Market Insights - "Lets talk days on market"

With Madeline Kennedy

When an Agent refers to ‘days on market’ they are talking about the number of days a property has been actively advertised. Long story short, in this market the longer it takes to sell the property, the more likely the eventual sale price will be heavily discounted.

When a new property launches, it is exciting and fresh and has maximum eyes on it. As the number of days a property is online increases, the excitement starts to diminish. In the first 14 days it is crucial to have the pricing strategy right in order to attract the best buyers who will likely compete for the property and possibly push the price up under competition.

The longer a property sits on the market, the greater the likelihood that there will be a disconnect from buyers and in many instances seller fatigue. Depending on individual circumstances, a prolonged campaign can put sellers under financial pressure and emotional stress, placing them in a situation where they may give up and eventually accept a lower price.

Along with pricing, there are several other elements important to ensure a successful result. These include presentation, strategic marketing, strong buyer work, efficient follow up and effective communication. In this market, simply advertising a listing online and waiting for the buyers to appear will not maximise the result, in fact quite the opposite. It is a combination of price, strategic marketing, the skill and hard work of your agent that will see a premium result in a timely manner.

Madeline Kennedy | Licensed Estate Agent | 0411 873 913