How to sell in a Buyers’ Market
Buyers have had to wait a long time to finally get back in the driving seat of the property market and they are seriously enjoying their moment; sitting back with the anticipation of greater falls in the market.
Although market conditions are currently tough for sellers, MyPlace has experience selling in all phases of the property cycle. Read our tips on maximizing the sale price and minimizing the days on market in a buyers’ market.
1. Price your property realistically
Marketing your home at the right price point is essential in this market. This is not the environment to test the market with a fantasy price. It just won’t sell and instead will languish for weeks on the market, causing stress and frustration. Sellers need to remove the emotion and be realistic. The best way to do this is to review your competition and grasp what similar properties are selling for.
Take time to appoint a trusted agent with experience and local knowledge. You will need to have trust in their marketing strategy so definitely check their testimonials online before signing an agreement. A good agent will be able to provide recent comparables to establish your price point and will guide you on how best to prepare and present your home for sale.
2. Highlight the positives
Be sure to mention the best features of your property. Does it have a great aspect with lovely light, a wonderful family garden or an entertainers’ kitchen? Share what you love about your home with your agent so that they can highlight these aspects to buyers. Make sure the property description includes these features because buyers often search using keywords.
3. Present your home perfectly
Fix small repairs, declutter and clean everything well including windows. Your agent is the best person to advise if your sale would benefit from engaging a stylist or spending money on painting or other renovations.
Painting is often the cheapest and easiest way to refresh your home for sale but before spending too much, check in with your agent to see if you are likely to get your money back.
It is common for sellers to prepare their home for sale using a professional property stylist and we absolutely believe it can help buyers fall in love quickly and improve the final price. However, each home is different and appeals to a specific group of buyers. Ask your agent if this strategy would benefit your home.
4. Don’t expect your home to sell quickly
Be prepared for your home to take longer to sell. In a buyers’ market, it is often wise to sell before you buy to avoid financial stress or pressure later. The average days on market in Sydney is currently 50 days. If you consider the fact that an auction campaign usually runs for 28 days, you can get an appreciation of just how much longer homes are taking to sell today.
5. Don’t waste time crying over spilt milk!
Don’t waste time dwelling on the price you could have achieved 12 months ago. As natural as it is to be disappointed with a financial loss, dwelling on the past will not serve you well here, especially if prices drop further as predicted.
Whether you are motivated to sell for more space, to downsize or to be closer to work, know why you are selling and then focus on moving forward. Remember, transaction costs will be lower and if you are buying and selling in the same market, what you lose in one hand, you gain in the other.
6. Be flexible and negotiate
Be willing to say yes to buyers requesting minor settlement changes such as a slightly longer settlement period. Staying open with your settlement terms helps maintain buyer interest and could enable you to sell quicker.
Do not try to sell your home in a buyers’ market if you are not prepared to negotiate on price! Most buyers have been shopping around for a good while and know exactly the price homes are selling for in your area. Buyers are happy to take their time and are enjoying themselves. They will not be rushed and are looking to secure a bargain. When an offer is made, keep the conversation open and be prepared to negotiate by lowering your price to sell sooner. Once sold, you can move forward and start hunting for your own bargain!