Selling in Penrith now?

Hi guys,

Just wondering what everyone's thoughts are... I'm selling a unit in Penrith and we had a buyer pull out of a deal a couple weeks ago, but aside from this we haven't had much action.

The current marketing looks poor and it's just a standard listing so it's coming up right down the bottom. The agent is great though and I can't take my business elsewhere.

I'm wondering whether I should:
a) Spend money now on marketing to make it present better
b) Whether it's too late in the year for option a, so I'm considering taking it off the market and putting it back up in January

If anyone is close to the Penrith unit market and can share some insight on what's happening, that would be appreciated.

Thanks a lot!

 

I live in Penrith and I'm curious as to why you want to sell now ?

 

Putting the money into developments that will yield me more

 

Ok, fair enough.

You might want to relist in late January after the Christmas & Holiday period is over.

I havent looked to close at the local market having bought interstate. That being said, there's lots of construction going on here, more cranes than I've ever seen and yet more land releases up the back of Glenmore Park.

Jordan Springs isn't done yet either so there is lots of new stock on the market, or soon to be, both as house and apartments. The apartments are attracting a premium price though! I'm still staggered to see 211's going for $500k+ !

 

Penrith has slowed down big time. Party appears to be over

We sold a couple of months ago and it took 3 months on the market. If we advertised in Jan it would have sold in a week.
Prices have been softening since mid this year also.

Your agent needs to work for the sale now! They aren't selling themselves anymore. Look to an agent who is smalller that will work hard and market it well. We made a mistake with our agent and they did a **** job. Bigger isn't better

 

Like the others have said, it's a lot quieter now, and things are taking longer to sell. You will need to be realistic with your price too. Good luck!

 

When markets turn and more supply coming to market you need to change the sales strategy.

Aggressive, go low with the sales price so you can get more than one buyer in, however you need a very good re agent that can create the competition and work the buyer up.

Many sellers wont do this because they freak out at the low sales price. Remember you don't have to sell .....you are still in control.

 

Thanks all, you've confirmed what I thought.

Thanks

 

I know nothing about the Penrith market but I do know how to market a home. If the market is showing signs of slowing your going to have to spend money to make your unit standard out.

Doing a standard listing is a big mistake, I've seen data that shows you lose 50% of buyers after page 1. Your listing will get moved back to the top every two weeks to keep it looking fresh and it will appear in the outer region searches.

Realestate.com busiest day is Janurary 1, make sure it's on for that as a premier listing with a mid Feb Auction.

 

@Jmillar -how did you go with the sale of your unit?

 

Still for sale! I've had to drop the price, as I don't see conditions getting any better in the short to medium term, so just want to get rid of it. Will still end up making about $150k more than what I paid for it a few years ago. If I'd chosen the right agent to start with I would have sold it by now and been $20k ahead!

 

Sorry to hear that mate. Who is your agent? May be I will PM you.

 

OH, wow! Sorry to hear that. Which Agent were you using? We've had exceptional results with Starr Partners, Erskine Park, but that's not really going to help for Penrith.

 

I'll refrain from naming and shaming, but I don't even know if she's still around now. She was a one person operation, and was recommended to me by a mentor. My gut feeling was not to go with her, but I went base Don the recommendation.

Since then my mentor has apologised, as he and a few other people have had bad experiences with her. She used to be really good but she's gone off the rails

 

Sorry to hear that.

 

Fair enough. I was wondering if it was the same one that I had a 'not so great' experience with in Penrith. My one had a father & son both at the same agency. We ended up getting a good price, but the process was painful & I'd never use them again.

 

Was she really good when the rising tide was lifting all the boats? Now that Sydney fortunes are turning you need to be actually good.... to be good.

 

Kim?

 

Nope