How to sell your house for a higher price in a slow market? Home Staging : An additional Perk or a Must Have?

How to Sell my home at a high price

How to set up your home to appeal to the buyers.

At the point of writing this article, the Singapore Property Prices have faced consecutive quarters of price decline. This may be a result of the various Government cooling measures which have been effective in cooling the red hot market.  With the impending massive supply of BTOs and Private Housing entering the market in 2014- 2016, you might be keen to sell your unit now before the prices drop much further.

However, you may have heard that it is a currently a buyers market. Coupled with the TDSR (Total Debt Servicing Ratio) that has limited affordability, Buyers are also adopting a wait and see approach before purchasing a unit.

How then can a property owner take control of the selling process to ensure he can command a high price when the demand is low?  One way is to stage the home to ensure that it appeals to every buyer that walks through the door.

If your Property Agent does not offer home staging advice or if you do not want to spend a bomb hiring a professional stager, here are some simple steps you can take to ensure that your house commands a good price and leaves a lasting impression on prospective buyers.

Basics of Home Staging to increase the value of your home.

1)   De –Clutter.

Declutter - how to sell your hdb at a higher price

This is a common mistake committed by sellers when putting up their unit for sale. Unless you are selling the clutter together with the unit, your home should be clutter free to feel as spacious as possible. If you are concerned about the money you’ve wasted by throwing out all the items, think of the tens of thousands you would gain if you sell the unit now rather than when the price falls further in a few months.

2)   Consider rearranging your furniture to create space.

How to sell my hdb at a high price

Your furniture might be arranged in a way that is convenient to you and your family but does it maximize the space potential of your unit?

3)   Consider a fresh coat of paint in a bright neutral colour.

How to sell a house in a slow market

You might love your bright red room, but will your buyers? Or will it just be an additional reason for them NOT to purchase the house?  A neutral colour is like a blank canvas which allows the buyers to imagine the possibilities of customization should they purchase their homes.

4)   Mend all holes, leaking ceilings and cracks of the home.

If you have investigated the cause of the cracks and holes and have had reassurance that it is not a structural issue that compromises the safety of the home, you should put in effort to get a handyman to mend them. You would not want it used as a fault buyers find with your house.

Staging your home to sell at a high price

Put yourself in the shoes of a buyer, if you are purchasing a big ticket item, wouldn’t you want to get the best product in the market? If you are purchasing something with defects, wouldn’t you want to get a huge discount for it?

A good Real Estate Agent should be able to provide advice on what makes a house attractive to potential buyers, and those who go the extra mile will be able to coordinate the improvements for you without any hassle. They should also have a network of contacts to ensure that the improvements are affordable and within your budget.

For us, Home Staging is definitely a must in this slow market as you should attract the buyers as soon as they walk in the door. Given the wide selection of homes available on the market competing on price, your house should be one that a buyer is willing to pay a premium for.

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Siti Zubeidah is a Marketing Director with ERA Realty Network Pte Ltd. (CEA No.: R050625J) She has a Bachelors Degree in Informations Communications and Sociology from the National University of Singapore (NUS) and a Masters of Mass Communications from Nanyang Technological University (NTU). With vast experience in the HDB market, Private and Landed Properties in Singapore, she is confident that she can assist you to make the correct decision regarding the purchase of your dream home as well as to get you the best price on the sale of your property. She can be contacted at 96918885 or at askus@propertyrocking.com.

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