Getting the best price in a slowing market
After a couple of years of unprecedented growth, it’s no secret that housing market growth has slowed down significantly in recent months. Recent reports state that prices have stalled and may even ‘settle’ between now and the end of next year, to correct what was an incredible jump during the height of COVID.
This does not mean it will be impossible to sell your home in 2022 and 2023. It’s more about using the right strategy and taking market conditions into account so you can get the best price possible. Here’s what you need to do.
Understand the market
Before taking any first steps, you need to understand your local real estate market. It will be difficult to gauge timelines if you don’t know how quickly or slowly the market is moving in your suburb and even in your street.
You need to know the demographic of buyers in the area and the average prices similar homes are going for. Feel free to give us a call if you’d like an informal chat about the local market.
The good news about Neutral Bay is that there is always interest from buyers due to its fantastic village vibe and great location.
Have realistic expectations
In a cooler market, it’s unlikely you will sell for more than your home is worth. Once you understand the market, you can set your expectations.
These expectations will also encompass the time it might take to sell. If similar properties in the suburb are sitting without selling for months, then yours is unlikely to be snapped up unless you set your price lower or find a way to stand out.
Make sure you impress those buyers
Speaking of standing out, one of the major keys to selling your home in a slow market is to make buyers believe your house is worth it. You want them to feel excited about the property from the moment they pull up at the curb. That impact should continue as they walk in and view the whole property.
To create the ‘wow’ factor, you can start with:
- Fresh paint
- Upgraded fixtures
- New flooring
- Immaculate, uncluttered presentation throughout
- Clever styling that really brings out the property’s best features
All these factors will make your home stand out from the competition and won’t cost the earth.
Price it right
You need your property to be priced in that sweet spot that covers the price you need while still appealing to buyers.
Getting pricing right can make or break a sale. It can be very tricky, so it’s best to get as much advice as possible from a professional – and we would love to have that conversation with you. When discussing pricing, remember point two and keep your expectations realistic.
Negotiate with buyers
Buyers are always going to try to get the lowest price they can. Keep in mind that their first offer may not reflect their actual budget.
This is where an experienced local agent comes in. When it comes to Neutral Bay, we know the market better than anyone, and will negotiate on your behalf and work hard to reach the best outcome for your sale.
Get help from a professional
Many agents join the real estate industry in boom times because they believe they can make easy money.
Truth be told, there is a lot of hard work to be done, regardless of market conditions. If you’re selling in a slow market, look for an agent who has seen every phase of the property market cycle, many times over. Here in Neutral Bay, we will be able to create a strategy that reflects current conditions and will have access to a wide network of potential buyers so you’re not left waiting for an offer.
Don’t be too worried
Yes, a slower market can feel frustrating, but remember that if you have owned your property for several years you are likely to still come out on top financially.
The other thing to keep in mind is that while buyers may be able to negotiate with you, you will be able to do the same when you make a purchase. If you’re upsizing, this can lead to significant savings.
We look forward to helping you sell, regardless of market conditions. Contact us for more information.
