A significant proportion of property sellers discount their property in order to sell. This is because most property owners have an expectation that their property is worth more than the market sentiment and agents have a fiduciary responsibility to maximise the selling price.
The current market conditions make it imperative to ensure buyers activity engage with a newly listed property and continue to do so throughout its time on the market. Motivated buyers are quick to pick up when a new listing comes to market thanks to alerts from various portals and will make a buying decision quickly on well-priced homes.
Sellers that fail to adapt to the current market conditions are more likely to sell further below a realistic price to achieve a sale leading to significantly longer selling times.
It currently takes about 78 days to sell a property in WA, so if you want to beat the average you need a strategy to encourage a quicker sale.
Pricing your property appropriately from day one on the market is key. The number one reason why a home stays on the market for an extended period is because it’s considered over-priced by the market.
A suitable price will attract more buyers and, subsequently, more offers and competition. If you’ve not had an offer to buy within the first four weeks’ of coming to market then you need to consider either the asking price or marketing / selling methods being adopted. Consider expressing the price differently such as a price range or shifting to an auction campaign.
Listing numbers are relatively low across Perth especially in those desirable inner-urban areas. Quality family homes that are priced to sell are attracting multiple offers which is the best way to maximise the price. This is the irony of the market; sellers who list at too high a price end up selling for less than those who price close to market value and garner competition amongst buyers.
In my experience, a property worth say $800,000 is more likely to sell for $820,000 if the original list price is say “Offers from $780,000” than a list price of $830,000.
If you are buying and selling simultaneously under similar market conditions, the state of the market is almost irrelevant. While you might not sell for a price you want, you’ll also be buying in a market that offers adequate choice and competitive prices.
When you’ve made the decision to sell, do your research and find out how the market is performing in your local area. Speak to local REIWA agents in the areas you’re interested in buying in. They’ll be best placed to give you an idea of what’s going on in and around your area.
There are buyers out there and we know that if your property is priced correctly from the start, it will be snapped up by those eager to buy their first home, trade up or downsize.
Licensed real estate agents are regulated by the Department of Mines, Industry Regulation and Safety (DMIRS) with consumers able to seek advice and lodge complaints about agents’ behaviour to that department. The Real Estate Institute of WA (REIWA) also has a community hotline where consumers can obtain real estate advice … Read more
There are early signs that the property market is tipping back into equilibrium as listing levels creep up (currently at 3-year highs), numbers through home opens edge back and inflationary pressures bite. Although, it remains a sellers’ market with the balance between supply and demand still a long way from … Read more