Selling Houses During Low Auction Clearance Rates
A clearance rate is a key property market indicator, which is expressed as a percentage. This indicator tells the number of properties that are sold at auction over a certain period of time. If explained in simple words, this auction clearance rate is used to determine if it’s a buyer’s market or a seller’s market.
There are numerous factors that can affect the auction clearance rate, including the time or the season of the year, prevailing interest rates, sporting events and even public holidays. If you want to calculate a weekly auction clearance rate, then you would have to divide the total number of properties sold by the number of properties that went to auction. These rates depend on the market clearance rates, but usually 60% is considered low. This indicates that the market is sluggish and that the prices are declining or stagnant. This would be described as buyer’s market. If the auction rate is above 60% and is closer to 80%, it would be considered a high auction clearance rate. This would be described as seller’s market.
Auctions are considered as an option to sell properties when there is a huge buyer demand. If you attend an auction and stand in the crowd, you can witness the anticipation, sense of urgency, and competitiveness. Auctions can get sellers more prices for their properties.
Sometimes, when the auction clearance rates are low, it gets difficult to sell your property because the market is sluggish. Thus you have to make your property stand out so that more and more buyers are attracted to what you have to sell. Here are a few things that you can try to ensure that your property is sold at low auction clearance rates.
The current high demand and low supply of properties in Sydney is what that best describes low auction clearance rates. This is a good time to take advantage of auctions. What you need to sell your property in such conditions is a good auctioneer. There are companies that offer auction services and employ the finest auctioneers of Sydney. They understand your concerns and pressures of selling your most valuable asset. For more details, you can visit lsre.com.au.
Another thing that can get your property sold during low auction clearance rates is the designing of your house. People look for properties that provide fine accommodations. Thus, make sure the property you’re selling in an auction has a fine interior. For more details, you can visit advantagestyling.com.au.
To be a smart seller when the auction clearance rates are low, you must prepare your property for sale, style it and stage it so that more and more buyers are attracted to your asset. Then you should also consider the option of marketing your property so that it comes under the radar of the interested buyers in the market. Once you have done all that, it’s highly likely your property will be picked by many auctioneers and buyers, so you must be ready to manage multiple offers.