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How to sell your home for the most money possible

There are three crucial aspects to getting the most money possible when it comes to selling your home.

There are three key areas you need to cover in order to sell your home for the most money possible. Picture: Glenn Hunt / The Australian
There are three key areas you need to cover in order to sell your home for the most money possible. Picture: Glenn Hunt / The Australian

In his weekly column, John McGrath explains how long it will take you to sell your home.

Many factors will determine how long it will take to sell your home.

Some are within your control, such as the quality of your marketing; and some are not, like selling conditions in your local area.

I’m going to explain what you can do to help your property sell within a reasonable time frame (or as fast as possible, if you’re in a hurry).

But first, let’s look at the latest median ‘days on market’ (DOM) data in your capital city or region. DOM is a helpful indicator of general selling conditions in your area because it takes into account all recent listings and how long they each took to sell.

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Days On Market is a crucial indicator of selling conditions. Picture: James MacSmith
Days On Market is a crucial indicator of selling conditions. Picture: James MacSmith

CoreLogic’s August data shows the median DOM by city is:

Perth 10 days

Brisbane 20 days

Adelaide 28 days

Sydney 34 days

Melbourne 39 days

Canberra 49 days

Darwin 50.5 days

Hobart 54.5 days.

The median DOM by region is:

Western Australia 28.5 days

Queensland 29 days

South Australia 46 days

NSW 54 days

Victoria 58 days

Tasmania 72.5 days

Northern Territory 86.5 days.

A low median DOM indicates the market is strong and buyers are acting quickly.

They’re inspecting new listings as soon as they come to market and they’re making good offers. But don’t worry if your home is in a weaker market. There’s plenty you can do to help your property sell faster.

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John McGrath says you will receive most attention from buyers in the first 14 to 21 days of your campaign.
John McGrath says you will receive most attention from buyers in the first 14 to 21 days of your campaign.

No matter what type of market you’re selling in, the most important thing to know is your property is going to receive the most attention from buyers in the first 14 to 21 days of your campaign. That’s your most important window, and it’s crucial to get three elements right during this period.

SELLING YOUR HOME FOR THE MOST MONEY POSSIBLE: TOP 3 TIPS

1. GREAT MARKETING

It’s important to invest in a high-quality marketing campaign to attract as many buyers as possible to your open homes. Marketing has two purposes. Firstly, you need broad reach to inform as many potential buyers as possible that your home is for sale. Secondly, you need high-quality elements, such as beautiful professional photos, to inspire those buyers and prompt them to take action.

2. A REASONABLE PRICE GUIDE

Pricing is the key to a quick sale. Nothing will be more appealing to a buyer than an attractive price. Setting an asking price for private treaty sales, or a price guide for auction campaigns (if allowed in your state) comes down to making comparisons. It’s more of an art than a science. Your agent will show you examples of similar homes to yours that have sold recently. No two homes are identical, so you and your agent must compare your home to recent sales and adjust for any differences.

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3. EXCEPTIONAL PRESENTATION

The key to extracting a premium price for a property – in any location, at any time, in any market – is emotionally connecting a number of buyers to the home and creating competition between them.

The way to improve your chances of buyers falling in love with your home is superior presentation. Investing in styling will help your home look its absolute best.

If you make the appearance of your home irresistible, buyers will perceive it as a better product and they’ll be willing to pay more.

***

The busy Spring season begins next week. If you’re interested in selling this Spring, now is the time to act. It can take a few weeks to prepare your home for sale, so I recommend starting the process now.

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* John McGrath is the founder, Managing Director and Chief Executive Officer of McGrath Estate Agents

Originally published as How to sell your home for the most money possible

Original URL: https://www.news.com.au/finance/real-estate/how-to-sell-your-home-for-the-most-money-possible/news-story/ff7d2811a6094af8ed8460d476fe0e2d