To Sell Now or Wait For Later?

• If you have intention to sell your property in the near future, you would be better off to sell now then later.
• Why is it so? As we are aware of the worldwide financial situation as well as present market conditions, property market is expected to soften further and prices are undergoing further correction at this moment.
• Hence, waiting further will only mean that you will have to sell your property at a lower price then present, therefore reducing your profit.
• As the acceptable price value governs by market force of demand and supply is gradually pushing the limit downward.

Setting The Right Selling Pricing

• This is probably the most important factor which determine how long does your property takes to sell off into the market (or some even not able to sell at all !!).
• Naturally, everybody wishes to have the most money out of their asset sale, all of us want to maximised our profit as much as possible.
• However, as you are aware that neither you nor me could control the market price movement. We could set any selling price that we want but knowing that ultimately market force of demand and supply will be the one which determine the market acceptable price of a property.
• Pricing above the market acceptable price could prove to be detrimental to your property.
  1. Limited Buyers. Potential buyers may give your house a miss and choose not to view the property becuase it appears to be out of their buying range and out of market consensus price. They may decide to view those properties with a more "reasonable" price range instead.
  2. Limited House Showings. Buyer Agents may be reluctant to present the high priced property for viewing schedule in avoidance to annoy their Buyer Clients.
  3. Chasing Down The Market Price. Property priced too high may finally close at a price which could be way below the original market acceptable price as it chases down the market price over the months.
  4. Perceived as Stale Listing. A property will have the greatest selling potential and buyer interest shortly after it reaches the market. However, property that was being dismissed as overpriced by the market could stay in the market beyond average selling time frame, such long months of unsold property may be perceived by market as problematic or defective.
  5. Sold At Much Lower Price. When a overpriced property reaches such state, you may have to reduce the property selling price several times before it could be sold. This final transacted price may be very much lower than the original potential market price.
  6. Time Wasting and Energy Depleting. Long months of unsold property depletes both physical and mental energy, beside time consuming which could be channelled into enjoying lifestyle instead.

Use Only One Agent

There are some who believe that engaging more property agents to sell their property will result in more chances for them to close the deal faster or fetch a higher price. However, this presumption has been far from truth and the result of such act brought more adverse effects on their property sale instead of favourable.

• Duplicate Viewing. Many agents selling the same property many times resulted in the same buyer viewing the same house prior arranged via different seller agents, creating undesirable frustration and disappointment to potential buyer and diminish the chance of closing the deal.
• Concealled Listing. In an effort to prevent "phishing" of his/her listing unit by other agents, non-exclusive agents are usually reluctant to reveal detail property information (i.e. house location & address, price, etc) when an enquiry call was received, as well as unwilling to co-broke with other unknown buyer agents due to the risk of being "by-passed". As a result, this reduces the degree of your property exposure to the market and hinders the effectiveness of marketing activities.
• Non Committed Marketing. As there is no signed exclusvie commitment from the seller to the agent, vice versa the agent will not be putting in his/her full commitment or physical effort into sell your property. Knowing that many other agents will be marketing the same property simultaneously such that there is a potential risk that his/her time spent and work effort plus the huge advertisement cost may be "flushing down the drain", the agent would rather channel his best resources into exclusive signed clients instead.
• Same Listing Database. Most property agencies in Singapore are sharing the same Multiple Listing Service database, what Agent A sees will be seen Agent B, and Agent C will see the same listing as well. Hence, having more agents selling your property practically is not going to increase your chance of closing or getting higher offer.

Preparing Your Home For Sale

• Remember what first attracted you to your present home when you bought it? What was your first impression when you first step into your present home?
• Deciding on how could be the best way to present your house for sale would require you to place yourself into the buyer's frame of mind.
• Think of what will impress you if you are to be the buyer to purchase this house.
• The First Impression Counts!! Most of the potential buyers made half of their decision and perception on a property the moment they step into the house.
• What makes them excited? what catches their attention? And what is attractive about the property? All these will shape their decision later on whether to put their signature on the cheque book.
• Plan Ahead. Imagine yourself as buyer entering the house, what would you like to see? Any unpleasant scene or items would you observe? Have a note and write down the improvement required. 
• Inerior Improvement
  • Walls & FIttings. Are the walls stained? Are the paint work peeling off? Any crack on the wall? Any leakage of fittings in the kitchen or bathrooms?
  • Closets. This is one of the important consideration for most buyers. Keeping away less frequent use clothing will make your closets look much spacious!
  • Cupboard & Drawers. Any damaged knobs? Loose hinges that require replacement?
  • Cut the Clutter. Buyers are turned off by rooms that look and feel cluttered. Potential buyers are buying your house, therefore they are not interested in your furnitures and belongings. Hence please pack away all unnecessary furnitures and personal belongings, this will make your rooms feel large and spacious, bright and airy.
  • Sliding & Pivot Doors. Are your sliding doors glide smoothly? Does it jam half way through? Are your pivot door producing squeaky noise? Put in some WD40 to smoothen things out.
• Exterior & Facade (If the selling house is a landed property)
  1. Garden & Yard. Have you mowed your lawn recently? Are the trees and the shrubs trimmed? Water hose and kid's bike lying around? Make your garden looks clean and neat.
  2. Building Exterior. Are the walls stained? Are the paint work peeling off? If you couldn't remember when was the last time you have painted your house, it is time to pay some attention to it.

Want to find out more about on the sale procedure? Visit my Sale & Purchase Procedure page now.

Ready to sell your property now?

Need assistance? Please free to contact me for a discussion. No obligation, of course.

Written & Edited by Ronnie Chong