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What to expect when selling during a pandemic

Adrian Wilson, Principal and Director of AYRE Real Estate, shares what he and the team at Sydney’s awarding-winning apartment focused agency have experienced through the pandemic to date, and advice for homeowners selling now.
“The Covid-19 pandemic has no doubt had a significant impact overall on the Australia property market, however within our inner-city marketplace we’re finding that what many may initially perceive to be a negative is turning into a positive for vendors.
“It’s a fact that one impact has been the reduction in the numbers of people inspecting properties, and although there have been less, we’re actually getting more qualified and serious buyers, rather than the window shoppers or existing building residents which is great,” says Adrian.
Adrian Wilson’s 5 things that homeowners selling now should expect include:
Longer days on market for private treaty and shorter days on market for Auction. Many sellers are accepting pre-auction offers, which is reducing the days on market. Whether you’re selling via Auction or Private Treaty, often the best offers come in within the first week or so, so be prepared to jump on a genuine offer at the right level. Unlike in a booming market where you might expect more buyer interest or competition in the weeks leading up to auction, that’s not necessarily the case right now and many qualified, ready-to-go buyers are usually inspecting and offering in week one, or even pre-market. 
Less buyers through the door. But don’t panic, even though we are experiencing lower numbers, those who are coming through are generally more qualified. This isn’t a bad thing, as it means that serious buyers have a better opportunity to engage with the agent and inspect the property in detail. 
Increased advertising. Now is not the time to skimp on the advertising budget. Your agent should be proposing a well-rounded, wide-net approach or its likely you will be missing crucial buyer opportunities. It’s more important than ever to invest in a quality campaign. 
Surprises! Some properties are still running away at auction, achieving price records and setting new benchmarks, while other properties that should sell really well are falling flat. Sellers need to be realistic but also open to the element of surprise, in this market, anything can happen. 
More scrutiny. If you were planning on changing the curtains and carpet, then do it. Every hurdle in today’s market means buyers calculate price revisions. Have the property presenting its best. If it’s a strata scheme, make sure you have a strata search report done pre-market or if it’s a home have a pest and building report done, so buyers can easily review the property and you can attract higher levels of interest quickly.

About Ayre Real Estate:
Ayre Real Estate has been founded by multi-award-winning Real Estate Agent, Adrian Wilson, a pioneer in the Sydney City apartment market with nearly 20 years’ experience and perhaps one of the most strategic thought leaders in the industry. The Sydney City apartment specialists deliver apartment focused services that are smarter and simpler, yet deliver beyond expectations for both owners and landlords while elevating the lives of the clients and communities they work in. They were also recently awarded Best New Office in the REB Awards 2020.