While we say ‘good riddance’ to 2021 and collectively cross our fingers that the worst of the pandemic is over, it also looks like we’ll farewell the boom times of auction theatrics, prices rocketing past reserves and queues of potential buyers that are typical of a sellers’ market.
That’s right, the New Year will kick off as a buyers’ market.
So what does this mean for you as a vendor? It’s definitely not all doom and gloom, however it does require a more targeted and carefully planned approach, and fortunately at Atria, this is our speciality.
In a buyers’ market, vendors are competing for a smaller pool of buyers in a crowded property field. This means more properties like yours are for sale, so buyers can afford to be choosy. In this situation the small details are important, impeccable presentation is essential as buyers become more conservative on price.
Let’s break it down.
Pay attention to the small stuff.
Last year you may have gotten away without the additional pre-sale property maintenance given the insatiable buyer appetite. In 2022, presentation will be key so maintenance is a must.
We highly recommend that you undertake all essential maintenance, including touch-ups, a fresh coat of paint, beautifying the garden, ensuring lighting is functional and bright, fixing loose hinges, and cleaning every surface, particularly windows. Don’t let the little things add up, which allows potential buyers to believe that yours is a property in need of costly work.
Sell a lifestyle.
The old adage is true: people will have an emotional connection to a property if they can picture themselves living in it. We’re not suggesting the smell of freshly-baked bread wafting from the kitchen à la the early noughties, but certainly presentation; and in the $2M plus bracket we mean professional styling is vital. On trend staging will amplify the ‘wow’ factor and set your property apart from similar homes in a crowded market.
If you choose to do your own styling, decluttering is a must. Ensure every area of the home sells the lifestyle most appealing to your likely buyer. Atria undertakes detailed buyer analyses and can offer vendors the best advice to maximise the price potential of a property that is flawlessly presented.
Don’t keep them guessing.
Vendor caginess and vague selling times or dates are so 2021. In 2022, we suggest you go to market when you are ready and able. At the pointy end of the home market: i.e. the $2M to $6M buyers, the pool is limited, so it makes sense to avoid going to auction on ‘super Saturdays’, or perhaps any weekend. Vendors should consider a mid-week auction as an approach to standing out and cultivating greater interest in their property. This may also work better if you are looking to attract international or interstate buyers.
These three tips will ensure that your navigation through the tricky waters of a buyers’ market is smooth sailing.
We’ve negotiated many successful sales in changing times and at Atria, we thrive on the challenge. Our focus is always on the finer details and going above and beyond to meet our client’s needs. If you are thinking of selling in 2022 we can help you achieve your property’s sale price potential. It just starts with a conversation.
Call us on 03 8680 9421 or pop by our Bay Street office for a cuppa tea and chat.