Around Australia, the property market is cooling, with prices in the southern states seeing the biggest drops. Fallout from the Financial Services Royal Commission has resulted in a tightening of lending criteria which is now putting downward pressure on the property market. And while the Gold Coast property market seems fairly stable at the moment, it is certainly showing signs of cooling.
So, how do you sell your property in an easing market?
Do your research
Before selling your property, take the time to educate yourself about the local property market. See how many properties are on the market in your area, speak to real estate agents, attend open-homes, look on property websites like realestate.com.au and domain.com.au to gauge what the demand is like for similar properties. If there are a lot of similar properties on the market in your area, it might be worth waiting a while before you sell.
Choose the right agent
A good real estate agent will give you their honest opinion of the market value of your property but keep in mind that the highest appraisal is not always the true value of your property. Avoid signing with someone just because they give you the highest appraisal, especially if they cannot back up their appraisal with facts. Chances are they’ll ask you to drop your price later on so they can get a sale.
When choosing your agent ask about their commission rate, how they plan to market your property, and how much their marketing costs are. Most real estate agents on the Gold Coast charge a standard commission fee of approximately 2.8% and can charge $2,000 – 4,000 to market your property. The good news is that at Elanora Realty we provide free property marketing on all of our exclusively listed properties; which includes tailor-made promotional video, photography & advertising on realestate.com.au and domain.com.au.
Set a realistic asking price
In a cooling market, it is essential you set a realistic sales price. Having done your research you should have a fair idea what similar properties in your area have been selling for. Savvy buyers are only too aware that the market is cooling so if your price is too high, buyers may start negotiations under your asking price, or steer clear of your property altogether.
Sell before you buy
Homeowners frequently ask us whether they should buy a new home or sell their existing home first. In an easing property market, we recommend selling your property first so that you don’t feel pressure to sell your current home quickly at too low a price. By selling first, it allows you to maximise your current property’s sale price and gives you more bargaining power when it comes to buying your next property.
Prepare your property
To do well in an easing property market, it’s essential that your property is presented in the best possible way. Getting professional advice on how to stage your property could help you sell quicker, and potentially add tens of thousands of dollars to your sale price.
A more challenging property market doesn’t necessarily mean you have to settle for a lower sale price. Instead, it becomes vital to market your property effectively enough to attract buyers willing to pay top dollar. We’ve found that our tailor-made property videos achieve on average 87% more buyer enquiries—and in some cases increase online engagement by over 600%—making it one of the most effective marketing tools you can use in an easing property market!