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Wednesday Aug 29, 2012

'Property pricing remains crucial'

In the current market buyers are not willing to pay more than what they perceive to be fair market value for a property, says Graham Gavin, of RE/MAX Claremont.

"Price has become the number one reason why a home does not sell, with the majority of the homes in the area being on the market for approximately 150 days before being sold.

"If a property is not marketed within the correct price bracket, it is likely to lose buyer interest before they have even seen it. This is why it is imperative to market the home at a value that is in line with what the buyers in the current investment environment deem to be fair," he says.

"It is often very difficult for a seller to determine the correct price by themselves and they sometimes exaggerate the price due to emotional attachment to the home."

He adds that an experienced estate agent will be able to provide the seller with figures regarding the prices at which homes in the area have been sold, amount of time they spent on the market and whether there was a difference between the original asking price and the achieved price at sale. The longer a property remains on the market, the more chance there is that the property will sell for a lower price.

An estate agent will also be able to provide the seller with a marketing plan and advice on what may need to be done to the home to increase its perceived value and chance of sale.

According to Gavin, kitchens and bathrooms are the first two rooms in a home that buyers in Claremont look at and renovating these two areas could help buyers sell their home quicker and for a higher price.

"The kitchen is commonly thought of as the heart of a home, and is often a major deciding factor when buyers are choosing a property," he says.

"Buyers are looking for homes with updated contemporary style kitchens and bathrooms that complement the overall look and feel of the home. Homeowners who want to renovate their home to achieve a higher price when they sell should focus primarily on these two rooms, but should also be careful not to overcapitalise on these renovations."

RE/MAX Press Release

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