Westwood Conveyancing

Are you thinking of buying or selling a home in the current market?

5 top tips for buying and selling in the current market

The market has moved on to the next phase of the property cycle.

This means both buyers and sellers both need to adjust their strategies to be successful.

So here are some tips to help no matter which side of a property transaction you find yourself on:

5 TOP TIPS FOR BUYERS

1. Be prepared

With more buyers than sellers currently in the market, properties are being snapped up quickly.

This means when you find the right property you will need to be prepared.

Have your finance pre-approved, and have your team prepared. By this I mean have a conveyancing solicitor who can check the contract of sale quickly for you and details of a building and pest inspector who can check for any hidden faults.

2. Do your homework

Now, more than ever, careful due diligence is critical otherwise you won’t accurately gauge what a ‘good price’ is.

With our property market surging, property values hard to gauge so only use recent comparable sales to help you estimate the price of the property you’re interested in.

Do your macro suburb-based research and understand the different precincts with the unique suburbs and why some are more desirable and more valuable than others.

Go to as many auctions as you can to gauge the mood of the market and see what properties are selling for.

Selling prices are a more important part of your research than advertised asking prices. They inform you what’s really happening on the ground.

3. Don’t be scared of auctions

Many of the best properties on the market are being sold by auction.

But remember, actions are an unconditional sale and therefore you need to go along prepared.

• Have your solicitor ready for that contract of sale
• Make sure you have a professional building and pest inspection
• In some states, you will have to register with the selling agent to be able to bid prior to the auction
• Go to the auction with a bidding limit and stick to it
  
• However, most buyers have three prices in mind:
  • the bargain price that they would like to buy the property for (unrealistic in today’s environment)
  • what they think the real market price of the property is, and
  • the “stretched” price they are willing to pay for the property

Attend lots of other auctions to make sure you’re comfortable with how it works or if you’re nervous have someone with more experience bid for you.

As part of your research attend a number of actions by the particular auctioneer who will be selling the property you’re interested in – I don’t mean by the same Real Estate agency, as many firms have a number of auctioneers working for them.

On the other hand, seeing how a particular auctioneer runs the auctions will give you valuable insight.

4. Don’t wait for everything to be perfect

Too many buyers want to wait for everything to be perfect before they move on.

This leads to a delayed reaction in a dynamic market that may see them missing out on genuinely good buying opportunities simply because they’re too hesitant to act.

Realise that conditions will never be perfect.

Just to make things clear… I’m not saying compromise your standards.

When you buy a property there is usually three things that you have to consider:

• Your budget - this is usually determined by the banks
• Location – don’t compromise on this
• The property – maybe this is where you can compromise and buy a property that isn’t in perfect condition and something you can do up down the track

5. Don’t look back

Many buyers waste time, emotion, and energy lamenting on the properties they missed out on.

Instead focus on what’s on the market today, not on what was there yesterday or what may or may not be there tomorrow.

5 TOP TIPS FOR SELLERS

1. Choose the best agent

Make sure you engage an agent who’s active in your local market, who’s a great negotiator and one whose advice you can trust.

Don’t choose the one with the lowest commission.

The best agent is the one who gets you the best price for your property.

2. Price your property correctly

Sure the market is hot and most properties are selling quickly, but buyers are very well informed today and are in no mood to entertain overly ambitious sellers.

They’ll simply walk away and look elsewhere.

3. Let your property run to the auction

Auctions can be a nerve-wracking time for sellers as well as for buyers, but with 8 out of 10 properties being put to auction sell on the day, even if you get a solid offer prior to the auction, in general, it makes sense to run the complete auction campaign and see buyers pay a little more under the emotional pressure cooker of an auction.

4. Often you’ll get your best offer in the first week or two of the campaign

Remember your property may be new on the market, but most buyers have been looking for a while and will act quickly in today’s market when they find the right property.

5. Make sure you have a very good auctioneer

If you choose to sell your property at auction, it's just as important as having the right selling agent is to have the best auctioneer.

A great auctioneer you can whip up a crowd, create FOMO, and often get you 5 to 10% more than an average auctioneer.

Source  :  https://propertyupdate.com.au/5-top-tips-for-buying-and-selling-in-the-current-market/

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