At about this time every year we write an article providing some tips and hints around selling your property.
This is because, with little less than a month before Christmas, your window is fast closing for open homes with lush green gardens and open homes under the summer sun.
In a few weeks’ time the world will go to sleep over Christmas and generally speaking the market can be a little lethargic in late January coming out of the silly season. This means that to capitalise on the end of summer you need to start preparing now so that your property is on the market and piquing interest coming into the Christmas break, or alternatively you are ready to hit the ground running in the New Year as the world comes out of hibernation in February and March.
This, coupled with some interesting market conditions coming into 2022, means you need to get the wheels in motion if you want to sell.
The market has been unbelievably robust in recent months however 2022 represents a bit of an unknown with banks starting to increase their variable interest rates, the Christmas break putting a temporary halt on property transactions, APRA tightening up lending criteria, more stock coming on to the market, and a Federal election which has every chance in resulting in a change in government.
Here are some tips and hints if you are thinking of getting your property ready to sell:
• Speak to a Real Estate Agent now about what small changes you could make to your property to increase its appeal. Experienced Agents know what sells houses and you might be able to perform some small repairs or alterations that will make a big difference in terms of buyer appeal. If you need a recommendation of a trustworthy Real Estate Agent please get in touch.
• Go through your home and make a list of minor defects that you would notice if you went to an open home. Things like loose toilet seats, cracked windows, and marks on walls. Fix these things now to save a buyer requesting a price reduction or rectification once they obtain a Pest & Building Report.
• Check with your Mortgage Broker to make sure you are not in a fixed rate home loan, and ask them how much notice your bank will need to settle to discharge your mortgage. Some banks have long wait times at the moment so it is important that your Mortgage Broker and/or Solicitor is ready to notify your bank that you are going to discharge your mortgage as soon as you find a buyer.
• Fish out all of your documents you have for your property. Whether these are warranties or instruction manuals for appliances or things like old Surveys or Development Consents, it is common for purchasers to ask for these things and it is a good idea to have them at hand if requested.
• Think about what kind of settlement period you need. Are you happy with the traditional six week settlement or do you need longer because of the Christmas break? If you are selling with a view to moving straight out of your house into a new property that you are yet to purchase you should consider an extended settlement to make sure that you are not caught having to vacate your property before you have somewhere to move to.
Daniel McKinnon
Since graduating with two degrees in Law and Commerce from the University of Wollongong, Daniel’s spent over ten years solving a wide range of legal problems for the people of Western Sydney.