Selling prices and what to do if your property is not selling in this market

From supply and demand to location, access to schools and amenities and traffic, there are plenty of factors influencing property prices.

At the top of the list is supply and demand and the influence of economic conditions. As we have seen, a weakened economy has resulted in a decline in demand and rise in the supply of properties which has put pressure on prices achieved.

Prices are also influenced by the location, for example the suburb and whether it is experiencing crime and poor maintenance or traffic. Conversely, a good location with easy access to amenities and schools will add to the price that buyers would be prepared to pay.

The size and condition of a property also affects the price. The finishes and whether the property is renovated, the number of bedrooms and bathrooms, entertainment facilities and secure parking will also be considered by buyers when they review your asking price.

The market cycle plays a key role and many sellers are experiencing a level of frustration as the slow market conditions have resulted in properties taking longer to sell and achieving lower prices. Although we are beginning to see some green shoots and the market is expected to improve gradually over the coming months, it is perhaps a good time to also reflect briefly on what sellers can do if their properties are just not selling.

The highest interest is usually during the first month of listing. Conversely, the longer a property sits on the market, the less appealing it becomes. If you find that your property has been on the market for a while without selling, it is best to put emotional issues aside and understand why it is not appealing to buyers.

It is important to always "listen" to the market. Ultimately, it is the market who will signal if a price is too high by simply overlooking the property. If you are serious about selling, then you may need to review your price, but be sure also to choose the right agent. Beware of selecting an agent based on a high price promise. Experience has shown that a local area specialist will sell properties faster and achieve higher prices.

An open mandate is also not going to sell your house faster or for a better price because no particular agent will be focusing on your property. A Sole Mandate is a contractual agreement and a proven tool for achieving the best results since the agent will focus their energy and marketing on your property.

Lastly, be upfront about your reasons for selling so that the agent knows if it is an urgent sale and he/she can then give you the right advice for the circumstances. Trust the advice given, whether about the condition of the property and maintenance needs, or how and where it is marketed. Your agent only has one goal in mind and that is to sell your property in the shortest possible time for the highest possible price as he/she has a reputation to uphold.

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