The latest reiwa.com data shows that 45 per cent of sellers are having to discount their property in order to sell and the average amount they’re discounting by is almost seven per cent.

If you’re selling or considering selling, you need to adapt to the current market conditions. Otherwise, like so many others, you’ll need to discount to get a sale. Discounting your property can often mean it takes longer to sell.

With it currently taking an average of 70 days to sell a property in WA, you want to do everything in your power to encourage a quicker sale.

Get the price right from the start

Pricing your property appropriately as soon as it goes on the market is key. The number one reason why a home stays on the market for an extended period is because it’s over-priced. If you want to sell, you need to be realistic about price.

A suitable price will attract more buyers and, subsequently, more offers and competition.

Consider auctions

If you’re struggling to sell and not willing to compromise on price, perhaps consider selling your property via auction. Auctions are gaining popularity in WA and are a considerably faster way to sell, taking an average of just 28 days.

While listing numbers are showing some stability in the Perth market, stock levels are well above the long term average. Selling via auction can help your property stand out from the competition and separate the genuine buyers from those just browsing.

Presentation is key

With plenty on offer for buyers, you’ll need to take a little more care and effort when it comes to presenting your property. While you don’t need to do a full blown renovation, making some cosmetic improvements to the property, including the garden and any fencing, can go a long way in attracting more buyers.

Buying and selling at the same time

If you are buying and selling simultaneously under similar market conditions, the state of the market is almost irrelevant. While you might not sell for a price you want, you’ll also be buying in a market that favours buyers with plenty of choice and competitive prices.

Get the facts

When you’ve made the decision to sell, do your research and find out how the market is performing in your local area. There are buyers out there and we know that if your property is priced correctly, from the start, it will be snapped up by those eager to buy their first home, trade up or downsize.

 

Source: reiwa.com.au

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