The latest data from the Real Estate Institute of WA (REIWA) shows more than half of all sellers in WA (53.4%) have to discount the sales price on their property in order to sell. What’s more, the average amount they’re discounting is 7%.
REIWA President Hayden Groves advises that if you’re on the market or considering selling, you must adapt to the current property conditions.
This is better than dragging it out and eventually discounting in order to meet the market because all that does is extend the timeframe to sell.
The September quarter data revealed that it is taking an average of 70 days to sell, which is almost two and a half months. If you want to beat that average, you need to consider a different pricing strategy.
Here’s what you need to do to achieve a faster sale:
1. Meet the market from the outset – The number one reason a home stays on the market for longer than it should is if prospective buyers consider it over-priced.
For a faster sale, be realistic about the price from the outset. As real estate professionals, we conduct a thorough comparative market analysis before appraising a property and are always honest about a property’s marketplace value. We will never tell someone a price just because we think it will make them happy.
A realistically priced property will attract more buyers and, subsequently, more offers and competition. If you have not had an offer within the first 3 – 4 weeks of your campaign you should consider if the asking price is too high or if the marketing or sales method are not right for your property. A professional agent will always communicate with you openly and honestly and offer the best advice moving forward.
2. Consider an auction – More and more West Australians are showing interest in auctions because of the many benefits associated with this method of selling, including a faster sale. It currently takes an average of 27 days for a seller to secure a buyer when selling at auction.
Selling via auction can help your property stand out from the competition. It can also separate the genuine buyers from those who are just looking.
Click here for another 2 points recommended by Mr Groves.