It’s safe to say that the FOMO has come out of the market and homes are taking longer to sell. According to national PropTrack data, it took on average 52 days for a property to sell in October, well up from the 31 days averaged during the last quarter of 2021.

Although today’s vendors need a little more patience than those who listed last year, property experts urge it’s not time to panic if your home still has the for sale sign up.

Here are some key steps you can take:

SWITCH THE AGENT

Make sure your agent is an expert in the local area.

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Stephen Mutton, LJ Hooker general manager, said if you don’t feel like you’re on the same page as your agent, consider who could bring more to the table.

“A change of agent can bring a change of enthusiasm. I believe there are four key drivers in real estate: competition, momentum, emotion and urgency. As long as you’ve got an enthusiastic agent, you’re covering all those four key drivers,” he said.

Ray White head of performance, Bianca Denham, said a change of agent might get the job done, but not necessarily in isolation.

“Especially if there’s no other changes. A new agent can give fresh energy, and they might reach out to buyers from a different demographic or geographic area and bring them across. But most agents all use the same advertising and portals so sometimes simply a change of agent isn’t enough,” she said.

RAMP UP THE CAMPAIGN

Launching an auction campaign can often kick a flailing property listing back to life. Picture: David Swift

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A home left to linger for weeks on end as a private treaty listing will likely have the wind taken out of its sails. A swift auction campaign of less than the traditional month’s time frame could be the right attention-grabbing strategy, said Mr Mutton.

“If you do a short auction campaign, you can take the same marketing funds you’d have invested over a four-week campaign, but increase the size of your ad and your social posts to make it really stand out,” he said.

Although the Christmas period and summer holidays have typically been a slower property period, buyers are still out house hunting.

“The market hasn’t stopped, it’s quite active across the country and we’re seeing good attendance for properties with those four key drivers, especially when it comes to creating urgency. But remember, urgency isn’t just about dropping the prices, it’s about creating the fear of missing out. You can still find that even in a changing or changed market because if the marketing is done right, and you’ve got a great agent, that enthusiasm translates through to the buyers.”

CONSIDER A PRICE CHECK

The value of your home can diminish if it’s left on the market too long.

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A home can “psychologically depreciate” in buyers’ eyes according to Mr Mutton if it sits on the market for too long.

“One of the first comments a buyer will ask is ‘How long has it been on the market?’ then ‘How many price reductions have there been?’ So you need to be reviewing your price regularly and make sure your agent is giving you feedback so you can make an informed decision,” he said.

“I’m a firm believer if you’re going to reduce the price, remove it completely and take it to auction or have an expressions of interest campaign with a closing deadline. The more you start discounting your price, that’s when people start asking, “what’s wrong?””

Ms Denham added a “no price strategy” heading into an auction could turn buyers’ heads.

“This is possible in every marketplace, except Victoria where you must disclose a price guide. It tells buyers who’ve been watching your property that if it’s suddenly going to auction there’s now a commitment to sale – more than any other method of sale,” she said.

Price corrections are a reality in a market where borrowing power has been significantly reduced in a short period due to rising interest rates.

“When the market sees value, the market responds. Although we’re seeing dwindling buyer numbers in some areas, agents who understand market value are getting auctions with six to eight registered bidders, whereas their competitors may only have two or three people at an open house,” Ms Denham said. “If the price is right, the buyers are still there. They just have less money.”