How to Achieve the Best Price in a Slowing Market

Selling your home in a slowing market requires a different set of strategies. In these uncertain times,
with interest rates rising and national property prices falling, the Brisbane property market presents
a daunting picture for families who wish to sell.

This is not to say that there aren’t good chances for sales success, but you’ll need a game plan that
considers the economy’s current state.

Pay close attention to the following vital tips to help you achieve the best price in a slowing market.
Set a realistic price for your property

Set a realistic price for your property
It is essential to set a realistic and reachable sale price. You want to sell your house for the highest
price possible, but not at the expense of scaring potential buyers.

Homes frequently sell for less than the initial asking price in slow markets, and this is typical because
the price was set too high in the first place. To ensure that you attract as many buyers as possible,
set a reasonable price immediately. Additionally, you’ll avoid lengthy negotiations.
Be realistic about the length of market time

Be realistic about the length of market time
Be ready to wait for the perfect offer in a slowing market because it may take longer for your
property to sell than it would in a booming economy. Buyers are less driven to submit an early and
strong offer on your property due to an ease in demand and a lack of urgency.

With more options available, consumers are probably more strategic and willing to wait and see. To
get an indication of what to anticipate, you can monitor the days on the market (DOM) metrics for
properties in your neighbourhood.

Properties that don’t require a lot of work will sell faster and for more
Make sure you have taken care of any necessary repairs and small touch-up jobs, such as repainting
walls, upgrading fixtures, and doing some light landscaping, if you want your house to sell as quickly
as possible.

Why? Buyers don’t want to move into a property that will take a lot of work, for many it’s simply
extra money they aren’t willing to spend.

Don’t hold back on marketing and presentation
Avoid the temptation to cut corners on promoting and staging your home. In today’s market, having
a solid presentation is essential to getting a decent deal, and it can even be more crucial when
demand is weak.

This entails running a complete marketing effort that includes print brochures, street signs, and a
terrific web listing. Depending on the interiors, the correct buyer may be greatly enticed by staging
your property.

“Presentation is vitally important at the moment and in some cases, we are seeing only one genuine
through a campaign. When that happens it’s important the agent starts to build a trusted
relationship with that buyer and “holds their hand” through the buyer process, this will ensure a
seamless transaction for both parties and often the buyer will then pay more due to trust and great
service.”

Research your market
Take the time to go beyond the news headlines and comprehend the dynamics at work in your own
local area, regardless of the state of the market. There are thousands of suburbs around Australia,
and hundreds around Brisbane each with its own drivers and conditions, so keep in mind that there
isn’t just one large Australian real estate market.

Additionally, your agent will be able to explain the key market indicators that affect you and your
property and when the best moment is to sell.

Find your point of difference
Listings will often increase in a sluggish market, giving buyers a wide range of options. This means
you must exert more effort to highlight your property’s distinctive qualities to stand out.

This is particularly crucial if you’re selling in a brand-new subdivision or an area overrun with
apartments, where many houses share comparable characteristics. You can draw buyers to a
property if it includes a separate laundry room, a courtyard outside, or is located in a building with a
gym and/or a swimming pool. Make use of your differences to your advantage.

Identify the method of sale that makes the most sense for your property in
your market
To get the highest sale price for your house, you must be strategic about how you sell. Depending on
your region and where your property falls in the market, you might choose to go to auction or not.

When demand is high, and a market is “hot” auctions are frequently preferred. Your agent will be
able to inform you of your options and the benefits and drawbacks of each strategy.

Be open and don’t rule out the first offer
In a competitive market, you could receive many offers without changing your terms of sale. Don’t
anticipate this scenario in a slowing market where buyers may expect some wiggle room in the price
or terms.

Start by changing the terms of the transaction rather than lowering the price. This might entail
accepting a smaller holding deposit or proposing an extended settlement date. The first offer made
to you might just be the best one, so be ready to take it seriously.

Time is of the essence
There’s no need to rush, but if you’re interested in selling, you should start the process as soon as
possible to capitalise on the first momentum of your campaign.

Since the market might fluctuate weekly during a slump, it could be wise to act quickly. Additionally,
if your house is on the market for an extended period, buyers might conclude that there is a problem
with it or that it’s too expensive.

Find a trusted local agent and listen to their advice
Amid a violent downpour, anyone could sell an umbrella, but what about on a bright spring day?
The same holds true for agents and real estate. Local agents are aware of market trends in your
area. They interact with buyers and sellers daily, so they will be able to alert you when the market is
shifting and provide you with guidance on how to proceed.

My passion has always been to create the ultimate sales experience, so my clients can rest assured
they will achieve the best result for their home, no matter the state of the market. For any questions
reach out to me by calling (07) 3426 8342 or emailing me at bevin.powell@raywhite.com.