It’s always a good idea to conduct your own research into the property market when you decide to sell. This will help you get a feel for how the market is performing so that when you decide to sell, you’ll have some background on the market to know what your buyers are seeing.
Here are 4 of the most important things to look at:
Number of properties
How many properties are in your suburb, and how many are currently for sale and how many sold in the last 90 days? By understanding how many properties are for sale at any given time and how many have sold in the last 90 days, you can almost formulate if you are in a buyers or sellers market. Remember that this is a supply and demand market, so when there is greater demand than supply, prices rise.
What’s the demographic mix?
You might think you know who lives in your home’s suburb, after all, you live there! But sometimes the data tells a different story. Some of our local markets are going through an extraordinary growth period, because they have become more attractive to a certain and perhaps new buyer demographic. Knowing ‘who’ is buying in your area means that any targeted marketing campaign will ensure your property is reaching the right type of buyers.
What’s the median sale price?
The median sale price is the ‘middle’ price of all the properties that have sold in the suburb over a period. It’s regarded as more reliable than an average price because it won’t be skewed by individual sales at the very high or low ends. Commonly this data point is published by most media outlets and can provide headlines that can either excite or hinder buyers interest in an area. It’s important to be aware of these headlines and how they might affect the confidence buyers have when purchasing in your neighborhood.
How much time is it taking to sell?
The time on market or days on market figure tells you how long it is typically taking for properties to sell. As an agency we on a monthly basis publish our ‘Time on Market’ statistics for both our Auction and Exclusive Agency campaigns. In a strong sellers market, this will typically be under 15 days. The longer the time on market, the more mindful you will need to be about correcting the advertised price of your property. Commonly the longer homes are ‘on the market’ for the lower their perceived value becomes to willing purchasers.
As an agency we regularly publish these numbers each quarter and provide these obligation free to our clients.
If you would like an updated market report for your suburb, just let us know by filling in the form below.