Upgraders will be one group of buyers who'll be happiest with the recent 0.5% cut in interest rates and the resulting fall in mortgage costs that it will achieve.
A challenge for many owners seeking to sell has been the relatively expensive cost of borrowing money to buy a bigger home.
First-home owners who have wanted to move up the property ladder have felt this frustration acutely.
Now, all that looks likely to change as interest rates start to edge down.
And for some, the race is on to get their homes on the market and buy their next property before prices rebound as buyers enjoy more spending power.
If you're a first-home owner, then you'll have never sold a home before. So, below are some tips.
Have A Strategy
- Don't put your home on the market and hope for the best. And resist those suggesting you try to sell without an agent. Why? Because your home is probably your greatest financial asset. Don't lose money by taking short cuts. Even if you think you're a good negotiator, you'll maximize the value of your home by working with an agent who does this work every day of the week.
- Identify your advantages in negotiations. To what degree might you discount, if at all? Would you compromise on settlement times, or offer to pay the buyer's legal expenses to strike a deal? Work with your agent to evaluate all the options.
- Identifying your target market will give you the best chance of selling quickly and for the right price. You may want to target first-home buyers, or families. Alternatively, you can consider attracting investors. Also, you can test the market by selling at auction rather than putting a price on the property. Your agent can explain the pros and cons for each of these approaches.
Stage Your Home
- Selling your home should be like a performance. When buyers visit, you want them to have a memorable experience that you've staged. The more work you do to achieve this, the greater the value you create. Deals will come faster, too.
- The data supports this approach. A Zillow survey found 48% of buyers said they were influenced by a home that had been staged or had presented very well.
- Focus on your curb appeal – that is, the first impression you give potential buyers. Some 29% of sellers told the same Zillow survey they had landscaped their front yard.
- Staging your home will highlight its best features. If your budget allows, hire a professional to do this. Alternatively, try to take out as much furniture as possible to enhance the impression of space. Declutter and clean thoroughly, too. A cluttered home will turn off many buyers.
- Always accommodate your potential buyers' timings. It costs marketing dollars to attract folks to your home, so don't turn them away if a requested walk-though is inconvenient. Motivated sellers do everything they can to ensure their property is sold quickly and does not languish on the market, slowly losing value.
