One of the worst things about selling your home is the inspections. Making sure everything is looking its best is exhausting, not to mention having to vacate the property each time the real estate agent declares they have a potential buyer.
As the days, weeks and months go by without a sale, the pressure builds, stress levels increase, and price expectations start to drop. Depending on the reason for selling, some vendors might be in situations where they have to sell and holding out for the dream price just isn’t viable.
Buying and selling in a hot market where buyer finance is readily available is pretty straight forward. High demand means there is a very quick negotiation and the best price wins. But in a slowing market, when finance is more difficult to secure, savvy buyers with pre-approved finance can play the game.
The challenges of selling in a slowing market
The Sydney property market is changing in three ways;
- prices are starting to stabilise with ridiculous growth being curbed
- potential sellers are holding back on selling because of uncertainty
- securing mortgage finance is becoming harder due to lending policy and legislation changes.
These factors combined mean that the number of buyers is reducing and in some areas, properties are staying on the market for longer.
Anyone who has sold before knows the pain points of selling. Keeping an immaculate property, the kids’ toys packed away, the cost of furniture styling and cleaning and vacating the property every Saturday for open inspections is stressful. With the standard property campaign running for around 6 weeks, sellers can live with these inconveniences. But patience starts to wear thin after 42 days.
And after 60 days, sellers start to question the property, the agent, the market – and the price. Enter the savvy buyer.
How to find properties listed for more than 60 days
Finding a property in Sydney that has been on the market for more than 60 days can be tricky without the right tools. Sure, you can keep an eye on the market, shortlist properties in your Domain app and wait until you’re alerted that they’ve been sold. Or you can speak with Sydney mortgage broker Mint Equity and get them to run a report for you.
Yep, that’s right. All our clients have access to our property research tools, free of course – just like our mortgage broking services. Just tell us the suburb you’re looking to buy in and we’ll tell you which properties have been on the market for more than 60 days. In some cases, the report will tell you if the vendors have already dropped the advertised price, which agent it’s been listed with and how much the current owner bought it for.
We notify our clients when their dream home comes on the market
In addition to the property research reports, we can notify our clients when a property they want to buy comes on the market. And in some cases, we can even approach the current owner and see if they might be interested in selling off market to our clients with pre-approved finance. Having pre-approved mortgage finance is the key negotiation tool in a slowing market.
Buying in the Sydney property market is changing, so buyers need to think outside the box when it comes to securing a property, without overpaying.