Property market is heating up

Date: 25 September 2013

Spring is always touted as the best time to sell property, and spring 2013 is certainly shaping up to one of the best we’ve seen in years.


With property markets becoming more balanced, First National Real Estate chief executive Ray Ellis said buyers and sellers are set to be winners if they follow some simple rules of engagement.

“The latest industry figures show the number of homes for sale is now more aligned with buyer demand, creating a balanced market in most states of Australia,” Mr Ellis said.

“Naturally, for those wanting to sell a home or purchase one, they will still be seeking the best deal they can get.”

Mr Ellis said while a balanced market heralds good news for sellers, as competition increases among home buyers, it also means there is less room to negotiate on price.

The increased competition means information becomes king in the negotiation process.

“Home buyers need to arm themselves with as much research and information as they can, so they are fully informed of local trends and similar property sales in the areas where they want to buy,” Mr Ellis said.

“It’s also advantageous to get advice from their local real estate agent, especially one they feel comfortable with and trust. We are there to help our clients achieve the best possible outcome, whether they are buying or selling a home.”

Mr Ellis advises that home buyers should also set themselves a clear budget, secure conditional pre-approval financing and monitor wider market intelligence.

“Combining these factors will keep them ahead of competing buyers by giving them the confidence to act decisively when they find the home of their dreams.”

For sellers, Mr Ellis says the key is meeting market expectations by setting realistic prices.

“Too often, sellers see headlines about rising prices but don’t take account of what the local market is doing.” “They then set a price way above what buyers will pay, which only serves to frighten them away.

“While supply is still relatively short, and will continue to be so for some time, there is still strong competition for quality properties that come onto the market.”

Mr Ellis’s best advice for home sellers is to secure the services of a reputable, trustworthy real estate agent who will guide them through the process, including what price to set and how best to prepare their property for sale.

“A common mistake for sellers is to not prepare their property effectively.”

“Sometimes it’s simply a case of de-cluttering your home and giving it a spring clean.

“Or it may involve repainting and fixing cracks in walls, ceilings, pathways and driveways.”

Mr Ellis said preparing a home for sale rarely involves a complete makeover, but if that is what it takes to maximise value, then sellers should do it as it may add thousands of dollars to the eventual sale price by generating greater competition among prospective buyers.

Source: Coffs Coast Advocate, Coffs Harbour, 25 Sep 2013
Back to articles Filed under: Media / National News Tags: presentation, pricing, property market, property market outlook, selling, tips for selling
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