Ever climbing property prices have finally started their slow descent, and media outlets everywhere are heralding the news. It’s a big change for both buyers and sellers, but it’s the second group who may have cause for concern.
While the slowing property market presents a new set of challenges to sellers, the age-old principles of selling a property still apply. To equip you for the shifting market, we’ve listed the principle “P’s” of selling in a slowing property market.
Proximate Properties
Knowledge is power, and it pays to understand what is happening in your local market. This means you should be aware of nearby sales and the properties listed in your street and suburb. Attend open homes to gauge demand and don’t be afraid to make a few phone calls to agents. It may be helpful to compare current property prices in your local area with property prices from six months ago.
Promising Photos
Falling prices in part have been driven by tighter lending conditions, which means fewer people are diving into the property market. Decreased buyers mean increased competition for sellers. To obtain the best price for your property, you want as many buyers as possible to walk through your door, and the photos on your property listing are the deciding factor.
Ensure buyers prioritise your open house over the one down the street with multiple quality photos showing your property in the best light, both inside and out. You should prepare for your photos in the same way you would prepare for an open home.
Perfect Presentation
It goes without saying that presentation is everything, but in a slowing property market, it’s particularly important to get it right. Sellers may have been able to cut corners in a previously booming market, but when it’s a buyer’s game, they are the ones who can afford to be picky.
Lure potential buyers with irresistible kerb appeal. Ensure lawns and garden beds are immaculate and for an extra tidy touch use a high-pressure hose to clean driveways and paths. Carry the feeling through the front door with plenty of natural light flooding through freshly cleaned windows. Use a candle or diffuser to create a subtle scent and even select some soft background music to create an ambient atmosphere.
How Mortgage House can help
The changing property market can affect everyone in different ways. Chat to a Mortgage House Lending Specialist to better understand how a slow property market could impact on your position as a buyer, homeowner, investor or refinancer.
