If sellers want to attract buyers in a shrinking market, they will need to be more strategic in how they list their homes.
“When the property market is active, sellers do not need to do too much to their property to attract buyers,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa. “However, when market conditions get tough, sellers will need to make sure their home stands out in a crowded market,” he advises.
According to Goslett, while some upgrades are optional, others will become increasingly important when a homeowner is trying to sell in a buyer’s market, much like what we are experiencing in many parts of the country thanks to the high-interest rates.
Because the kitchen and bathroom are two of the most expensive rooms to fix, he explains that updating these rooms will become more important for the home to stand out from other similar listings. “A complete overhaul isn’t necessarily warranted in this regard. How much needs to be upgraded will depend on the condition of the bathrooms and kitchens in other homes that are selling in your area,” he says.
At a minimum, sellers will need to see to any maintenance issues or repair work, unless they are willing to receive low-ball offers. “When buyers are spoilt for choice, they tend to make cheekier offers, even if the home is in pristine condition. For a better chance of receiving full asking price offers, sellers should address potential issues to remove any reason for buyers to haggle on the asking price.”
Sellers who are tight on cash are advised by RE/MAX SA to focus on the small upgrades that can make a big impact, which could include:
- Replacing outdated faucets
- Replacing outdated light fittings
- Replacing dated fixtures, such as doorknobs, cupboard handles, fixed mirrors, etc.
- Repainting walls & ceilings
“When there are fewer buyers around, it also becomes so much more important to work with a good real estate professional from a reputable brand such as RE/MAX. This is where an estate agent’s database, connections, and know-how really work hard to help sellers achieve a timeous sale at full value,” Goslett concludes.
