Auction Clearance rates for the week ending July 27, 2008 indicate a property market in crisis. Sydney’s Clearance rate of just 36.5% is indicative of the disparity between vendors and buyers, with some real estate agents caught in the middle.
Agent’s skills in both marketing and negotiating homes are being put to the test and many are being found short. Agents with reputations for overpricing properties (the practice of overpricing is used by some agents to win listings) are struggling to match the prices offered by buyers with the price expectations of vendors. Agents with the ability to communicate the best strategy at the time of listing are best placed to negotiate the highest price for vendors in the current market – well before a property is seen to become “stale”.
Getting the right Agent is the key to successfully selling your home. Given that the total number of sales are down and the list of unsold properties is increasing it is more important than ever to ensure that your home is in safe hands. Given that Spring and the usual seasonal increase in the number of listings is beckoning I stress the importance of making the right decisions first time!