Just as buyers need to do their research before taking on homeownership, those who are considering placing their home on the market also need to spend some time contemplating certain aspects before they list their property.
Unless there is a particular urgency to sell, Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, encourages sellers to first consider if the market conditions are favourable and secondly, take some time to decide what the next move will be once the home is sold.
“The property market works in cycles. At times, the market will favour buyers and at other times, the market will favour sellers. It all depends on the economic environment and conditions that surround the local housing market. It is important to remember that while there is a market trend throughout the country, there will also be certain areas that buck the trend due to specific, circumstances that influence that particular area,” Goslett explains.
Ideally, before listing the property, Goslett encourages a homeowner to talk to a real estate professional who has working knowledge of their specific market and who can, therefore, provide valuable insight into the trends that are occurring within that given area. “A good agent will be able to determine whether it is the prime time to list the property to get the best possible price. In certain cases, such as when there are many similar homes on the market in the area, it might be better to hold back on listing the home in order to achieve the home’s full value,” says Goslett.
However, getting the full value of the property will also boil down to pricing it correctly from the start. According to Goslett, setting the right asking price is imperative to getting the best possible result out of the home sale.
“A crucial mistake that many sellers make is overpricing the home to counteract buyer negotiations or in the hopes of achieving a higher sales price. The problem with this approach is that many buyers will not even take the time to view it and will rather look at homes that fall within their price bracket. Those looking within the higher price bracket will also be underwhelmed with the property when it is compared to others listed at the same price,” he explains.
If a seller is unhappy with the valuations they have received, Goslett advises that they rather hold off on selling until property prices appreciate to the point where the property is truly worth what the seller wants to sell it for.
“A correctly-priced home will appeal to a wider range of buyers and will be sold within the shortest possible time. This will provide sellers with the best chance of securing a sale at full asking price, as the longer a home sits on the market, the lower the offers the property will receive. This is because buyers often assume that the seller will be more desperate to sell if the home has been on the market for months and months,” says Goslett.
Lastly, Goslett recommends that, before rushing into putting the home on the market, sellers should establish a plan in the event that the sale happens quickly. “Before the home is listed, it is a good idea for the seller to know where they will go if they are in between homes. They will need to decide whether they would want to stay in their current property and pay occupational rent or move to a temporary housing situation with a friend or relative. Having such a plan in place will take some of the anxiety out of selling your home,” he says.
Another way to make selling less stressful is to hire the help of an experienced real estate professional who can help guide sellers through the various and often complicated processes of selling a home. “Having an agent as a go-to for advice throughout this process can really help ease the burdens that come with selling a property,” Goslett concludes.
