Moving out
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Going, going... gone?
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Unless you live in an exclusive area renowned for defying market downturns, don't expect miracles when it comes to selling your home.
Although the medium-to-long-term outlook for Australian property prices remains strong, achieving a pre-GFC price will be unlikely in the first half of 2010.
That's according to Australian Property Monitors. APM Analysts say that although median residential property rose 12.1 per cent in 2009 and 5 per cent in the last three months of 2009, the next six months are expected to see more moderate increases across all sectors.
The key findings, published in the APM House Price Report released last December, state that the national rise was driven by the top end of the market in all major capitals; in fact, the price growth for the top end of the market almost doubled the growth seen by the remainder of the market.
So, if you live in Darwin, Brisbane or Perth,, where property prices have all but flat-lines, how do you go about procuring the premium price for your property.
Well, according to Ray White real estate agent Jill Yankos, presentation is particularly important. Yankos says first impressions matter and where possible, sellers should try and present their home in the best, possible light. Literally.
"You want as much light and brightness coming in as possible, Open the curtains, fill a vase with fresh flowers, eliminate any mouldy odours and make sure your home is not looking too cluttered," Yanko says.
"If there are similar properties on the market in your area, you need to up the 'wow' factor; trim back trees in the front garden, make sure the lawn is mowed and that the house and garden are appealing even from the street,' she says.
Yes, the look and feel of your home is important. But Yankos warns against forking out a fortune on redecorating as your style might not be to the taste of potential buyers.
"Sometimes it could ba matter of just changing your furniture and removing all knick-knacks, family photographs, kids toys and collectables. Presenting a minimalist, fuss free interior is important as it gives people a blank canvas to work with; it allows them to imagine themselves sitting on the lounge or enjoying the garden view from the balcony,' Yankos says.
Besides sharpening up your inside and outside space, it's also important to choose an agent that has a strong online presence on key property search sites, such as realestate.com.au, and domain.com.au.
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The NSW Office of Fair Trading also suggests sellers talk to three different agents before making their choice and to:
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- make sure they have a valid licence by doing a licence check online or over the phone on 13 32 20;
- get a list of all their fees;
- find out if they have a good knowledge of your area;
- ask if they adhere to a code of ethics;
- get quotes from them regarding their commission, fees and charges;
- ask them what their fees, charges and services cover - there usually cover the time they spend promoting and selling your home, advertising and promotion costs and administrative costs;
- ask them how they plan to promote your ho,e - newspaper advertisements, letter box drops, open houses etc.
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Note that the law also states there must be a written contract between the seller and the agent.
The Office of Fair Trading can give you more information about the laws applying to property sales and agents. Contact Fair Trading on 13 32 20 or visit the Fair Trading website.
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Useful Link
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Read Australia's best-selling author Bryce Courtney's thoughts about selling a house.
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