~What a difference a year makes. After the rapid growth of property prices in Sydney and Melbourne, the housing market cooled considerably in 2018. ~In Sydney, house prices experienced their biggest decline in 30 years, with property values falling 8.9% over the past 12 months.
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A cooler market is a blessing for first home buyers who may have previously struggled to get a toehold on the property ladder. It means there are more properties available than buyers, effectively driving down the competition – and house prices – in the process. But what if you’re looking to sell your home? Can you still make a decent profit in a buyer’s market?
If you find yourself in a position where you need to sell your home now, there are some things you can do to maximise your sale price:
- Work with your agent: A good real estate agent should be able to suggest ways of maximising your sale price in a cooler market. Communicate openly with them and ask plenty of questions. Ideally, your agent will have a knack for digital marketing and know exactly how to create a campaign that appeals to your target buyer.
- Stand out from the competition: Make it easy for prospective buyers to find reasons to buy your home. Highlight any favorable qualities such as energy-efficient features, a low-maintenance garden or natural light. Use plenty of relevant keywords in your property description such as ‘swimming pool’, as buyers often filter their search by key features.
- Stage your property: First impressions are everything when you have a property for sale, so spend some time decluttering and tidying the inside and outside, paying special attention to the front of your home. Invest in a professional home stylist or hire some quality furniture so buyers can see your home at its best.
- Repair or replace: A home in need of visible repairs can be a deal-breaker for potential buyers. Broken fences or gutters that need replacing can be a sticking point that stands between you and your competition. If you don’t have the time (or skill), hire a handy-person for the day to make sure your home is in tip-top shape before the photos are taken.
- Be flexible: Be open to negotiating your settlement terms if you can to attract more interest. Be open to private sales and expressions of interest prior to the auction, as some buyers may prefer to buy outside of auction conditions.
- Be realistic about price and timing: In a cooler market, it’s likely your home will take longer to sell, and may not achieve the price you were hoping for. That’s why it’s a good idea to sell your existing property before you buy your new home, as you don’t want the stress of needing to make a quick sale in this market.
The timing of when you sell your home really depends on your individual circumstances. If you do go ahead and you need advice on home loans, talk to one of our home loan experts to find a solution that’s right for you.