Updated: Sep 2, 2019
Spring is often seen as the best time to sell a property. The weather is getting warmer, properties look much better in the sun and everyone’s mood is more likely to be on a high. However, we’re coming out of a 2-year lull and so what can sellers expect as the winter months come to an end?
Much of Australia is in a mixed market, auction clearance rates were around the 50-60% level and with the recent election result and rate cuts, they’ve been moving to the 60-70% level. Even if they get into the 80’s, there’s still no guarantee of selling your property. So, here’s some thoughts on ensuring you get the right result.
Good properties sell in any market
It’s the ones that don’t tick all the boxes that struggle to transact in the tough times. However, you still need to make sure you do everything to maximise the price and a lot of that will depend on the agent you choose to manage what’s probably your biggest asset. A cheap agent (least commission) often gets the lowest price so invest in the best if you can. Chances are they’ll have a bigger following and will negotiate for you better.
You can’t sell a secret
And even though it may sound cool to tell your friends you sold within 2 days or before it even hit the market, you won’t have necessarily maximised your price. Sure 95% of the traffic might come from the internet, but still consider the other traditional sources of advertising as just one extra buyer at auction could lift the price by tens or hundreds of thousands of dollars.
First impressions count
And I’m sorry to say but your furniture isn’t probably to everyone’s taste. Give your property a quick makeover as a good clean, paint and garden manicure won’t cost a fortune, but it can make an enormous difference. Consider getting rid of all the clutter and getting your property professionally styled – it can work wonders and gets the buyers to focus on the positives rather than the negatives.
Consider any offer
As there are definitely no guarantees these days and you know what they say about a bird in the hand. There are many disappointed sellers that regret not taking that first offer when their property remains unsold many months later. A first offer can be the best offer so don’t get too greedy.
Sell before you buy
Unless you have bags of money and won’t be in mortgage stress if you end up holding on to two properties. No matter what the agents say, you’ve got to be a risk-taker to do it in most markets, let alone this one. It’s just not worth the stress.
I think the general property market is getting better by the day and there’s some blue sky to look forward too, but we do have some issues with the economy and while falling interest rates are good on the pocket for borrowers, it is a sign of trouble elsewhere.
Remember that there are many property markets and so you need to be on the ground and specifically look at the market that you’re in. Some properties are still dropping and have a way to go whilst others are selling within seconds.