The recent RP Data – Rismark Home Value Index Release landed in my inbox this week and the news for homeowners around the country wishing to sell their homes in 2011 is not great.

Capital city (-0.2 per cent) and ‘rest of state’ (-0.1 per cent) home values both fell in seasonally-adjusted terms in November. In raw terms, the declines were larger (-0.6 per cent and -0.8 per cent, respectively). RP Data & Rismark expect further weakness in 2011 as rates rise.

Christopher Joye, Rismark’s managing director, stated “We believe that there is a risk of at least three cash rate increases in 2011”,  in which case he predicts there will be little-to-no nominal dwelling price growth over 2011, with a chance of small nominal declines.

What is happening in today’s real estate market?

A slow real estate market is called a “buyer’s market” because there are lots of homes for sale and fewer buyers fighting for them. With a glut of houses on the real estate market pushing prices downward, buyers have more power in any negotiation. They know the seller needs to sell their house more than they need to buy it. The perceived pressure to make a quick buying decision is gone and buyers have higher expectations than ever before. They demand value for money and will walk away if a property fails to impress. Houses that don’t appeal are left languishing on the market dropping in value with each passing week that they sit there.

How can sellers improve their bottom line?

Home staging right now is more important than ever because of this shift in the balance of power from sellers to buyers. With house prices trending down, it means home sellers have a greater need for home staging services to preserve their equity and help them make a faster sale.  The current statistics for average days on the market is 120 days or longer – that’s 4 months! What is it worth to you to sell your home fast and to achieve the best possible price?

I am happy to report that even in this downward market, my clients have been achieving great results. Some are still selling on the first open which is the absolute perfect time to get your highest offer when buyers are first exposed to the property and there is the highest level of interest. If you are contemplating selling your home any time soon then take my expert advice.

Charyn’s Top 3 tips for Selling in a Buyer’s Market

1. Be realistic about price – face up to reality and accept that if the market has dropped in your area, you will have to lower your expectations. Do your research and compare similar house sales in your suburb. Go out to open inspections and get a feel for what buyers are looking for. Make mental notes of the best things that appealed to you and see how you could improve your home in a similar way. Listen to what buyers are saying at open inspections – you will be surprised at the things that they don’t like and won’t compromise on.

1. Change your mindset about spending money on a pre sale makeover – There is a big difference between something that “costs” you money – you understand the money has gone and that’s that. But when you make an “investment”, you plan to see a return on your money. Home Staging is an investment in your single largest financial asset.

1. Put in 100% effort. It may sound like a no brainer, but unfortunately not all of my client’s fully embrace the recommendations that I make to prepare their home for sale. Some only put in 50% effort and therefore they end up with 50% result. This is your largest asset. Get off your rear end, put in the hard yards and you will receive the best possible outcome. Remember like all things in life – you only get out what you put in!

Happy Selling

Charyn Youngson

Professional Home Stager, Property Renovator, Mentor, Speaker

Author of Sold for Top Dollar.