi­cult de­ci­sion to dis­count your property is the best one, es­pe­cially if you’re stuck pay­ing in­ter­est on a mort­gage for it - or worse, two mort­gages be­cause you’ve al­ready bought some­thing else.

Work out how much it’s cost­ing you in in­ter­est, rates and other ex­penses, and ques­tion if it’s re­ally worth hold­ing out for that ex­tra $5000 or $10,000. Just a few thou­sand dol­lars can make a dif­fer­ence to po­ten­tial buy­ers.

Is the mar­ket­ing stale? Talk to your agent about whether dif­fer­ent pho­tos or dif­fer­ent mar­ket­ing may work. Ask them to get cre­ative.

Get feed­back, from the agent, from people who go to in­spec­tions, and from buy­ers’ agents. Some­one may spot some­thing that has been hold­ing it back.

Spruce up the property. A fresh coat of paint or splash of colour in the gar­den can be a cheap way to at­tract more eye­balls.

Have a break. Tak­ing a property off the mar­ket for a few months can re­fresh the minds of po­ten­tial buy­ers. Anthony Keane is the edi­tor of Money Saver HQ, which ap­pears in The Ad­ver­tiser on Mon­days.

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