Selling Property In 2018: What You Need To Know
Selling any property is a big decision.
And, in any kind of market, a successful sale usually begins by understanding exactly where you stand before it’s time to sell.
So what do you need to know before you put your eastern suburbs property on the market in 2018?
Look beyond the hype
Don’t believe everything you read in the headlines. Do your own independent market research instead. The market has definitely stabilized in recent months, but we don’t believe the alleged property “bubble” is about to burst any time soon.
While the tail end of 2017 saw less buyers going head to head for each property in the east, sale prices were still healthy and strong. This was especially the case in some market segments, such as properties over $4M. Auction clearance rates dropped across the city as a whole but remained over 70% in the east, which is still indicative of a seller’s market.
As we always tell our buyers and sellers, the property market, even within the eastern suburbs, is not homogeneous. It is a series of markets affected by different factors and trends, so keep a close eye on the micro market conditions most relevant to your property, price bracket and location. They’re more relevant than any stories about Sydney property as a whole.
Will you buy or sell first?
Timing any sale is important. If you’re selling your home you’ll usually also be buying another property and moving along the property ladder – whether that’s up, down, or sideways. That means you’ll need to weigh up the benefits of buying first or selling first.
While upsizers have found the competition in the market challenging, downsizers were reaping the benefits of a strong market in recent years. But anyone looking to sell should all be buoyed by the fact that a slightly slower market gives buyers more time to make a move. And sellers can rest assured the market is still returning good sale prices.
You may wish to buy first if the local market is rising, or you’re buying into an area with comparable prices, but you should only buy first if you are confident about the value of your existing property. Selling first can be a safe choice when you want to know your exact budget, or you own property in a slower or declining market and you don’t mind spending some time renting before buying your next property.
You’ll need to weigh up your own personal circumstances, budget, and the local market conditions in the areas you’re selling and buying. So, again, research is key.
Interview local agents
You best investment when it comes to selling property is a good real estate agent, so don’t rush the decision on who to choose. This is particularly important in a flatter market when you’re relying on the depth of their experience, time in the market and negotiation skills.
Interview several local agents to get a sense of who is the right agent for you. Get to know them, see them in action at auctions and open homes, and ask them these 10 questions before you decide who to use to sell your home.
If you’re selling but re-buying, you may even want to consider enlisting the services of a buyer’s agent, who has access to off-market sales and knows the local market intimately.