If you want to sell your home quickly in the current competitive market, you have to price correctly for your neighbourhood. The first thing potential buyers look at in their home search is price – and no matter how perfect the house, if the price doesn’t line up with what the home offers and the buyer’s budget, you’ve potentially lost them forever.
85% of potential buyers seen in first 21 days'
Data shows that in the first 21 days after listing, sellers will access 85% of all the buyers who would potentially be interested in a home. That means sellers will quickly know whether their pricing is on the money.
If you’re not getting feet through the door, you’re clearly missing the mark. Rather list attractively, and be less negotiable on your price, than list too high and get low to zero interest.
In fact, listing your home above market value could make it sit on the market for months, and make buyers wonder why it is not selling. Even if the seller subsequently drops their price, they will have lost most of their traction with their prime target audience.
The market is currently highly competitive, as the pent-up demand of the post-lockdown period starts to wane.
While interest rate cuts provided a ‘massive stimulus’ to the market, demand has slowed as signs of consumer distress start filtering through.