Work harder to sell
Aucklanders expect their homes will sell fast. Often this is the case. But the market has slowed over the past few months and some properties do sit unsold for longer than their owners might like.
Auction clearance rates in May were 36 per cent for Barfoot & Thompson and 37 per cent for Bayleys, which means some houses aren’t selling. A proportion, of course, will sell by negotiation post auction.
If it’s your house that doesn’t sell, however, being one of those statistics could spell disaster or a stressful or disappointing time. There are a number of steps to take if your house hasn’t sold within a reasonable time frame.
Take a long hard look at your price. Are you being realistic in the current market? Agents are sales people and some can dazzle sellers into believing they will get more than the home is actually worth, then whittle down price expectations to sell the property. Are your price expectations realistic?
Go comparison shopping. What are comparable homes on the market actually selling for? This information is pretty easy to find out from your estate agent and various websites.
Give the market a break. If you have been on the market too long then it might be an idea to take the property off the market for a spell. There could be a completely new set of buyers when you put the property up again and your experience may be totally different.
A different agent might have another approach to marketing your property and be able to get one of a whole new set of buyers over the line.
Give your property a makeover. Think over the feedback you’ve received from your agent about what potential buyers didn’t like about your home. Is this something you could improve on with a quick lick of paint or improving an aspect of your home?
Get in the home stagers. If you’re selling your property with your own clutter in it, you could be putting potential buyers off. Home staging really can turn an ugly duckling into a swan.
Get a LIM and builder’s report. Sometimes providing a marketing package to potential buyers can help significantly. Consider getting your own copy of the Land Information Memorandum and builders report to include in a sellers’ pack.
Take out a bridging loan. If you’re sure you can sell your home and have your heart set on buying another one you might be able to take out a bridging loan that gives you time to sell.
However, an additional loan shouldn’t be taken on lightly in the current market as it is hard to say how long you’ll be paying it. So though there may be pressure to complete a purchase before you sell your home, try to avoid risking financial strife.