Huge homebuyer turn offs revealed

These buyer turn-offs can be the difference between a home selling for top dollar or not. Know what you need to sort out before you sell or how you might find a bargain.

In boom times it seems purchasers will pay top dollar for any property, but when the market slows it’s imperative a seller shows their home in its best light.

That doesn’t necessarily mean waiting until the traditional high buying season of spring – it can be as simple as avoiding typical buyer turn offs.

HOME BUYER TURN OFFS REVEALED

RENOVATORS DELIGHTS

A fixer upper was once a real estate gold mine, but with the cost of trades (and everything else) skyrocketing purchasers are now far less interested in buying a DIY project.

SWIMMING POOLS

They might sound like a bonus luxury item but in some markets buyers just aren’t interested given the labour-intensiveness and added cost of maintaining a pool.

Some buyers don’t want the added costs or maintenance issues involved with owning a pool.

WACKY INTERIORS

Personal style is in the eye of the beholder.

‘Out there’ renovations, wild wallpaper or OTT finishes can put buyers off so it pays to tone down the trends before listing.

POOR PRESENTATION

You wouldn’t go on an important job interview or first date without a little sprucing up so your home deserves the same. Evidence of peeling paint, moisture damage or bad smells can have buyers running.

LACK OF LIGHT

Everyone wants oodles of natural light today.

While it looks great, it can also help reduce energy bills. Finding ways to optimise the sun’s rays in savvy ways will keep buyers keen.

SIGNS OF PETS

Even those who might be animal loves don’t want to see dirty dog bowls or cat hair lingering inside or out. This evidence also goes for scratches, stains and patches in the lawn.

MARKET IN A TRANSITIONAL PHASE

Timing can be a powerful tool in property.

Both vendors and buyers have been playing the waiting game for months, anxious to see where interest rates will land and prices will go.

Right now most residential markets are in a transitional phase, either just out of a cyclical trough or still in one. So, for many vendors, it seems logical to hold off for the traditional spring selling season in the anticipation prices will climb further.

However, by taking a contrary approach and listing now sellers could cut out the wave of competition that’s on its way. And for vendors who can hold out on buying again until spring, they could discover more choice in the process.

MORE: Sydney leading Australia’s home price recovery

With supply at significant lows across the country, motivated buyers have limited choice.

“In a normal market there’s generally about 36,000 new listings every four weeks. At the end of April it was only 29,000, so it’s down 18 per cent,” said Steve Mutton, general manager of network for LJ Hooker.

“We’re seeing a dramatic increase in the amount of people requesting an appraisal of their home. And the flavour through those appraisals is ‘Oh, we’re not going to list now, but we’re getting ready for the spring market’.”

He said all signs point towards an influx of listings in the last quarter of 2023.

“It’s going to be a ‘super spring’ where a heap of stock comes onto the market. Right now we’re still very stock short so your competition is minimal. If you’re on the market at the moment, you’re unique – there’s not a great deal for buyers to select from.”

Anne Flaherty, senior economist with PropTrack, said the data paints a positive picture for vendors.

“Sentiment towards selling now is quite negative, but that isn’t matching the conditions we’re seeing,” she explained. “Arguably it’s a good time to sell because we’ve seen property prices increase over the past four months, auction clearance rates improve and there’s a very tight supply of properties for sale. On realestate.com.au we’ve seen an increase in the number of unique visitors searching to buy as well as an increase in inquiries.”

It’s unlikely the property market will repeat the unique boom of 2021, but the case is there for vendors to list sooner rather than later.

“We’re seeing buyer demand increase, but at the same time selling activity is still very subdued. The landscape for buyers is quite competitive, so those who do sell are getting really good outcomes,” Ms Flaherty added.

Mr Mutton added that vendors should rethink the trend of selling in spring and consider the current property cycle instead.

“There’s still that mindset spring is the ideal selling month, and that’s the pattern we need to break. Because when you’ve got a shortage of stock, as we have now, it doesn’t matter about the temperature or the season. People see beyond that now anyway.”

Those prepared to sell now – but wait to buy amid an influx of listings in spring – could have the right recipe, he said. “You’ve got to weigh up the difference between minimal stock and maximum price. Ask yourself ‘What can I do to maximise my price?’ and that’s to get on the market now. Then you can maybe work with the buyer of your property to get a delayed settlement of three or even six months, which we’re seeing more of now.”

Originally published as Huge homebuyer turn offs revealed