Get a feel for the market in your area
Once you’ve got a grasp on how the market works, you can start to focus more on your local area and get a feel for what’s happening around you. Speak to your neighbours and local friends about any nearby properties that are selling and ask their opinion – you might run into them at local open for inspections, which are always a good idea to take a look at.
The internet is also a great source of information, so set up email alerts in each of your search suburbs and ask an agent you trust for their observations on what’s happening locally. Better Homes and Gardens Real Estate offers a service called ‘Home Finder’, an online tool that will match your property requirements with their listings. It guarantees that you never miss seeing a property that ticks all your boxes.
Selling in a strong vs a quiet market
“When you are selling in a strong market there are normally fewer homeowners doing the same thing,” says Lloyd. “There are more buyers actively looking to purchase and the market enjoys high clearance rates with impressive sales records and high demand for property.”
In a quieter market, there may be fewer buyers at open houses and a lower number of sales being recorded. The number of properties on the market can play a role in the sale prices being achieved. For many owners it’s a decision to sell now or wait until the market is stronger.
“Often there are more vendors in the market than there are buyers, and subsequently the supply and demand relationship that exits in this industry forces volumes and prices to contract,” says Lloyd. “On the other hand, less stock and fewer properties for buyers to inspect can also be beneficial.”
With pros and cons to selling in both markets, overall it depends on your expectations and objectives. Often, people aren’t given the choice if they’re selling to relocate for work or other lifestyle reasons, so the state of the market is neither here nor there to them. But that’s where choosing the right agent is important to help you look at your options, make the most of your sale and get the best price for your property, regardless of the market conditions.
