The property market is slowing across the city, with lengthier times on market recorded across Sydney.
While we are still seeing positive results for prestige properties in Ku-ring-gai, Domain Group data shows that average selling times, or days on market, have increased to 64 days on the upper north shore. Here’s what you can do to make your home sell in a slowing market.
Set a realistic price
A quiet market means there’s less competition for buyers, so they can afford to take their time looking for the perfect property at the right price. As the market slows, it’s not uncommon for homes to sell for less than the original asking price, usually because the price was too high to begin with.
Setting a realistic price in line with the market reality has a number of benefits – your prospective buyer pool will increase, you’ll save time on unnecessary negotiations and you’ll be more likely to sell the property sooner.
For a quick and efficient sale, have realistic expectations about your home’s value and trust your agent’s recommendations.
Expect a longer sales campaign
Looking for a quick sale? Selling in a slow market might not be for you. Even if you set a realistic price there’s a good chance your property will take longer than usual to sell.
This often affects vendors buying a new home at the same time. Generally, there are pros and cons to buying your next property before you’ve sold your current home, with the jury out on the one-size-fits-all answer. But in a slow market, it’s a much riskier game to play. If you’re buying another home, be aware that it might take a long time to sell yours, leaving you with two mortgages until you find a buyer.
Tap in to your agent’s local knowledge to identity an average sale time for properties like yours. This can help you decide how to proceed and when to buy your next home.
Prepare your property with renovations and repairs
In a buyers’ market, you need an edge over other properties up for sale, so make sure you’ve done everything you can to appeal to buyers. Take care of any essential repairs and consider small renovations that might add value. This might include:
- Repainting walls
- Updating old curtains or blinds
- Changing the fixtures in bathrooms and kitchens
- Landscaping the garden or adding potted colour
Focus on the kitchen and bathroom, as they’re important rooms for buyers, as well as improving the outdoor space for a good first impression. Before the open house, give the home a thorough clean.
Find a good agent and listen to their advice
When the market changes, it’s natural to feel unsure about how to proceed. This is when you should turn to the experts. An experienced real estate agent knows the market and can provide advice tailored to your property and individual situation. This advice might include strategies or decisions you wouldn’t expect in a strong market, so choosing an agent you trust completely is key.
As well as knowing the market, your agent should also know the best ways to market your property to maximise reach, whether you should sell at auction and what price you can realistically expect.