Spring isn’t just the season when the flowers are in full bloom and everyone gets to enjoy the bright, sunny weather: it also happens to be the biggest real estate season of the year. It’s when sellers’ gardens look their best and buyers who want to live in a new house for the coming school or work year get serious about snagging the right property.
With such a hive of activity taking place, how can buyers stand out from the competition and obtain the best property for the right price? As for sellers, how can they sell their properties in a timely manner, and for the best price?
We asked Enzo Raimondo, CEO of independent property site view.com.au, for handy tips that would prepare buyers and sellers for the coming peak buying season.
Tips for homebuyers
- Don’t stretch your finances too thin.
“Past reliance on interest-only loans and untenable loan-to-value ratios have led the regulators (ASIC and APRA) to increase efforts this year to curb such risky lending practices,” Raimondo said. “To thrive in a much stricter market, it’s best to avoid stretching your finances too thin. Have some wiggle room so that you can handle interest rate rises.”
- Be your own property expert.
Buyers should combine digital research with analogue research. “Visit the area you are interested in and ask local residents and councils about developments in the area that may influence the capital growth of a property.”
- Attend inspections and auctions before buying.
“With new underquoting legislation passed in Victoria this year, it is now easier for buyers to gauge the expected sale price of a property,” Raimondo said. “However, you should attend inspections and auctions before you are ready to buy, ensuring you are prepared and confident when you do start raising your hand to bid.”
Tips for home sellers
- Ensure your property’s listing price is accurate.
The dissemination of property data is for the benefit of buyers, sellers, renters, and agents alike. “Ensure your property’s listing price is accurate and reflects the market. A property’s price is determined by many factors, including how the market is behaving, the location and size of your property, rooms and amenities, the architectural design of your home, your house number and crime rates, and much more.”
- Choose a real estate agent who can add to your research.
“Effective real estate agents have a raft of skills that are vital to the selling process. They should be able to demonstrate their experience and use their knowledge about your local market to get the best price for your property.”
- Use key demographic data to best market your property.
Identify the characteristics that would make your property and neighbourhood attractive to potential buyers. “For example: Is your local area predominantly made up of families? If so, you can present your property (both in your marketing and during inspections) in a manner that would make it attractive to families,” Raimondo said.
Use a data-driven property portal to gain insights into the market
Regardless of whether you’re a buyer or seller, consider using a data-driven property portal to gain valuable insights into the market.
Portals like view.com.au’s Property 360 allow users to perform a variety of tasks, including tracking the value of their homes and calculating property price estimates. Users can also analyse historical sales and rent data, and search neighbouring properties.
By using such tools, buyers and sellers can make more informed decisions and reach their objectives.
M. Mata, “Valuable tips and insights ahead of the peak buying season”, Your Investment Property, 2017. [Online]. Available: http://www.yourinvestmentpropertymag.com.au/news/valuable-tips-and-insights-ahead-of-the-peak-buying-season-239584.aspx. [Accessed: 10- Aug- 2017].