To most people, buying or selling a property in Newcastle and Lake Macquarie will be one of the biggest financial transactions of their lives. However, dealing with properties can be daunting, especially for sellers. While buyers can shop around for various property options, many sellers only have one or two houses to sell.
Therefore, sellers must make their properties stand out in the market whilst offering the most attractive price. Amid the pandemic, however, many homeowners and property investors now ask: Should I sell my house in 2021?
The whole world is experiencing an unprecedented financial decline this year due to the ongoing pandemic. To be fair, Australia is not immune to this market slump. However, while many industries are experiencing all-time lows this year, the property market is doing surprisingly well.
People might think that 2021 is the worst time to sell a house in Australia, here at Street Property, we believe they couldn’t be more wrong. CoreLogic, one of the most trusted sources of property intelligence, revealed that Australia is experiencing surprising highs in the real estate industry. Property values are increasing, and the growth rate in 2021 has been exceptional.
This is good news to sellers who are in the process of selling a house in Australia. That said, if you are looking for the best time to sell a house in 2021, now would be a great time to take the plunge.
Before selling a property with Street Property or any real estate agent, it is vital to take note of a few critical considerations. What details would you need to know about a property before listing it for sale? Here are 5 of the most important things to consider before selling a house in 2021:
Just because the property market is on the rise doesn’t mean that buyers will immediately purchase the property you are selling. In fact, competition between sellers is tighter than ever. Sellers may be happy that property values are rising. However, buyers are getting locked out of the property market because of the unaffordability of such properties.
Therefore, sellers must appeal to the existing buyers by showing how lovely the property for sale is. Property sellers can do major repairs and renovations to make the property for sale look good as new. They should also make sure that the house is clean and safe to live in.
Just as the quality of the house is important when selling a property, the location of the house and its surroundings matter as well. No matter how great a house looks, buyers are less likely to close the deal if the neighbourhood is problematic or void of economic or social opportunities.
Factors like proximity to shopping centres, boutiques, parks, hospitals, and schools are important to home buyers. In addition, the safety of the community should be highlighted. As such, when selling a house, sellers must remember to emphasise the quality of the location or community.
Just because Australia is experiencing growth in property values, it doesn’t mean that all areas have the same growth rate. For instance, major cities may have spikes in property values, but the growth is felt less in other communities.
Property investors should take note of this because it wouldn’t make sense to raise the price of a property in an area with little property market growth. Sellers would only be putting their chance of getting a sale in jeopardy if they increase prices based on projected nationwide growth. Instead, home sellers should try and base their prices on local projections. That way, their pricing will be able to compete with those in other communities. At Street Property, we are extremely well acquainted with the property markets of Newcastle and the Hunter regions – local knowledge could be the difference between getting the right sale price or staying on the market for months and months.
It is tempting to increase the prices of properties, given the overall growth of the property values in 2021 so far, however, sellers may fall victim to over-pricing and end up locking buyers out of the market due to the astronomical listed price of the property. The three things to consider when determining the selling price of a property are:
Sellers should be able to accurately list the best price for the property to increase the chances of a sale. Of course, the “best” price isn’t necessarily the highest price. It may be tempting to list a high price for a home, but high prices mean that buyers would be less likely to purchase the property. It is best to be reasonable when pricing out your house for sale and check how others react to the price you listed.
Selling a property in Australia is potentially extremely challenging. Even getting an accurate price for a property is not easy. Add the fact that taxes should be considered together with paperwork, marketing, listing the property online, and showing interested buyers around the property, and it’s easy to see why people without knowledge of real estate could have a hard time juggling everything at once.
There’s no shame in enlisting the help of experienced real estate agents. They know what strategies to employ to get people interested in properties, and they can help sellers get the best deals for their homes. So, before taking the plunge in selling your property, you should consult with experienced real estate agents first.
Do you find yourself wondering, “Should I sell my house now, or wait until next year?” Why worry about this yourself when you can consult with the experienced team at Street Property?
Street Property has decades of experience in the Newcastle and Lake Macquarie property markets. We can help you achieve the best results when selling your property and we can advise you on how to land a better asking price.