Make your best move in a sellers’ market

The property market remains hot, with CoreLogic data indicating that Perth’s median time to sell a home dropped to just 13 days in April.

For those looking to purchase a home, Realmark Coastal Sales Associate James Heerey said having a short window of opportunity meant less time to decide on whether you should make an offer and purchase a property.

“A challenge for some buyers is that a new property could come to market and, by the time those buyers are formally ready to inspect, it’s already under offer because someone wanted it more,” he said.

Ray White Applecross Sales Executive Noel Rogers said it was important to be prepared when buying in an overpopulated market.

“Know your affordability, research the sales evidence surrounding the property you have chosen and negotiate with knowledge of the price that has been paid on recent sales in the area,” he said.

Mr Heerey recommends buyers not to underbid or low-ball offer because they think it’s not worth it.

“Despite your feelings, if the data is there to support the price, it will not serve you as a buyer and it will not secure you a property, especially in a set date sale campaign, which is highly common in this market,” he said.

“If the agent tells you the price guide is early $1 millions, you can ask for a list of comparable properties that recently sold to help you formulate your offer.

“You can also seek the assistance of a buyer’s agent, which I highly recommend if you do not have the confidence, or have lost confidence, when missing out on properties.”

For sellers, Mr Rogers acknowledged that a shorter median duration meant it was an excellent time for those putting their property on the market.

“Selling your property is not meant to take months and months of home opens,” he said. “The longer your home is on the market, the lower the price that you may decide to accept for your home will be.

“Now is an excellent time to find the highest price in the market in the shortest possible time.”

Mr Heerey said before putting a home on the market, sellers should find an agent that they trusted to achieve the best result on their existing property.

“Trust your representative – agents work hard for sellers to flex the market to what they need and put together a strategy to ensure they are never undersold,” he said.

“If you wish to sell, then find an agent who has your best interests at heart and ask them what their strategy is to help you find a place to buy.

“Any agent worth their salt in this market isn’t just about getting you sold on the best terms, it’s more than that now.”