TIPS FOR SELLING IN A BUYER’S MARKET

We have known the property boom has been on the slow-down for a while. Throughout 2018 we are set to see the trend continue with the shift from the seemingly endless seller’s market to a buyer’s market.

But for those looking to sell in 2018, don’t despair. There are still options available to you especially if you are looking to sell and buy in the same market. For buyers, this gradual downturn may see good opportunities arise to enter the property market.

Let’s start with those looking to sell their property in 2018. As we mentioned, it is not all gloom and doom. You will just need to be more savvy in your decisions and a little more patient…

LOOKING TO SELL IN 2018

The present buyer’s market will see properties for sale at a slightly lower price than previous years as well as staying on the market for longer. Buyers will have more options and can take a little longer in their decisions than before. The pressure to snap up a property is no longer in play except if your property is unique or there are many buyers in this particular price range. So as a seller, you need to know how to play the market correctly.

1. Set a realistic selling price

Research the competition in your area and set a comparable selling price. Setting your price out of the market won’t do you any good and you will instantly scare off any potential buyers. Remember, if you are buying in the same market you have more flexibility to move on your selling price. It will all even out in the wash.

1. Don’t buy before you sell

This is especially pertinent in a buyer’s market. Buying before you sell will only bring an intense amount of pressure and stress. Property comes and goes. There will always be another property once you sell your own home. Don’t fall into this trap, as it is a might be a tough one to navigate your way out of.

1. Find a good agent and be flexible on terms

We cannot stress this enough. A good agent is familiar with the market. They know their buyers and what they are after. Find yourself an honest, reliable and upfront agent and your job is half done. Take your agent’s advice when negotiating with potential buyers. Be flexible on your terms by accepting 5% or 10% deposit and longer settlement terms. The road may be longer to the sale, but the outcome will be the same.

LOOKING TO BUY IN 2018

For those looking to buy, 2018 is a good time to enter the market. Despite this, keep a cool head and don’t rush your decision.

1. Research, Research, Research

Whether you are buying or selling, being well prepared is crucial. Research property in your area, attend auctions and as many open homes as you can to get a good feel for the market and the area.

1. Enlist a good agent

A good agent will help you narrow down the options to find you the best property for your needs and budget. They will help you negotiate the best deal and act as the middleman between you and the seller.

1. Don’t get emotionally attached

This is difficult to do. Property investment is emotional, but you will set yourself in better stead by not getting emotionally attached to a property. There are many perfect properties around, and by being patient and objective, you will find the right one for you.

1. Get Finance Pre-approval

Cash is king. It always has been, and always will be, especially in a buyer’s market. Offering a lower purchase price becomes more attractive to a seller when the option of preapproved finance and a short settlement is on offer.

Whether you are looking to buy or sell, enlisting a good agent should be on the top of your list. They will help you buy or sell a property with the greatest opportunity for a positive outcome. Get in touch with Angela today to discuss where you are headed in 2018.