Tips on selling in the current property market
If you’re considering selling your property, the property market in 2021 is quite different to years gone by. A shortage of stock means properties are selling quickly and prices in many areas are rising.
But within that landscape there are some things that prospective sellers should bear in mind. So, here are our top tips on selling in the current property market.
The current market
Right now, the data indicates Australia is enjoying a hot market where a general overall shortage of stock is seeing property in many areas transact quickly at increased prices.
In the interim, low interest rates, favourable lending conditions, and numerous recent incentives for buyers is seeing demand for properties outstrip supply.
That’s resulting in increased competition in the market, with multiple buyers competing for properties, and in some cases, that’s seeing prices rise beyond expectations.
The auction market also paints a telling picture of how this is shaping up, with the national preliminary clearance rate consistently sitting above 80 per cent.
But what does that mean for sellers?
What the current property market means for sellers
Due to the shortage of stock available, now is indeed a good time to sell, with many regions enjoying higher prices than seen in recent years.
That said, it’s important to bear a few things in mind, including your potential buyer, the region you reside in and where you intend to move to once that sale is complete.
Setting a price
While many regional areas and capital cities are enjoying a price rebound, it depends where your property is.
That makes now a great time to get an appraisal from a trusted agent to see what price your property could potentially sell for on today’s market in your local area.
Once you have that price recommendation, it’s also important to be realistic. There are lots of stories about price records and buyer competition, but this varies from region to region depending on supply and demand.
Method of sale
In the current market and post-COVID, additional methods of sale are emerging. These include online auctions, for sale by tender, and off-market sales.
It’s important to talk through the different methods of sale that might pertain to your property and ask your agent why they are recommending that specific type of sale.
Some properties suit some sale types more than others and it can also be determined by the market in your particular area.
Choosing an agent
With limited stock and high buyer demand, in many areas real estate agents are actively looking for listings.
That means you might see some agents offering reduced commissions or other incentives to have you sign on the dotted line with them.
No matter the property market, it pays to do your due diligence about your prospective agent, looking at their track record, market knowledge, and those all-important customer reviews.
Readying for sale
The market might be hot, but if you’re looking to attain maximum value for your property, you should take the time to properly prepare it for sale.
That means decluttering, tidying up, remedying any maintenance issues and finalising any odd jobs about the home.
How we can help
Considering selling your property? Why not contact your local Eview Group – Proud Member agents to organise an appraisal and understand the state of play in your specific area. You can find the full list of agencies, here.