Kathryn Lee - 26 Feb, 2019

How to sell your home in a buyer’s market

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From marketing to styling and nailing the right timing (yes even during a slump) – here are the top tips for selling your property during a downturn.

It seems only like yesterday Australian property values fell 4.8%, creating the weakest housing market conditions in almost an entire decade. But despite local markets taking a turn in late 2018 (with no signs of slowing down) – a number of Aussies still need to sell their homes.

Whether their reasons are financial, health-related or they’re simply in need of a quick-sale, the fact is, houses always have and always will hit the market even when the going gets rough.

Jonathan Morton – a sales associate at Sydney’s Northern Beaches real estate agency, Clarke & Humel – explains how prospective sellers can still make the most of their situation, even in a the middle of a declining market.

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What are some ideas sellers can implement to help pique interest in their property?

The best thing sellers can do right now is make sure their property is presented in its best light possible.

This includes everything from ensuring all touch-ups have been made to the dwelling, the owners have de-cluttered the space and that they’re also partial to a full styling of the home.

Another critical component is good quality marketing with maximum exposure. Most sellers will also need to ensure their property is priced competitively compared to what else is available on the market.

Do you believe there’s a right or wrong time to try and sell, even during a property downturn?

The best time to sell can often depend on the season. In some cases, if a home doesn’t have an ideal aspect or lacks bright and natural light then the cooler months of the year are definitely not an ideal time to sell.

Do the rules of selling change during a downturn? Do we need to manage expectations, or do we continue aiming for a decent price?

As an agent, I am always doing my very best to maximise a property’s sale price regardless of market conditions. However, in a slowing market like this one, the client’s expectations really do need to be diligently managed to ensure the best results for everyone.

Is there anything sellers would be surprised to learn about selling during a downturn?

For sellers, I think it’s often surprising to learn and personally experience just how quickly buyers can move on to different properties when they can’t secure a deal within a short time frame.

It’s really important for sellers to be aware of competing properties that are for sale, as well as recent sales in the area because these will determine where the pricing feedback is coming from buyers.

What are the top three tips you give to your clients when they need an extra boost to help sell a property?

In my opinion, the top three things sellers need to consider when selling are high levels of communication, managing your expectations from the outset and most importantly: practice patience.

Words by Alana Wulff. Facebook lead image: Dulux.

Looking to sell your property to fund an upsize or downsize? eChoice can help you understand your borrowing power and secure home loan pre-approval so you can start scouring the property market. We have access to hundreds of products across a panel of multiple lenders, so we can help you find a competitive mortgage.

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