In 2019, it’s undeniable that the Auckland housing market is slowing down to the most sedate activity level seen in several years. However, this doesn’t mean houses aren’t selling.
If you’re aiming to sell your home in these quieter conditions, here are some key areas to focus on to ensure you get the best result.
1. Present your property at its best
The way your property is prepared and presented to the market is always important. However, with a smaller pool of buyers, and large availability of options, it’s crucial to ensure you do all you can to get your property to stand out from the crowd.
The extra effort you make to present your property at its absolute best can make all the difference. For specific advice on preparing your home for sale, please check out my blog article – 8 simple tips to prepare your home for sale and maximise your result.
2. Set the right price expectation
Ensuring that you have a realistic price expectation from the outset is key in the current market environment.
Buyers currently have so much choice and are not in a particularly urgent mindset. If they assess your property to be overpriced, they may simply bypass it and purchase a better value offer down the road. Even being just a few percentage points ‘off the mark’ can result in a long marketing campaign and little or no genuine interest. Ensure that you work through a robust appraisal process prior to commencing your marketing, and be very wary of the agent who provides a high appraisal (when compared to others). This may be pleasing to you at the time, but you won’t be thanking that agent after months on the market and several price reductions.
3. Invest in quality marketing
When there is a multitude of alternative listings for buyers to consider, it is so important for your property to stand out. When prices and sales volumes are down, the investment you make in your marketing campaign must be strong. A common mistake is starting with a ‘budget approach’ (to save money) and then increasing the marketing investment if an early sale is not achieved. Your property will never be more attractive to the buyer pool than when it first launches, so this is the time to put it in the spotlight and attract as much early interest as possible. Once a property has been on the market for a while, the momentum is lost and buyers may start to assume that there is something wrong with the property, it is overpriced, or the owners will be desperate and receptive low offers.
4. Select the right agent
At a time when the market is hot, agents of varying degrees of skill and dedication can make sales. At a time when the market is really hot, a property may still sell despite the worst efforts of a poor agent. At a time when the market has cooled off, the agent selection you make can actually have an impact on if your property will sell or not. If your agent isn’t organised, committed, strong in your area, honest with his/her appraisal, a skilled marketer across all media channels and a strong negotiator, they are unlikely to be capable of delivering results in the more challenging conditions which currently prevail.
So how do you select a quality agent? There are many professional agents who have the skills to deliver you a successful outcome regardless of the market conditions. I have compiled a list of my top tips for selecting an agent which you can view here – My Top Tips for Selecting a Real Estate Agent.
Although the Auckland market may seem a little gloomy to some sellers at the moment, it is worth remembering that we generally buy and sell in the same market. Even if your sale price is a little lower than it may have been two years ago, you will then benefit from those same reduced prices as a buyer. If you are sold and in a cash buyer position, you are in the box seat at the moment to secure a great purchase as most of your competition will have a house to sell as part of any offer they make.
So, implement these few key recommendations and you will be giving yourself the very best opportunity to secure a sale in the shortest possible time, at the best price the current market will support.
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