Some are describing the current housing market as “meteoric”. The Reserve Bank of Australia’s recent decision to slash rates for the second time this year to a record 2 per cent undeniably threw fuel on an already fiery market and prospective buyers felt the heat.
The national average house price currently sits at $641,457 (REIA December Quarter 2014), but some speculate it won’t be long until buyers in major cities will need to fork out $1 million for the average home.
Real Estate Institute of Victoria CEO, Enzo Raimondo, explains that “last month saw Melbourne’s clearance rate reach 81 per cent – the highest since May 2009 – with buyers attracted by low interest rates and solid capital growth”.
Real estate agent Paul Bond states that while buyers are fending off stiff competition, vendors can’t get complacent.
Mr Bond explains that “there is a misconception that anyone can put their house on the market today, regardless of its condition, and get a premium price on it”.
Petra Sprekos, General Manager of national property portal, realestateVIEW.com.au, says that buyers today are research savvy.
Ms Sprekos explains that “buyers come to our site because of our comprehensive data and listings- what we’re seeing is that they will do the heavy lifting research before enquiring”.
“So it’s about making sure your property remains front of mind for them and is advertised on multiple sites because with information overload, they’ll keep looking otherwise”.
If a strong market isn’t a guarantee that you’ll sell, perhaps it’s time to stop cursing the gods for the lack of bites your house is getting and consider these common reasons homes today aren’t selling
The price isn’t right
Without fail, a top reason houses won’t sell is price. It’s important to price to the market, so if your target buyer is a first home buyer and you’re asking for a figure well above what can be afforded, it is simply unfeasible to assume you will get your asking price.
“While it may be tempting to hold on for a particular price, vendors need to be aware of the market conditions and how much buyers are willing to pay in such a competitive market,” Mr Bond says.
The irony of hiring a “bargain” real estate agent is that you may likely come away short changed, so the initial fees incurred, such as marketing fees, should be absorbed as an investment rather than cost. It pays to shop around first, find the right fit for you and your house.
Consider your open for inspection a first date – first impressions are everything. Pay attention to the little things exterior to the property that may have missed your attention upon preparing the house for sale, because those are the things that will catch the attention of prospective buyers.
Think blank canvas- not full face of makeup
Buyers want to walk into a home and imagine themselves living there, so it pays to remove as much personality from the house as possible – from photos, to extreme colour, to furniture and design. Every home buyer’s taste will be different so it’s in your best interest to cater to the masses.
Be seen on every screen
Ms Sprekos explains that when buyers search for property almost all of them search online and almost 50 per cent search on more than three portals like realestateVIEW.com.au before enquiring. Being on one or two dominant portals is not enough. So if you’re wondering why you aren’t getting quality buyers or an insufficient amount of them, remember that you must be seen in all the right places to remain front of mind.
Are you selling your house or considering selling? Cast your net further and get more bites. Talk to your agent today about whether your house is advertised on realestateVIEW.com.au.
This article was brought to you by The New Daily using data and other information from its real estate content partner, realestateVIEW.com.au. To download the new free realestateVIEW.com.au app click here!