Traditionally, Spring is recognised as the best time of the year to sell. However, this year is going to be a little different. According to Core Logic, the selling season “Is expected to hit a little differently amid higher mortgage rates, weak consumer sentiment, stretched household budgets and weaker buyer interest.” Not only that, with a third La Nina weather event on its way, sellers must think ahead about the traffic through their property and practical ways to maintain its appeal, even on those wet, grey days that have become so common along Australia's east coast.

What can sellers do to maximise their property’s appeal?

What are our top tips for selling in Spring? No one likes change, and selling in an uncertain, buyer's market is not for the fainthearted, but whatever the market conditions, most sellers need their property to sell quickly and for the right price. So how can they leverage their property’s points of difference to catch the interest of buyers in a market that is likely to be saturated with new listings?

Already, September has seen a higher-than-average injection of new listings to the market - although this does vary by region - but CoreLogic predicts that this year won’t replicate the “bumper selling season” we saw in 2021 when sellers were “playing catch-up” after the lockdowns of the previous years.

Conditions have changed

Higher interest rates, rising inflation, and a predicted rise in energy costs have impacted buyers' confidence and they are approaching the market with caution.

With already high levels of stock continuing to rise over the spring selling season, buyers have less competition and are in no hurry to make a hasty decision. And with longer selling times and lower clearance rates, properties are languishing on the market.

How do the current market conditions affect sellers?

Fundamentally, they mean that sellers must listen to what the experts are saying so they fully understand the nuances of the current market. They must be more savvy, flexible, and realistic in their approach to selling their home or investment property.

“Discounts between initial listing prices and contract sale prices (otherwise known as ‘vendor discounting’) have become larger with the median discount sitting at -4.0% nationally. Similarly, auction clearance rates across the major auction markets are consistently below average,” states CoreLogic - advice that shouldn’t be ignored.

Those vendors who ignore the current market conditions are in danger of losing out

To help our members avoid a costly mistake, we’ve compiled a list of our top tips for selling in Spring: 

1. Sell off-market! Obviously, we would recommend the selling method in which we specialise, and justifiably so. Check out the many reasons to sell off-market here.
2. Do your research thoroughly in terms of the market conditions and your property’s position in your local market.
3. Understand your property’s points of difference. Is your property situated near the beach or another great location? Is it in a prized school catchment, or does it ooze street appeal? Whatever you have in your marketing arsenal, make sure your buyers understand the exclusive appeal of your property.
4. Leave no stone unturned when it comes to the presentation of your property – literally! Don’t assume you can get away with superficial repairs and touch-ups. It is a buyer’s market, and they will be looking for ways to separate the wheat from the chaff. If the weather is forecasting rain for your opens, protect your floors with mats, which will also make your buyers feel more comfortable traipsing through. Make sure your property is waterproof before you go to market – clear out gutters, make sure drainage is effective and your roof is watertight.
5. Get your pricing right. You will need to be flexible in every area of your approach in these market conditions, but no more so than when it comes to price. Remember, if you are staying in the market, you should regain any loss you sustain from your sale in your next purchase. During a downturn, an up-sizer might actually get a better home for their money once they sell, especially if buying an off-market property.
6. Work with professionals. Whether you work with an agent - finding the best local agent is one of the benefits of our Seller Assist service - or opt to go it alone with our self-managing service - make sure you work with people you trust and who are experienced in this type of market.
7. Be patient. In this type of market, your property’s “days on market” is likely to be longer. Please DON’T buy your next property or enrol your kids in their new schools until you’ve exchanged on your existing property.
8. Consider adding “buyer incentives” to your sale – These may include a building survey, inclusions such as window treatments, white goods or pool equipment, a “rent-to-own” agreement, or even offering to pay for some of the buyer’s settlement costs.

Above all, stay calm and don’t be greedy

In what can be a stressful period, try to manage your emotions about your property and the pros and cons of the current market conditions. Listing Loop’s main aim is to reduce the pain points that sometimes come with selling, so check out the many ways we can help reduce them. Learn more about our Seller Assist service by getting in touch with one of our wonderful team who will explain the many ways we can support you in your selling journey.