According to the latest data from REIWA, 45% of sellers are discounting the price of their property by an average of 7% in order to sell. This indicates that their properties were not accurately priced when listed on the market for sale.
It’s like placing an ad to sell your car. If you don’t do your research and check what similar cars are being sold for (cars with similar mileage and wear and tear as well as the make and model), and you end up listing your car for sale at a price beyond what the market is prepared to pay, then you’ll be lucky to get a single enquiry. Meanwhile the cars that have been realistically priced to sell will be sold before you know it. The same is true for the property market. If you are serious about selling, it’s important that you adapt to the current market conditions. Fail to do this and you’ll end up having to reduce the price to get a sale.
REIWA President Hayden Groves says it’s important to get the price right from the start. “Pricing your property appropriately as soon as it goes on the market is key. The number one reason why a home stays on the market for an extended period is because it’s over-priced. If you want to sell, you need to be realistic about price,” he said.
Pricing your home in accordance with current marketplace conditions will attract more buyers. And when you have more buyers you also have more offers and competition.
Consider an auction
Mr Groves also recommends considering going to auction if you’re having trouble selling and aren’t willing to compromise on the price. Auctions are gaining popularity in WA and are generally a faster way to sell, with properties selling in 28 days on average.
First impressions are everything
When there’s plenty on offer for buyers you need to make sure you take the extra time and care to ensure your home stands out from the crowd. Ask us about our property styling offer, which works wonders in many properties and truly gives them the special touches they were lacking before.
Put things into perspective
When you’re buying and selling at the same time, it’s the changeover cost that is the key to focus on. In other words, if you sell for a little less than you’d hoped, you may find you can buy at a better price than you anticipated. It’s all relative in the end.
Do your homework
Find out how the market is performing in your local area. Do your research online but most importantly, speak to us for an honest, reliable appraisal and discussion about how the local market is really performing (it’s what we do for a living so we know the market in depth).
Mr Groves said, “There are buyers out there and we know that if your property is priced correctly, from the start, it will be snapped up by those eager to buy their first home, trade up or downsize.”