Why Sellers’ Sell: The Inside Scoop On How To Put Your Best Foot Forward

In the property game, there are two main players: The buyer and the seller. The interaction between the two is what fundamentally drives the movement of the market - and right now, the pace is bonkers! Why? Because properties are scarce and with more factors to consider than ever, buyers need to be on the ball, and ready to swing at any point.  The same goes for renters and the #rentalcrisis that’s upon us. The market is not waiting for anyone who is dawdling. And the reality is, there’s no penny that’s about to drop, right now is go time! Of course, the state of the economy, location of the property, and the current demand for real estate in the area are well known contributors of market fluctuation. However, in a ruthlessly competitive market where properties are being snapped up faster than the mood swings of a hungry toddler, we need to take a deeper look and be cognisant of what value looks like, the reason why properties go to market and how we can put our best foot forward.

 Sellers

Property Upgrade: If sellers have put time, sweat, tears and $$$ into renovating or upgrading their property, there’s a high chance they may want to reap the benefits. These sellers go to market in order to make a pretty profit on their investment. It’s an ideal strategy for the seller as properties generally have higher resale value and can attract a higher number of potential buyers. For the buyer, this means you’re likely to stress less and spend less on time and renovations. 

Property Downgrade: Conversely, if a seller is looking to downsize, they may be selling for convenience, lifestyle - or flexibility. A lot of the time, they’re hoping to free up some equity and reduce their expenses.

Change in Job / Relocation: If a seller has been offered a new job in a different city, state or country, they may need to sell their property to relocate, and quickly! Similarly, if they have been laid off or are experiencing a situation where their income has decreased, the urgency of selling their property in order to alleviate financial strain may become crucial, placing the buyer in a position of strength. 

Change in Relationship Status: A change in relationship status, such as a divorce or separation, may necessitate the sale of a jointly-owned property. This may be because both parties want to move on and start fresh or because they need to split the proceeds of the sale in order to support their independent ventures. 

Change in Neighbourhood: If there have been factors that have changed aspects of a neighbourhood, such as a decrease in property values, or if a seller simply is wishing for a change of scenery, they may be eager to sell their property. Additionally, if they have already sourced an ideal new property, and the sale of their current house financially determines their ability to move forward, this typically works out to be advantageous for the buyer. 

Proximity to Family:  Many sellers decide to move to be closer to family members. This applies mostly if a seller has aging parents or young children who require additional support. When this is the situation, there is usually less urgency to sell, and more about finding the right buyer willing to put forth an appropriate offer. 

Desire for Cash Profit: More recently, cash sales for property have become the norm. If the seller needs to generate cash for a major expense, such as paying off debt or funding a child's education, they may need to sell their property to free up their financial resources. 

As exciting as it is to purchase a property, all the bits and bobs that go into buying a home, (that we more often than not forget about), can feel like an endless stream of pain in the neck tasks. After all, there are a whole lot of ducks that need to fall into line to successfully attain the property you want, in the right location, for the right price. But, with a little support, research and forethought, there are some tips and tricks to make the process a whole lot easier.

Buyers

Monitor fluctuating mortgage rates: Keep an eye on mortgage and interest rates as they can fluctuate regularly. Research various lenders and compare their rates, terms, and conditions to find the best deal for your financial situation.

Preserve your reserves: Plan ahead and ensure you have enough savings for the down payment, closing costs, and other associated expenses. It's also a good idea to set aside some emergency funds in case unexpected costs arise.

Build flexibility into your current timeline: Be flexible with your timeline for buying a property. Sometimes, it can take longer than expected to find the right property, so we need to navigate strategically. Take a deep breath, be open and allow your agent to fill in the gaps where they need to,

Don't skip the home inspection: A home inspection is crucial to identify potential issues or defects in the property. Skipping a home inspection can lead to unexpected expenses and headaches in the future.

Know your DIY limits: It's important to understand your DIY limits and be realistic about what repairs or renovations you can undertake yourself. For more complex tasks, do yourself a favour and hire a professional, that’s where those extra reserves come in!

Don't judge a book by its cover: Don't be swayed by the appearance of a property. Look beyond the cosmetic aspects and consider the property's location, layout, neighbourhood amenities and potential for growth.

Experience the neighborhood: Before buying a property, it's highly advised to experience the neighborhood firsthand. Visit the area at different times of the day and explore nearby amenities and services. Afterall, everyone needs a go-to cafe for their morning espresso, or a zen space to flee to when kid related chaos at home arises. 

Find your team of professionals: The saying “it takes a village” couldn’t be more true in the property world. Sourcing a team of professionals, such as a local real estate agent, lawyer, and home inspector, can not only help you navigate the buying process smoothly, but will put you ahead of competitors. Every purchase of a property involves a team of professionals who will assist you with things like legal advice, the transfer of the property into your name, and also any required due diligence such as pest and building inspections. Many buyers try to cut corners, but truthfully, it shoots them in the foot every time. 

Property prices are on the rise, and despite relentless every-changing headlines that point to the contrary, now is a great time to buy. If you're thinking about buying a home in Manly or Wynnum, the first step is to talk with an experienced real estate agent who can help you narrow down your options and make sure that you're getting the best deal possible within the guidelines of the current market. After all, buying property is a big commitment—one that significant;y changes your life. Trish Breen, Bayside Brisbanes’ savvy yet matter-of-fact local real estate agent will mentor you through the process in a relatable, supportive, no-nonsense way. Knowing the area like the back of her hand, connecting with Trish will be the most beneficial move you make when buying your dream new property. Quit the dawdling and CALL TRISH NOW.