How to sell a property in a market with increasing uncertainties

The market is shifting to be more balanced

An extreme shortage of listings in Q1, skyrocketing rents, and unprecedented immigration are currently outweighing the RBA‘s aggressive rate hikes, fuelling the unexpected price rebound. (news.com.au) The current property market is still a strong sellers market.

However,

Australia’s current cash rate is 3.85%, RBA warned of further rate rises if needed. This has caused the reduction of housing demand.

The RBA now expects Australia’s real GDP growth to be slightly weaker in the near term than it did at the time of the February 2023 SMP. Year-ended growth in Q4:2023 has been lowered from 1.5 per cent to 1.25 per cent and year-average growth for 2023 has been cut from 2.25 per cent to 1.75 per cent. (aicd.com.au)

Considering the surge of population, this week’s Federal Budget has likewise predicted a per capita recession for Australia.

We have seen a fast growing listings after the Easter break.

Hence, we have seen the market condition shifting from a strong sellers market to a more balanced market.

How to sell a property in this market with increasing uncertainties?

Even though most of the properties are still selling, strategy and skills are becoming more critical to achieving premium results:

1. Know your market. Each type of property has its own market. Understanding your property’s market is the first and the most important step before putting your property on the market. For instance, we have seen a significant change in the development site market due to the inflation and fast increasing construction cost, while the owner occupiers market still stays strong. Furthermore, each specific market is fast evolving.
2. Design a tailored strategy for sales. A good strategy covers all aspects of the sales process, including but not limited to staging, pricing, marketing. Most real estate agents suggest that you price competitively. However, this is not the best strategy for certain types of properties. Getting your property well prepared and presented for sale is more important than ever to achieve a premium result. You may not need to spend as much to achieve the same marketing results as usual.
3. Over years’ experience, we have found that it is equally important for property sellers to be mentally prepared in order to carry out the sales strategies from start to end precisely with your real estate advisors. A good sale very often requires patience, trust, and persistence.
4. Be open to negotiation and be flexible. When a good opportunity to sell turns up, it is important to secure it with an open mind and act swiftly.

It takes more to sell your property well. It is our expertise to design and deliver the best strategy to sell your property for a premium price. To get in touch, please email admin@realestatelogic.com.au.