The window of opportunity for vendors is when there are more buyers than homes, demand is high and stock is low / File
WILL your home really sell quickly?
One common mistake sellers make is to presume their home will sell easily.
Thinking this way is not the end of the world, of course, but what it can do is give you a false sense of security: you relax a little, so maybe you don’t need to clean up as much, maybe there is no need to spend money on a strong marketing campaign.
But this presumption risks not only wasting time and money, but you may even miss the right time to sell. That window of opportunity is when there are more buyers than homes, demand is high and stock is low.
So, how do you know when demand is strong for your type of home? The answer, I’m afraid, is to do your research thoroughly.
You can often find “time on market” figures in newspapers or online. They can, however, be somewhat misleading as they either cover the figure for your entire city or a suburb overall and, as we all know, all suburbs have micro markets.
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So how do you know if the presumption your home will sell easily is on the mark or just a property pipe dream?
One of the best ways to measure a housing market is by establishing and comparing typical sales volumes, (how many homes sold) compared to the number listed for sale at the moment.
To do this, find out how many homes have sold in your area over the past 12 months — you can find this info on myrpdata.com.au or other data providers. Then search your suburb on a property website like realestate.com.au to see how many homes are currently on the market.
This will create a simple guide – but it is pretty accurate if you narrow the research criteria to your home type, your likely approximate price/value and your suburb/location.
Successful research needs to be focused. If you don’t have the time or online access to find out this information, ask your agent.
Andrew Winter is a real estate consumer champion and host of Selling Houses Australia on LifeStyle.