The good news for property owners is that real estate prices are on an upward shift – particularly in the mid-range price category of $350k - $550k. It’s been quite some time since we’ve been able to report that, however this should be pleasing to most property owners. Over the past 6 months we’ve consistently reported on the low number of properties for sale and the opportunities this creates for those looking to sell. Since our last update we’ve seen more owners make the decision to sell now and the reduced competition has worked in their favour. Many of these properties are now under contract or sold. The most pleasing aspect is that buyer demand has remained quite strong and we are still working with many buyers who are looking for a property that suits their requirements. This should see prices continue to steadily increase over the winter months and we’re of the opinion this presents a golden opportunity to genuine sellers before the flood of Spring Sellers hit the market. As such our office is keen to talk to any owner that maybe considering a move in the near future. The average time to sell a property in the area has continued to improve and now sits around 3.5 months. This has reduced
from an average of 5.5 months this time last year. Again this is an indicator renewed strength in the market and buyers showing more urgency. Many people have commented to us in recent times about the changing trend of seeing more properties available for Auction so I thought it was timely to present some facts about this method of selling. About 25% of all of our sales occur through the Auction method and we’ve found it works particularly well. It provides a greater advantage to property owners in terms of price, timing and options. Auction provide the opportunity for a sale price above expectations as buyers compete to secure the home. Additionally it provides the seller 3 options to sell, prior to auction (if they get a great offer), on the day or after. Our statistics show that over the past 12mths, the average selling time for non-Auction properties was 188 days (or 6mths) as opposed to Auction properties averaging 39 days (or 6 weeks). It’s a massive difference in terms of time taken and most research also indicates that properties can become “stale” after being on the market for too long, so an Auction eliminates that risk. If you’d like more information on the different options for selling a property, by all means give us a shout, we’re only too happy to provide some professional and reliable advice.
Published on May 14, 2014