Despite the fact that Australia’s property markets are currently facing a flat-lining, selling your home in a changing market isn’t necessarily all bad news.
For anyone selling in a cooling market, if you then go on to buy in the same market conditions, your new home is likely to have experienced a similar price drop, which makes it a great time to consider an upgrade.
In order to maximise your chances of achieving a good sale price in a changing market, here are 5 Tips to consider:
In a falling market, it’s not just about finding a good agent; you’ll need an experienced agent who has survived a few market ups and downs.
Enlist the help of a competent agent who specialises in your area’s particular market. A good agent will be fully focused on creating and tailoring a strong sales campaign and delivering on their promise of achieving the best possible sale price regardless of what the market conditions are.
In a slow market, buyers know they can be choosy and are less willing to compromise. Understand where demand for your property will come from and what buyers want, and try to tick all of their boxes.
Demand for property has not evaporated, and you can expect to obtain a reasonable sale price in most circumstances.
But it’s not reasonable to expect the returns vendors were seeing in 2017.
Don’t disregard a great offer while holding out for an unattainable result – your property could languish on the market as buyers seek better deals elsewhere.
Most properties up for auction are still selling, even if they aren’t sold under the hammer.
Invariably they are sold within hours or days of the auction.
This is where negotiation skills are crucial. In these situations, knowledge is power – if you do your homework on the prevailing market for your property, you can negotiate with confidence.
We strongly believe that property marketing cannot be approached in a one size fits all manner, and any marketing strategy must be developed with your targeted audience in mind.
Having a layered approach to how you market the property will stand you in good stead. Spread your marketing campaign across print, digital and social media, while maintaining a balanced approach and ensuring you target the right demographic.
Try giving the buyer’s something extra to help you stand out from the crowd and grab their attention. For example, in a recent property we sold in Surry Hills, having Central Station a stone throw from the apartment has proven to be a priceless attribute. We included an opal card with 3 months worth of train rides as part of the marketing campaign, for the purchaser to take full advantage of the location!
This strategy was well received amongst prospective buyers who viewed the property, as it showed having a point of difference is an important approach when seeing in this current market.