Insight

05.05.20  Selling Advice

 

Setting Up For A Spring Sale In Sydney’s East

The Covid-19 social distancing restrictions have led to quieter times in Sydney and a less active property market.

Many buyers and sellers have reluctantly put their plans on hold, waiting for more stock to come on the market, and confidence to return.

But if you are considering selling later this year, or even in 2021, we suggest you make the most of the quieter autumn and winter months to prepare your property for the best possible sales outcome.

The property market right now in Sydney’s East

As we wrote in our March Property Report, the Sydney property market was in strong shape before Covid-19 hit our shores. It’s unsurprising that recent weeks have seen a drop in auction clearance rates as many buyers and sellers are taking a ‘wait and see’ approach.

While it’s far too soon to make any solid predictions, we are hopeful that things will improve when restrictions ease and that lower stock levels will help cushion prices. You can read more in our thoughts about Covid-19 and the Eastern Suburbs property market.

In the meantime, here are some positive steps you can focus on during this downtime if you may wish to sell later this year.

Attend to renovations and repairs

Many of us are now at home a lot more now and if you are too, it’s an ideal time to get stuck into any DIY repairs that have been languishing on your to-do list. After all, Bunnings is still open.

Simple things, like fixing any loose door handles, or other broken fixtures and giving all of your windows a good clean, really add up when it comes to making your property feel fresh and well-presented. Paint is always one of the cheapest and easiest ways to spruce up home inside and out. Weeding gardens, trimming hedges and adding greenery to your outside space are other easy ways to freshen things up that you can probably do yourself. Even taking the time to do a deep clean can make a big difference.

Because you can still have tradespeople in your home, so long as they observe social distancing rules, many Sydneysiders are also taking advantage of this time to get their alterations and renovations done. Focus first on making sure that everything is fully functional and in good repair. This means taking care of any electrical repairs, plumbing issues, broken fixtures or leaking taps. Sort out any outside jobs that affect first impressions, like repairing and painting any water-damaged, rotting or rusted fencing or decking. It’s also a great opportunity to spray for pests or have the carpets steam cleaned. And it always pays to put some effort into the big-ticket areas that prospective buyers really notice, which are typically the bathroom and kitchen.

Declutter and get presentation ready

The downtime is also a great opportunity to go through your belongings carefully and get rid of or donate things you no longer need, making it easier for a future move (particularly if you’re downsizing). Decluttering is also one of the best and most affordable ways to make your home feel more spacious and make it easier for prospective buyers to imagine making it their own. It could also be a good time to play around with redesigning your space. Get inspired by current home design trends and see what you can do to make the presentation of your home as up-to-date and appealing as possible.

Research your property’s market value

It’s a good time to get a market appraisal so that you can see where your property is placed in the current market. It will help you understand what the best strategy is for selling and how you can achieve the best result. But a market appraisal also lets you know where you stand so you can better budget for what you’ll be able to afford to buy if you do sell.

Be sure to find a real estate agent you can trust. Naturally, if you’re not selling immediately you will need to have your real estate agent give you a price update before you go to market, particularly in these rapidly changing times.

Consider listing off-market

A lot of our sales are off-market and off-market sales have been on the rise, making it an option that’s well worth considering. We often find that properties sell off-market before we’ve begun a public campaign. Here’s what you need to know about off-market listings to decide if this might be the right approach for you at this time.

Sell now or wait?

If you were planning on selling sooner before conditions changed, the big question is do you forge ahead or wait? It’s certainly possible to sell and buy now if this is the right time for you. It really depends on your own circumstances. While properties can only be viewed by private appointment now and auctions must be held online, there is less stock around currently, so we’re still seeing some very good prices being achieved.

If you are holding off on selling, we expect the next few months to be quieter, so it’s more important than ever to be ready come spring and summer, so you can be poised to take advantage of any lift in market activity.

Contact my team today if you’d like any advice on buying or selling property in Sydney’s East during COVID-19.

Download our 2018/2019
Eastern Suburbs Market Report

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