Rising homebuyer activity signposts recovery in local real estate market

Over the last month, Professionals Real Estate Group has seen growing activity by property buyers. In particular, the sub $600,000 price range has improved after subdued selling conditions during the second quarter of 2010.
Professionals are finding that there is now a growing realising amongst property buyers that the real estate market in Western Australia is currently very well priced and now is the time to buy before the economy gains further momentum causing house prices to rise once more.
Conditions for property sellers are expected to improve further during the second half of 2010 with the election of a new Federal Government and new investment beginning to flow into the resources sector such as in the massive Gorgan project.
However, anyone who is considering selling their home still has to take a very pragmatic approach so as to achieve the highest selling price for their property. Important issues you should consider when trying to achieve the most for your home include:
Best Home in the Neighbourhood? Your home is one of your most personal possessions so don’t be blind to flaws and necessary cosmetic improvements. This will cause overvaluing of the home, hurting its chances to be sold. Listing with an experienced agent will give you a well informed third eye that will help you price your home at a fair market price.
Make Cosmetic Improvements: Home buyers make up their minds within the first twenty minutes. First impressions can make all the difference in selling your home. Spending $5,000 on new carpet might add another $10,000 to the price of your home. Get an objective point of view from your real estate agent. They can provide you with a list of items that will maximise the profit of your home sale.
Home Viewing: Buyers want to view a home on their own time schedule. Unfortunately their time schedule does not always coincide with your time schedule. Leave a key with your agent so your home can be shown when you are not around.
Restrain Emotional Decisions: Don’t allow a few hundred dollars ruin a sale. That money will mean very little to you in the long run. Take a look at the big picture and react rationally. Use sound business judgement!
Selling It Yourself: Most homeowners who decide to sell their own home do so because they believe they can save the commission paid to the real estate agent. However, the enormous amount of time and effort required to sell a home often surprises the “For Sale By Owner”. Most homeowners also lack the negotiation skills of a good real estate agent, which are critical in achieving the highest sale price for a home.
Refusing to Trust Your Agent: Would you tell a doctor that you’ve decided to run your own tests and come to your own diagnosis? By choosing the right real estate agent, you can relax and trust their judgement. Finding the right agent is a critical decision and you should take time when selecting the person to sell your home.
Know Your Market: Most homes that do not sell in their first listing period are priced too high. Conversely, most homes that sell quickly may be priced too low which means the home owner financially loses. You need to understand the market and evaluate the value of your home based on fact, not gut instinct or conventional wisdom.
Marketing Plan: You need to expose your home to the greatest number of potential homebuyers to achieve the highest selling price. A good real estate agent will present you with a strategic marketing plan to achieve this objective.
Selling and Buying: If you plan to buy a home after you sell your own, a good tip is to try to buy your new home as soon as possible after the sale of your existing property. This will ensure you are buying and selling in the same market.
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