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holiday-moneyChristmas offers a few new possibilities for struggling vendors, writes Carolyn Boyd.

If your house has been sitting on the market for a while and you are worried it won’t sell before Christmas, now is the time to take a good look at your strategy.

There’s been a late flood of properties on to the market this year – with 2197 vendors holding auctions this month, a record for December. It seems that price jumps in the past year inspired many people to sell but they took their time doing it.

Many vendors delayed their decision until after the federal election.

The high volumes are weighing on auction clearance rates, with just 49 per cent of properties put to market last Saturday selling on the day. That’s the weakest figure since the financial crisis created market jitters in mid-2008. Falling affordability, rising interest rates and nervousness over continuing economic problems abroad have also dampened demand for houses.

‘‘We’ve already seen over the last two or three months that the amount of stock on the market is mounting quite a bit, indicating that it’s definitely harder to sell,’’ says a senior analyst with RPData, Cameron Kusher.

If it is passed in, all is not lost

When their apartment failed to sell at auction on the Channel Nine TV show The Block, Brenton needed to let off steam and Cheryl declared they had just wasted the past six months of their lives.

But all was not lost and the sales action continued behind the scenes.

Just a week later, the Melburnians sold the top-floor Vaucluse unit for $970,000, $90,000 above the auction reserve price. On auction night it was passed in on a vendor bid of $865,000.

In clinching the after auction sale, the duo moved from looking like show losers to achieving the third-highest price. It’s not just in TV-land that deals are secured after the auctioneer has left the room; it’s a strategy that could work for you, too.

Story by Caroline Boyd, source: www.domain.com.au

Tags: investiung, marketing, money, property, real estate, selling

View the original article here

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