Key considerations & a step-by-step guide
Have you been contemplating selling your property? With spring in full swing and Christmas only a few months away, we have outlined why, with current market conditions, selling prior to Christmas is a favourable option this year.
Low Stock levels and high buyer demand expected until lockdown ends
Across greater Sydney and the Sutherland Shire low stock levels has resulted in limited supply and strong demand for certain types of properties. Due to the low number of properties on market and the fear of missing out, buyer demand is at an all time high. Despite lockdowns and the impact of COVID-19, buyers have not been deterred adapting seamlessly to one-on-one inspections and online auctions. 2 Oyster Bay Road, Oyster Bay recently selling prior to auction for $2,990,100 after attracting 6 interested parties whilst 14B Taronga Parade, Caringbah sold via virtual auction for $1,795,000.
Interest rates also remain at historic lows, with government incentives for first home buyers contributing to a rise in those looking to enter the market. Strong rental returns, rising prices and cheap finance has brought investors back across the lower to middle price brackets, further increasing the number of buyers looking to purchase.
Market predictions post lockdown
From what we are witnessing the supply/demand dynamic right now favours sellers and is resulting in strong prices for many. While it isn’t certain how the market will react post lockdown, if we look back to last year there has normally been an immediate surge in market activity at the end of a lockdown period. Typically, a surge of this nature brings a lot of ‘delayed’ listings onto the market all at the same time which means sellers who wait could have more competition as buyers have more choice. What we don’t know yet is what this surge will look like and whether or not buyer demand will still be high enough to absorb the new stock prior to Christmas, and if prices will be affected and flatten out.
“Vendors who list in September can be sold and settled before Christmas. Stock levels are low which is creating FOMO amongst buyers and low days on market. This will put them in a favourable position to purchase their next property either side of Christmas, particularly if more stock comes to market post lockdown.”
Greg Calderwood – Sanders Property Agents
If stock levels do increase and prices balance out post lockdown, then those who list early could be in a favourable position to buy and have a wider variety of properties to choose from. For owners that would like to test the market without a larger outlay on marketing, off-market sales are still proving popular with buyers. As was the case for the owners of 11 Mulyan Street, Como who recently sold for $2,150,000 to one of our pre-qualified database buyers.
Our suggested timeline for those looking to sell prior to Christmas
Week 1: (21 Sept – 27 Sep) Meet with one of our experienced agents who will prepare a valuation and present a bespoke marketing plan to ensure a successful campaign. This can either be prepared safely in your home following COVID safety requirements or, virtually.
This week is key in preparing your property for sale including cleaning, finalising any maintenance required, obtaining styling quotes if needed, and arranging a contract for sale. Don’t worry, our team is with you every step of the way and has a little black book of trusted contacts to help you with all of this!
Week 2: (28 Sep – 04 Oct) Styling installation, professional photography and floorplan completed along with a draft design of all advertising to be approved and prepared for your listing to go live. Investing in a strong marketing campaign, professional photos, floorplans and property videos/3D tours goes a long way to achieving a successful outcome.
Weeks 3-6: (05 Oct – 01 Nov) Property listing period. Pending the easing of restrictions come mid-October we may or may not see the return of open homes and on-site auctions. Depending on how this pans out, expect agents to continue to follow COVID safe practices and showcase your property to prospective buyers through private inspections.
Weeks 7-12: (02 Nov – 18 Dec) If your agent’s recommended strategy is auction, the final auction date to sell prior to Christmas and allow for a 6-week settlement period is the 6th of November 2021. It is always advisable to work with your agent and solicitor/conveyancer if you think you might need a longer settlement that extends into the New Year period.
Sell stress-free and with confidence
When it comes to selling your property, whether you choose to sell prior to Christmas or at another time, choosing the right agency plays a huge role in creating a stress-free process where you feel confident and at ease.
For more tailored advice and support contact our team today.
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