Written by Sharon Mudiman
In a perfect world, the timing of your property sale would hit at the market’s peak - when buyers are abundant and sale prices are soaring. However, in the real world, the sale of a family home is rarely motivated by market trends. Lifestyle and location are more often than not key contributors to selling a home, so how do you avoid sale price disappointment?
Thankfully, our local market remains healthy and buoyant, though we have seen a softening through mid-year. This trend is often seasonal, and strengthens again in early spring. Yet contributing factors such as housing affordability concerns may remain, leaving some uncertainty for the coming months.
This can often cause confusion for vendors whose expectations may not align with current trends. It is important to remember that what your home may have sold for last year may not be what it sells for now. Your local area expert will understand the current market and be able to gauge buyer feedback and behavior to anticipate sale trends, however, there is no disputing comparable home sale prices in your area and how this directly impacts the value of your property.
It is also important to work with your agent to create a sale strategy that works in your favour. In our digital age, a fair price is crucial as is the relevance of your property. In real terms, properties go stale online, they lose their online presence and position, and can cause suspicion in buyers when for sale for too long. Buyers are more savvy than ever and use their feet to do the talking at inspections. When buyers lessen, your agent may approach you with the dreaded “price adjustment”.
At this point, it is important to remember that it is neither in yours or your agent’s favour to sell your home for less than its worth. However, it is critical to keep your listing visible in the market by pricing it competitively to attract active buyers. Comparables, market research, and data cannot compete with the feedback directly from buyers in the form of foot traffic or contracted offers (or lack thereof).
While buyers utilise online tools to their advantage, so to can sellers. Work with your agent to create an online strategy that keeps your property thriving in the market to drive the successful sale of your home.
Sharon Mudiman, Licensee and Principal of Bespoke Realty Group (formerly Glenmore Park First National) has been negotiating the sale of property for over twenty-five years in the Greater Penrith Region .