Stop stressing about selling
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.