Where are you positioning your property? Vendors often make the mistake of positioning their property with too high a price. Consider what your current price expectations are versus where the market peaked roughly 6 months ago.
Rising interest rates are causing buyers to be more careful.
The good news is the market is still higher and stronger than what it was pre-pandemic. Yes, we’re seeing changes which are having an effect (rising interest rates). The question is, how do you position your property despite these market changes?
We’re noticing properties that are currently going on market with the expectation of having the same selling power as ones that did at the start of the year are generally seeing higher days on market with a recorded sellers discount of over 3%. So, you need to think, will you be chasing the market during your sales campaign or will you be in the market (i.e. avoiding heavy discounting)?
Here’s some advice on how to interpret the market (currently) to gauge a real time view on selling your property – because the buyers are there.
Tip 1: Look at days on market & list price vs sales price of comparable properties – a good agent will supply this information.
Tip 2: Put yourself in your buyer’s boots – What are the two things you think about a property that’s been on the market a long long long time? And how do you think this would impact buyers? Most people would answer it’s overpriced and/or there’s something wrong with it.
Tip 3: It’s a buyers’ market until there’s competition, then it switches to a sellers’ market. The positioning of your property will determine the degree of buyer competition.
To help get you started on positioning – here’s a free and instant market report powered by Corelogic – Australia’s largest property data collection. Click here to pop in your address or suburb and receive a full report based on current data.