Tips For Home Sellers And Buyers
By Craig Lowe
Tips for home sellers
- It's almost always best to sell before you buy. Then you know exactly how much money you have to spend on your new home and you will be in a cash position to negotiate a better deal when you buy. You can negotiate a long settlement period on your own home so you have enough time to find somewhere.
- Find a salesperson who you like and trust and who has considerable experience. It's a fact of life in this industry that the capable salespeople are the most successful and the most experienced. Many people don't truly appreciate this but the difference in who you entrust to sell your home will make a difference of tens of thousands on your sale price. Even hundreds of thousands depending on the value.
- Not spending money on advertising is a false economy. Your home is your largest asset. Skimping on advertising costs is just stupid. Get it out there and get it seen. If you have the right salesperson in place, and the marketing has been designed to appeal to the correct demographic of buyer, the rest is a numbers game. The more buyers who see your home, the more chance of achieving a competitive bidding process and a higher sale price.
- A good marketing strategy and advertising campaign is actually more critical the more desirable your home is. If you put a tiny ad in the classifieds and sell your home in the first weekend, you probably just left a LOT of money on the table. Desirable homes benefit from a higher degree of competition, so stoking that competition with a well executed marketing campaign and sales strategy becomes even more important.
Tips for home buyers
- Browsing the web is not looking for a home, you have to actually get out there and visit properties to get a feel for the market and what you like.
- Always gather recent sales data about surrounding sales around the home you are interested in. Only sales within 12 months are relevant and 6 months is even better. Do drive by inspections and make sure you have a handle on local values. This will help you avoid bidding too low and missing out, or too high and paying over the top.
- Always ask your salesperson if they know of any defects or faults that are material. Salespeople and owners have an obligation under both the new real estate legislation and the fair trading act to disclose any known defects or potential problems. Once you have decided you are seriously interested in the home seek independent advice from a reputable building inspection company.
- Once you have completed all your comparable sale research you need to come to a figure you are prepared to pay. If you know you are in competition with other buyers the only way to proceed is to figure out the price point at which you would be gutted if you missed out and the point at which you would comfortably walk away. The point where these meet is where you see the value and this should be your bid. And remember, you may still miss out but there will always be another house.
These tips were written by Craig and published in part for www.stuff.co.nz.