Buying and selling a house is not, and should not be considered an art – such an important investment / asset should deserve the value of scientific and mathematical analytics.
“Seven tactics for selling your home” (Redfin – a US based real estate company) outlines facts borne of scientific data and analysis that should be read and understood by all property owners and agents alike. The data might be from the US, but the relevancy to NZ I don’t think would be disputed. Applying a local interpretation provides this summary.
1. Don’t overprice your property – clearly the age old dilemma of the vendors expectations being beyond the rational desire of the buyer to pay what they believe the property is worth. But did you know the impact of a protracted sale on the ultimate price?
2. Set your price to show up in web searches – as cited in an earlier post “So what price is that property on the site” pricing to search criteria on websites is critical
3. Best day to list a property – the US research says the best day to list is Friday, classically this is when the weekly magazines come out, but did you know that most searches on realestate.co.nz are undertaken on a Monday lunchtime – listing on the weekend with an email alert on Monday morning can coincide with the peak searching at work on Monday mornings
4. Stay engaged – pretty logical as your property is your most valuable asset so applying the time to the selling process would be a good investment in your time
5. Market the property online – with over 80% of real estate searches starting online this is logical. Added to this is the fact that each listing on realestate.co.nz is viewed for an average of 77 minutes per month; with the website recording well over 100,000 hours of viewings per month by over 240,000 unique viewers
6. Don’t move out of your house when selling – the US research shows a reduce price results as a perception of a distressed vendor
7. Don’t list when others around you may be suffering mortgagee sales – a panicked marketplace is not the time or the place to sell
Clearly there are many more – presentation, decoration, photography etc etc, but it is compelling to see the statistics supporting these key 7 tips.