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10 tips to sell in a buyer's market

With another 0.5% interest rate rise last week and still loads of listing for buyers to choose from, vendors need only to glance at the media articles to know it is a tough time to sell. However, properties are still moving and provided vendors are...

Ian Pepper  profile image
by Ian Pepper
10 tips to sell in a buyer's market
After a period of record sales in the region, the market has changed and vendors are advised to set an achievable price – too high will likely attract little attention. Photo: Anthony Warry

With another 0.5% interest rate rise last week and still loads of listing for buyers to choose from, vendors need only to glance at the media articles to know it is a tough time to sell. However, properties are still moving and provided vendors are understanding of the market it can be a great time to up or down-grade.

Here is my summary of tips from experience in this market and some other great property advisers I have met over the years.

  1. Research your local market – understand where your property sits compared to recent sales
  2. Complete unfinished works – buyers currently prefer renovated properties over knock-downs due to higher costs to build
  3. Have realistic expectations – don’t expect to achieve the record prices from the past year
  4. Set an achievable price – too high will likely attract little attention
  5. Get ready for competition – Spring is upon on us and there are going to be more listings
  6. Have patience – average time on market has blown out considerably
  7. Check finances – if needing to borrow then make sure all is in order and understand the worst-case scenarios before committing to a sale
  8. Select method of sale (auction vs private treaty) – seek advice from your local agent about the best method of sale
  9. Aligning the stars – having a simultaneous sale and purchase is ideal but not always achievable, so understand consequences of alternatives
  10. Know when to cut your loses – either accepting a lower price than expected or withdrawing to try again in a few years’ time

Ian Pepper is an estate agent at Ray White Helensburgh who advertises in the Flame's printed magazine.

Ian Pepper  profile image
by Ian Pepper

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