Key to listing homes at the right price in a changing market
LISTING a property at too high a price could be a costly mistake in the current market, especially if you need to sell quickly.
4 steps to arrive at the right listing price:
Research recent sales in your local market.
Prepare a comparative market analysis of comparable properties, how much the home actually fetched, and how long it took to sell.
Look back to 2017 to understand how prices are trending.
Get an real estate agent market appraisal - they understand the supply & Demand and market sediment at the time of listing
At Commingle, we can prepare and provide you with this information. We provide the following information in our property reports:
Recent sales in your local area for similar properties
Suburb Median pricing trends including historical data
A Property valuation as supplied by expert Property national organisation's
Current listed properties in the local area including price guides
We gather real estate agent proposals helping you compare an make informed decisions on who to list with.
Receive your FREE property profile report - click here.
"Andrew Wilson talks Aussie auctions"
Discounting on asking prices is normal, and CoreLogic research currently puts it at 5.6 per cent for private treaty sales that are taking around 31 days. This time last year it was a 4.1 per cent required discount after just 27 days on market.
No wonder there are many buyers who reckon the market is falling their way, so it might be wise for vendors to marginally underprice to get ahead of the curve — especially if you are upsizing and have secured something at say 10 per cent off.
Any price indication needs to ensure you gain maximum buyer interest. Certainly if you don’t get any interest or offers in the first week or so, especially for auction listings, then it’s likely you’ve priced the property too high.
Much of the pricing process relies on trust in your knowledgeable real estate agent.
You want honest advice from day one, so don’t fall for the agent who volunteers an extraordinary potential sale price simply to get your listing. Check their own asking price to sale price track record as these agents will seek to crunch your expectations sooner or later.
This week saw a forecast that Sydney house prices are likely to fall 4.2 per cent this year, although Moody’s Analytics said the correction would be short-lived, with prices set to recover by a modest 0.9 per cent next year.
It’s best for those contemplating their next listing to remember that our property market is fluid and complex in actual individual outcomes. Property pricing is, after all, emotional not prescriptively scientific.
