Maximise your sale price this spring

Property is a hot topic at present, with many news and media articles talking about rising interest rates, market fluctuations and reduced auction clearance rates. There has also been a lot of discussion amongst industry sources suggesting there has been a rise in listings across Greater Sydney. Whilst this may be correct for some suburbs and areas, locally we are yet to see what could be considered as a real uptick in the number of available listings.

Sanders Property Agents Director and Sales Manager, Greg Calderwood said that buyers are still facing stock shortages in the Sutherland Shire with listing numbers well below 800.

“In a typical balanced or stable market, we’d normally expect to see listings above the 1,000 mark.”

What affects the market, and where is the market at currently?

While macro-economic factors such as interest rates and market fluctuations do have a bearing on how the overall market performs, ultimately it is people that affect property prices more than anything else. Selling and buying is inherently a personal decision, often motivated by financial reasons, family changes, or the excitement of a sea change, new location or new home.

Comparing the number of sales across June and July this year to last, unsurprisingly the number isn’t too dissimilar and that is largely down to the buyers currently in the market. One major difference between 2021 and 2022 is that most buyers who are enquiring and inspecting properties this year are ‘ready to buy.’ There are very few buyers out there who aren’t genuinely interested in making a purchase decision. Locally it is these ready-to-go buyers that are maintaining buyer demand.

Over the winter months, our team has been actively listing and selling properties, with 99 Wolger Street, Como selling prior to auction with 14 buyer groups inspecting in the first week. 15B Warrigal Street, Jannali sold at auction after attracting 34 buyer groups whilst 10/11-17 Acton Street, Sutherland sold off-market for $890,000 with zero marketing after one of our experienced agents matched a buyer with whom they’d been working with for a number of months.

Investors are back and are ready to buy

Our team has also noticed a notable return of investors to the market with more investor foot traffic through open homes, particularly in the sub $1m – $1.5m price bracket.

According to Business Development Manager, Jack Tripi investor activity is being driven by the huge rental shortage across metropolitan Sydney.

“We have seen vacancy rates fall to 15-year lows. This has seen days on market reduce and higher than average
rental prices for most local properties.”

If you are wondering if your investment property is undervalued in the current market and would like to seek a second opinion, Jack is happy to answer any questions you may have. He can be reached on 0410 453 869.

How to maximise your sale price

Our top suggestions when it comes to selling your property this spring:

Pricing

Buyers are always attracted to ‘what’s new’ in the market and are equally drawn to properties that they see as good value. Typically, in any market, buyer interest is at its highest in the first 1-2 weeks of launching a property to market. Going to market with a fixed price, price range or price guide that is out of line with comparable recent sales can potentially reduce the number of interested buyers inspecting.

Right now, it is crucial to establish the right market value by looking at other similar properties that have sold within the last few weeks, not months. Looking too far back means you will be comparing properties sold under different market conditions and could mean that you price yourself out of the current market and what today’s buyers are willing to pay.

Presentation

In a balanced market, buyers tend to look at properties with a different set of eyes. In a seller’s market, as was the case last year, buyers are more concerned about securing a property than they are about the condition of the property and the features it has.

In today’s more balanced market, buyers are taking more time to assess each property and to weigh up its individual merits. Ensuring your property is presented well and stands out from the crowd, will not only help to attract more buyers but will also assist in the negotiation process and avoid lower offers being made.

It is advisable to fix any obvious issues, such as replacing dim lights, repairing leaky pipes, broken tiles or damaged internal walls. Also taking the time to accentuate and highlight the areas of your home that would appeal to buyers is important. Removing clutter and creating a seamless flow with the right furniture positioning, can also help create the right appeal.

Marketing

A targeted, strong marketing campaign is a key element in attracting the right potential buyers and maximising your sale price. What most people don’t realise is that there are various marketing options available on both realestate.com.au and domain.com.au. As a business, we are one of the very few to offer the top marketing package known as Premier+ through realestate.com.au, which provides the ability to further amplify your listing and expand your reach.

We believe in providing our clients with a tailored marketing campaign that ensures maximum exposure to the right buyers. When interviewing potential agents be sure you go through the different options available and select a package and agent/agency that works with your situation and budget.

Social media is also prevalent in property sales, so talk to your agent about how they go about targeting buyers across the various social platforms. Most buyers tend to be from within the Shire or from the Inner West or Eastern Suburbs, so it is important to strategically place your advertisements to maximise interest amongst buyers from these locations.

Choose an experienced agent/agency

In a changing market, your choice of agency is more important than ever. Listing with an experienced local agency and dedicated team of trusted and reliable agents will help to optimise property exposure and maximise the final sale price. In operation for over 65 years, we have seen more than one market fluctuation, allowing our team to provide an experienced approach that is adept at navigating all market conditions.

Our suggested timeline for those looking to sell this spring

Week 1 (29 Aug – 4 Sept or earlier)

Meet with one of our experienced sales agents who will prepare a comprehensive market appraisal and tailored marketing plan to ensure a successful campaign.

Use this week to prepare your property for sale. Cleaning, finalising maintenance that needs to be done and obtaining styling quotes if you are deciding to style your home for sale, should all be done during this stage. It is also the time to organise the contract for sale. But don’t stress, our team is with you every step of the way and we have a database of trusted contacts to help you organise everything you need to do.

Week 2 (5 Sept – 11 Sept)

Styling installation if applicable, professional photography and floorplan completed, along with a draft of all advertising for approval.

Week 3-6 (12 Sept – 9 Oct)

Property listing period.

Week 7-12 (10 Oct – 27 Nov)

If you have chosen to go to auction, the final auction date to sell pre-Christmas and allow for a 6-week settlement is the 5^th of November 2022. It is always advisable to work with your agent and solicitor should you feel you might need a longer settlement period.

If you are looking to sell, the local market is holding strong. Stock levels are well below average and there is still demand amongst buyers. Remember there is always the option to request a longer settlement as a condition of sale. Selling this Spring has the added bonus of allowing you to be ‘cashed up’ and ready to buy come the New Year, with January typically a time when new listings come along, and a lot of agents take people through homes privately that aren’t yet advertised due to the holiday period. Our experienced team of agents is here to assist as always. For tailored advice contact one of our team today.