For most people, purchasing a home is an outstanding achievement in life. Homeownership is often associated with financial stability and independence. Such a belief is popular among younger generations, especially among millennials. More than half of first-time homeowners in Australia are aged 35 and below, according to the Australian Bureau of Statistics (ABS).
Despite the global pandemic, the Australian residential real estate market remained dynamic and competitive. Latest government statistics showed that first-time homebuyers remained active despite the health crisis. Loan commitments for home purchasing increased by 6% in September compared to the previous month and by 45% compared to a year ago. The surge of home purchases could have been driven by the low mortgage rates offered to home-seekers.
But for some home sellers, the pandemic has harmed their businesses. A recent poll from RateMyAgent showed that seller satisfaction dropped to 37% in April from 42% in Q1 2020 due to COVID-19 restrictions. Home sellers are having a hard time selling their properties to potential buyers as in-person interactions are extremely limited.
The real estate market may get even more complex and competitive in the years to come. If you’re planning to sell your property in the near future, here are some ways on how you can effectively prepare and successfully seal the deal with a potential buyer:
1. Know your local housing market.
Before you put your house up for sale, do some research on housing activity in your area. Find out how many houses are on the market, how long they have been listed, and the types of homes up for sale to see what the competition looks like. Doing your homework can help set an appropriate and competitive sale price and attract potential buyers faster than other home sellers.
2. Educate yourself on legal matters.
Selling your home involves a legal contract, as well as critical financial transactions. Consider speaking with a real estate lawyer to help you understand the legalities of the sale and to avoid any problems during and after the transaction. Hiring a property conveyancing lawyer can also help ensure a smooth and valid ownership transition between you as the seller and the buyer.
3. Hire a real estate agent.
Most homebuyers purchase their homes through a real estate agent. In fact, only 6% of buyers purchase directly from the builder or the owner. A realtor can help you advertise your property and look for potential buyers faster and easier. However, make sure to engage with a realtor you can trust.
4. Take some time to do repairs.
Inspect your home for any cracks, leaks, and damages that need immediate repairs. Consider making a few cosmetic improvements like repainting the walls, changing the carpet, redecorating the living room, and removing your clutter. A well-maintained home can be perceived as a higher value in the market.
5. Advertise your property online.
Most homebuyers now turn to the Internet to look at properties for sale before they contact a realtor or request a viewing. Boost your property listing on social media by uploading high-quality photos, videos, or even a live virtual tour of the property. Expanding your online presence can help you reach a wider audience and attract more buyers in a short period.
Selling your home is as life-changing as the first time you purchased it. Embracing these simple tips will not only guarantee you a successful sale but can also make your home selling experience enjoyable and smooth-sailing.