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Considering your competition is an
important part of the strategy for selling
your home. If there are 20 other houses with
similar features to yours on the market in
your suburb, buyers are going to have 20
options to choose from.
Supply and demand plays a significant
role in determining the sale price you will
achieve for your home. If there is good buyer
demand in your suburb and the number
of homes for sale is low, these are perfect
conditions for good-quality properties to
achieve a premium price.
Tight supply is one of the reasons you
might see top results being achieved in
a particular suburb if the overall market
in your city is soft. Each city or region is
made up of many markets. If the median
house price in Sydney drops 2%, that
doesn't mean the median house price in
your suburb will also drop by 2%. A critical
factor is the local supply and demand in
your particular vicinity.
POTENTIAL & POSITION
The first thing to do before listing your
property is to check out your competition.
For instance, if you own a four-bedroom
home, log on to the Internet and search for
four-bedroom homes in your suburb to see
the other properties your potential buyers
might be considering.
Is your home superior? Will buyers want
to inspect your home in addition to other
four-bedroom homes on the market?
Also search for sales of four-bedroom
homes in your suburb over the past month
or so to get an idea of the actual prices
achieved. This will help you understand the
market value of your home.
In consultation with your agent, the
next step is to work out how to position
your property so it appears different to the
rest. Maybe your house is the only four-
bedroom home with a north aspect, or
maybe your land size is greater. The unique
When you need your house to stand out from other properties on the
market,
John McGrath says it will pay to do your research.
John McGrath is Chief
Executive of McGrath
Estate Agents.
COMPETITIVE
EDGE