When preparing to sell your home, it’s essential to stay informed about the current market conditions well before listing your property. But what specific factors should you consider and where can you access the necessary information?
Here are five key real estate metrics that every seller should be aware of, including their significance and where to find them.
1. Median property price
The median sale price reveals the average selling price of properties in a particular suburb. You can find this data on real estate portals like realestate.com.au and Domain when searching for properties in your desired area. Market insights website PropTrack also provides this information.
These platforms often break down the median sale price for different property types, such as units, three-bedroom homes, four-bedroom homes, and more. They may also indicate the percentage increase or decrease in values over the past 12 months. This data serves as a valuable starting point for assessing the current value of similar properties in your suburb.
2. Supply and demand
The aforementioned data also encompasses the current volume of listings on the market and the number of buyers searching for properties in the area. This information helps determine the balance of supply and demand in the market and provides insight into whether there is likely to be competition for your property.
Understanding the supply and demand dynamics can give you an idea of how favorable the market conditions are for selling your home. You can find this data on the same real estate portals and market insights websites mentioned earlier.
3. Days on market
The average number of days that properties remain on the market before being sold is another critical metric to consider. This figure indicates the level of buyer interest and the speed at which properties are being purchased in a given area.
Real estate portals often display the average days on market for properties in different suburbs. By comparing this information, you can gauge the general selling timeframe and adjust your expectations accordingly.
4. Comparable sales
Reviewing recent sales of comparable properties in your suburb is crucial for determining a realistic selling price. By examining the sale prices of similar properties with similar features, you can gain a better understanding of the market value and set an appropriate asking price for your own home.
Real estate portals, property databases, and local real estate agents can provide information on recent comparable sales. This data enables you to make informed decisions regarding pricing strategies and helps ensure that your property is competitively priced.
5. The auction clearance rate
Auction clearance rates provide insight into the success of property auctions in a specific area. These rates indicate the percentage of properties that are successfully sold at auction, reflecting market sentiment and buyer demand.
You can find auction clearance rates on real estate portals, auction result websites, and through local real estate agents. Monitoring these rates can help you understand the competitiveness of the auction market and evaluate the suitability of this selling method for your property.
By familiarising yourself with these key real estate metrics and utilizing the available resources, you can gather valuable insights about the market conditions and make informed decisions when selling your home.