All of us have our own reasons for selling our home. It may be that we need a home that is in proximity with our place of work or good schools, or we may want to have a bigger home for our growing family. Perhaps we may want to sell a home for financial reasons, to free up money for other things, to meet obligations or settle outstanding bills.
Investing money in property involves considering risks and possible outcomes. To determine what makes a successful investment, you must collect and analyse various kinds of data. The same principle should be applied to selling.
“If a train is coming at you, closing your eyes won’t save you; but if you look right at it, you will at least have a chance to jump.” – Andrew Vachss, American writer and lawyer
The best thing to do with closed eyes is to think.
When you plan to sell, it is time to open your eyes to all the information that is available to you, the property owner.
The sheer volume of knowledge that is available, and necessary to give your property its best competitive edge, is staggering. Keeping up with market movements, buyer activity, and asking and sale prices, is a full-time job.
No two markets are the same when considering either the sale or purchase of property; and, in either case, never rely or base any decisions on the data and statistics from a market other than the one the property is located in.
When the time comes to sell your house, the logical first step is to figure out what it is worth. You need to be realistic about your expectations because even in the ‘craziest’ of markets, setting the price too high can put potential buyers off.
Before setting a price, consider what the current market trends are, and what the demand is for a property like yours. The market will determine the eventual sale price, of course, but you need an accurate and realistic price expectation.
Do not blindly enter into the process of selling. Educate yourself.
Knowing and researching your own local property market will go a long way to ensure you make informed decisions. Research comparable local sales, read up on the state of the property market, and make sure that you engage an agent you trust and comes with a thorough understanding of the local market.
Ultimately, property prices are based on opinion because people will pay what they think a property is worth, and that may or may not reflect any analysis of recent comparable sales, but that analysis is a reliable benchmark.
There are numerous sites for researching property in Australia, where you can find out everything from capital growth trends to how trendy the area is.
With a desire to help sellers and buyers make informed decisions, RE/MAX Australia launched a campaign to deliver market insights and, specifically, assist sellers to see where their property sits in the market.
To do this, RE/MAX teamed up with CoreLogic, the leading provider of property data and analytics in Australia and New Zealand, with growing partnerships throughout Asia.
Through https://www.remax.com.au/property-report, sellers can get a detailed report with information including suburb performance, sales statistics including auction clearance rates, average days on market and hold periods; market trends for the suburb, property types, property price segmentation, house hold income, sales activity, recent sales nearby, for sale and rent nearby, local schools and other information.
It is vitally important to have ‘all the facts’ when it comes to selling. Get informed. Get an advantage.