Sell property off–market in a slowing market requires a new strategy in these uncertain times, with interest rates rising and national property prices falling.
This is not to say that you can’t have sales successes, however, you will need to implement strategies that take into account the current state of the economy.
To guarantee you achieve the greatest outcome for your transaction, pay close attention to the following areas.
1. Establish a reasonable asking price for your house
Homes frequently sell for less than the initial asking price in slow markets, and this is typical because the price was set too high in the first place. To ensure that you are attracting as many buyers as possible, set a reasonable price right away. Additionally, this will ensure that you avoid lengthy negotiations.
2. Being realistic regarding the time it would take to sell your property
Be ready to wait for the perfect offer in a slowing market as it’s possible that it will take longer to sell your house than it would in a booming economy.
With more options available, consumers are also probably more strategic and willing to “wait and see,” rather than jumping on the first home they view. To get an indication of what to anticipate, you can monitor this by looking at the days on market metrics for properties in your neighborhood.
3. Homes that don’t need a lot of renovation will sell more quickly
Make sure you have taken care of any necessary repairs and small touch-up jobs, such as repainting walls, upgrading fixtures, and doing some light landscaping, if you want your house to sell as quickly as possible.
Buyers don’t want to move into a property that will take a lot of work since supply chains have broken down and inflationary pressures have made trades more expensive and difficult to obtain.
4. Do the market research
Take the time to go beyond the news headlines and comprehend the dynamics at work in your own local area, regardless of the sort of market. There are thousands of suburbs around Australia, each with its own drivers and conditions, so keep in mind that there isn’t just one large Australian real estate market.
5. Locate a reliable agency and pay attention to their suggestions
In the midst of a violent downpour, anyone could sell an umbrella, but what about on a bright spring day?
The same holds true for agents and real estate. Local agents are aware of market trends in your area. They interact with buyers and sellers on a daily basis, so they will be able to alert you when the market is shifting and provide you with guidance on how to proceed. This might require you to give them a small increase in your fee, but you can also opt to sell property off–market on your own.
6. Recognize where you disagree
Listings will often increase in a slow market, giving buyers a wide range of options. This means you must exert more effort to highlight your property’s distinctive qualities so that it stands out from the rest.
This is particularly crucial if you’re selling in a brand-new subdivision or in an area overrun with apartments, where many of the houses share comparable characteristics. Buyers can be drawn to a property if it includes a separate laundry room, a courtyard outside, or is located in a building with a gym and/or a swimming pool. Make use of your differences to your advantage.
