Market trends cause real estate price fluctuations. How can you secure the right price for your home? How much can be put down to luck? How much control do you have? The answer is, with a well-prepared, well-informed approach, you may have more control than you realise.
Firstly, it is important to understand the property cycle and the current market movements at the time you’re looking to sell. While this may seem obvious, if you’re in a hurry to sell your property in a market slump, you will be forced to take a price that may not meet your expectations. A peripheral approach to market sensing can allow you to understand the key economic drivers that influence property prices and how movements in those drivers affect property prices in your area. Stay on top of news and projections, trends and events in your own backyard. Do your research. Attend neighbours’ auctions. Talk to those who have sold recently – ask them what worked. Were they satisfied? Why? Why not?
There are countless people out there willing to give you advice. Taking the right advice from well-regarded agents can give you the best chance at a fair price for your property. Avoid agents that seek to add lengthy lock-in clauses that can hinder potential future investments. Don’t be afraid to shop around for agents. Do your homework! Get a sense of the market – understand the advice you expect to hear before you hear it and challenge them when necessary. Most real estate professionals will have your best interests in mind – just make sure you are comfortable with the relationship and have confidence in your agent.
Taking a proactive approach to improving the value of your home can help secure your desired price. Showcasing your property in the best possible light is imperative. Prospective buyers find clutter and mess, or poor DIY handy work a huge turnoff! Ensure your place is tidy and presentable without cutting corners.
While market factors will still come into play, a well-informed selling strategy can secure your desired price.