Tips on how to avoid selling your property below the listing price

Published on June 15th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Whether you have had your house for seven years or have held it for generations when it comes to selling you want to get your properties worth. However, with recent stats on houses selling below the original listing price, you may be wondering how to take sell your property for the same value which you bought it at or more. Here are some handy tips to avoid selling your property below the original listing price.

What is the recent trend in property sales?

Purchasing property is one of the assets that doesn’t depreciate but grows annually. Therefore, it is not uncommon to want your property to sell higher than what you originally bought it for. However, not keeping a tab on what’s happening in the property market can cause many Aussies to make the common mistake of putting their property at a high listing price.

This is where emotions need to be left on the side and research needs to be done. This means keeping a close watch on recent auctions and sales for similar property in your area to list a realistic price. You can also use an independent valuer who will be able to accurately list the worth of your home. Doing this can prevent your house from sitting too long on the market which can lead you to sell below the original listing price.

Timing is essential

The property market in Australia is one that is vast and operates in cycles. It is essential to know when it is a sellers' market, which will give you leverage, and when it is a buyers' market. Speaking to an estate agent can give you a feel around when it is the most popular times to sell your property. Researching will also serve its purpose during this time. It can also help you avoid property crash scares that can cause you to sell in a panic, which can result in you truly losing out on getting your property’s worth.

Leave room for negotiating

Having a set price that you are not willing to budge on can have its own pitfalls. Leaving a bit of wiggle room in terms of negotiations can let you close a sale with a buyer that is willing to put down a price that is close to the house value or at the list price you have set. The last thing you want to do is miss out on a good deal and have to sell way below your original asking price.

Market your house to attract buyers

Putting in an effort to market potential buyers does pay off. You can carry out renovations or repairs that can revive your home and potentially increase the value of your home. This is where you need to be objective and see your home the way a potential buyer will see it. Making a checklist of the repairs or renovations that you want to carry throughout your house can also be useful when it comes to sticking to your budget. Keep in mind that not all renovations will increase the value of your home. Knowing which ones will work in your favour.

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