Home owners biggest selling mistakes

Home owners biggest selling mistakes

Selling your property, especially in the current property slump, may seem impossible, but property owners can increase their chances by avoiding common home selling mistakes says Jenny Rushin, Provincial Property Finance Manager for ooba (formerly MortgageSA).

Incorrect pricing

Attaching an incorrect price tag to your home is one of the biggest mistakes sellers make.

"Evaluating the price of your home, especially when housing prices are so volatile, is a very difficult job," warns Rushin. Now more so than ever it is critical to contact your local real estate agent who is the area specialist who will assist to accurately price your property

"Property growth has taken a knock in the past year and the housing marketing is not benefitting from enormous year-on-year increases seen in the past."

Inflated price will scare away any potential buyers especially in current conditions when bargains can be found.

"Just as you should be aware of over inflated prices, conversely a very low price is just as detrimental and a very real mistake of current home sellers," says Rushin. Some sellers are panicking and selling their properties for less than they are worth which affects the seller's personal wealth as well as their ability to purchase their next property."

Perform as much market research as possible on the area you live in before you decide on a price tag. Do property searchers for similar homes in your area, read up on the current property prices and take professional advice from real estate agents

You can also consult with a professional property evaluator who, although sometime pricy, will be able to give you the fairest pricing.

Incorrect marketing

There are many ways in which to market your home and obviously the more potential buyers have access to your home the more chance there is of a sell. Sellers often don't exhaust marketing opportunities when trying to sell their homes.

"The traditional property mediums, such as the property pages, are not the only way to market your home," notes Rushin. "In fact, there appears to be a trend away from the property pages to online property pages, as online property pages are simple to use and very accessible.

To maximise your online presence make sure that there is as much information about your home available as possible as well as good quality pictures.

"Take an interest in the marketing of your home and if you are dealing with a real estate agent ask where they will be advertising your property," says Rushin. "It should cover both the traditional print property pages as well as an online website."

Bad first impressions

It is not only up to the estate agent to sell your home, it is your job as well. According to a survey conducting by propertygenie.co.za almost half of all buyers knew whether they will buy a home the moment that they stepped into it.

Help the process along by presenting a tidy home free from overwhelming odours such as cigarette smoke and pet smells.

"Don't assume that buyers are only looking at the structure of your home, they are looking for a lifestyle," says Rushin. "A neat, presentable house will sell much quicker than an untidy home."

Property is traditionally an emotional asset as many people not only have a lot of their money invested in their property but also have many memories.

"Before you even begin the process of selling your home you need to separate fact from fantasy," states Rushin.

"Examine the reasons why you want to sell the house that you are currently residing in," concludes Rushin. "If you are not sure and there is no immediate reason to sell I suggest waiting until you are 100% comfortable."

Hello ooba news

The latest oobarometer stats reveal that the average purchase price growth among first-time buyers remains strong at 12.1% in June. This, together with the continued easing in lending criteria, is good news for potential homebuyers in South Africa.

With the property market beginning to show signs of a recovery, it is more important than ever to ensure your home is correctly priced. Jenny Rushin, property finance manager at ooba, SA's leading mortgage originator, said that a property listed at the right price will give sellers the greatest chance of attracting buyers.

South African banks have loosened their lending criteria which has supported a revival in the property market and helped new buyers enter the market says South Africa's leading mortgage originator, ooba.

South Africa's leading bond origination company, ooba, has seen a 55% increase in the value of approved loans from April to September this year, with a 21% surge from August to September alone.

With house price indicators like the oobarometer perking up, smart buyers are slowly returning to the market and need to be armed with how to make the best purchase possible. Ben Seymour-Brown, manager of group direct sales at ooba, said: "We expect more people to return to the property market this year and certainly next as the economy recovers, the effect of lower interest rates is felt and confidence returns to bricks and mortar investment.