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Selling your house in a slowdown
Valerie Shan; ey



WITH the state of the property market much in the news . . . and for very different reasons now than during the 'boom' years of the past decade . . . the more dramatically negative headlines are sure to cause alarm bells for one particular sector. Those hoping to sell their homes between now and the summer lull are in a very different place to where similar vendors were a year ago.

What is the outlook when a property shows no sign of shifting after weeks, or even months, on the market? In the good old days, any advice on presenting a house for sale inevitably included suggestions of the aroma of roasting coffee or a strategically placed vase of lillies variety to tempt viewers. It's a marker as to how the situation has changed in that now the difficulty may be getting those viewers through the door in the first place.

And the only way to do that is to have the asking price fixed realistically.

The price must be right In the current climate, with plenty of property for sale . . .and often several on the same road . . . the thorny issue of reducing the original price is judged by how long it takes to get people in to view.

One agent suggests that if there has not been one single viewing after three weeks, then it's time for vendors to seriously reconsider the price.

It's a neat juggling act, as vendors also have to bear in mind that property is taking longer to sell than in previous seasons and potential buyers are not in any huge rush due to a bigger choice out there. The trading-up market is dampened with people asking themselves if they really need to move at all, particularly in a slowing market and with interest rates really beginning to bite.

Declan Cassidy, managing director of Gunne Residential, says price reductions are a reality for sellers in current conditions. But that may not be the catastrophe it seems because most sellers are buyers too.

"From the buyers' perspective, they are in a stronger position than last year, when you might have had a dozen people turning up for viewings on a Saturday morning and there was fierce competition. Now there is less competition and price stability.

For the seller in a price-sensitive market, the biggest consideration is what it will cost them to move . . . and the overall picture is not that bad because the property they are trading up to will also be realistically priced, or even reduced."

Be realistic An example of last year's unsustainable inflation is of houses within the asking price bracket of 635,000 actually getting offers in and around 725,000. That huge jump increased sellers expectations last autumn, says Cassidy, but it must be remembered that a similar house going on the market now at 725,000 is still a very good, and realistic, price. "Probably the only people who would lose out are those that bought last year and for some reason now want to sell, or trade down."

Selling agent Felicity Fox also says having the property priced correctly is the over-riding factor in getting viewers in to a property.

"Regardless of how gorgeous a property is, you are not going to get people through the door if the price is unrealistic. Patience is also a factor:

vendors should be prepared for a longer wait for a sale, taking anything up to three months or more. But that is not that exceptional: when I began working in property in the early l990s, it used to take at least 12 weeks to sell a house.

Back then, too, I would advise people that it could take three years to recoup the stamp duty and costs in terms of the increasing value of their homes, whereas now people expect a return much more quickly." Ninety per cent of her agency's valuations are based on comparative evidence . . .what other properties sell for on the same road.

Clean up your act After the issue of price is decided on, should precious cash be spent by the vendor on sprucing up their property for sale? And if so, how much?

"People need to remember that there is so much money to be won . . . and lost . . . on property, " says Fox. A couple of grand either way is always money well spent to freshen up a home.

"The harder it gets in the market, the more competitive it is to sell, regardless of the condition of said property. It's the least buyers can expect . . .

they are paying enough. Otherwise it looks like the seller doesn't care. The first point of contact from the buyer's perspective is the agent's window, a website or a page in the newspaper, so it's obvious that the property has to attract with strong, clear images."

For people who have basically a shell to sell, it will be money well spent having the gardens spruced up, worn carpets ripped up and a good clean from top to bottom. And if it's a shell, don't be afraid to show it as such . . . but clean and de-clutter it so potential owners can visualise their own possessions there, says Fox.

Property hygiene Similarly, a house that's lived in and in good condition, will benefit from a fresh lick of paint, new bedlinen (faded, crumpled duvets are a big turn-off) and with strict attention paid to hygiene. Bathrooms and kitchens have to be practically clean in today's market . . . stained baths and fungus growing on worktop tiles are a no-no.

Marcella Kirwan of Gerry Walsh Domestics, a south Dublin specialist cleaning company that regularly advises clients putting their homes on the market, says it takes a very imaginative viewer who can see beyond a dirty property. "From a seller's point of view, they have to look at their house with someone else's eyes. People viewing will look beyond the pretty flowers and will see a really untidy garage, for example. And in the current market slowdown, a fully cleared out garage could make the difference between your house and another for sale down the road. A buyer won't want the hassle and expense of having to clear it out."

People are very fastidious and almost phobic about bathrooms and kitchens, adds Kirwan. "Really greasy, filthy ovens, stained woodwork or worktops overflowing with clutter are really off-putting.

You have to let people see surfaces . . . and those surfaces should be spotless." Selling agents can't stress the hygiene factor enough. "I once saw shots on another property website that stopped me in my tracks, " says one agent. "It was a close-up of an unmade bed with filthy duvet and halfeaten sandwich lying on top. . ."




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