Top tips for buying and selling a property￼

The property market is confusing … and trying to time it to make the right move when you’re buying or selling, or both can be even more complicated.

The real estate market often fluctuates, favouring buyers or sellers, depending on broader economic, political, and unexpected global issues, much like the COVID pandemic.

So, for those who have found that their property needs have changed, rising property prices and fierce competition make it harder to buy and sell in the same market, leaving many unsure about what they should do.

Homeowners face tough questions: Should I sell first and risk not finding a new home before settlement or more price rises? Do I buy first and hope I can sell my current property quickly for a reasonable amount?

Timing your property transactions is not always achievable, but if you have spoken to an agent and taken the appropriate steps, you should be successful in any market.

Here are our top tips to navigate the process – as a buyer and a seller!

What is a seller’s market?

A seller’s market is a real estate term that describes a market where demand exceeds supply or where there are more real estate buyers than sellers. Basically, there simply are not enough properties on the market for all the interest.

This can lead to many buyers interested in the same property, which will result in selling above the price guide as buyers compete for the hottest commodities.

What are the signs of a seller’s market?

Homes are selling for high prices – even in ‘original condition.’
Sale prices are selling far above the listing price.
Successful sales and auction clearance rate percentages are higher than average.
The general economy is on the rise.
The number of properties on the market is low in comparison to previous months or years.

How to buy in a seller’s market

Get pre-approved: Having your finance pre-approved puts you ahead of the competition.
Put down your best offer first: Rather than offering below the asking price and expecting a counteroffer, start with your strongest offer to stand out from the pack.
Don’t request extras: The fewer conditions for the sale, the better!

Avoid these common mistakes buyers make when buying property in a seller’s market.

Over-analysing the price: Avoid risking losing your dream home by being prepared with your finances and market knowledge so you can move quickly!
Be mentally prepared for ab auction bidding war: Set your maximum limit, and don’t blow your budget!
Be ready to make your best offer: When it comes to real estate, most of us naturally want to offer lower than the asking price as a strategy, however trying to get a better deal in a seller’s market may not be the best tactic!
Not proving you are a pre-approved buyer: You might know that you WILL get approved for a mortgage based on your income and excellent credit score – but the seller doesn’t know that! You need to be able to prove it.

How to sell in a seller’s market, when you’re also a buyer.

You may be keen to sell while it’s a ‘seller’s market’ but find yourself concerned that you won’t be able to buy a property in the same market. Here are our top tips for navigating this:

Make the most of the current market: Work with an experienced real estate agent who knows the local market and can help you develop a strategy to achieve your desired result.
Buy some time: Discuss with your agent the option to delay settlement on the sale of your property. This could be an approach to take so you have more time to find another property before the deal goes through.
Prepare your home for sale: If you’re hesitant in listing your home before you can buy, our advice is to prepare your home for sale so it’s ready to hit the market as soon as possible.
RELATED: The details that matter when selling your home

Here at #teametchells, we can help you get ready for a sale, so you don’t have to think about a thing! Whether you are buying or selling, it pays to be prepared ahead of the pack. Give us a call today!