All indications are that the market is now back on the rise, so if you are looking to sell, now could be the right time.
“Property reports have been pessimistic for the past year, but the real estate market appears to be turning around. New data indicates that home prices have increased in every Australian suburb over the past three months, with some even seeing growth of over $100,000.” Tom Panos
“The reversal of the housing market’s 10-month downturn would have been nearly unforeseeable just three to six months ago.” Core Logic analyst Tim Lawless
Thinking of selling and want to position your property to attract potential buyers?
Homebuyers typically consider these key factors when buying a home:
Location – Location, Location! Ideally, homebuyers want to live in safe communities convenient to their work, transport, schools, shopping centres and other amenities. Whilst you can’t change your home’s location, an experienced real estate agent can help highlight the features of your area to make it more appealing to potential buyers. Remember, there are buyers for every property, so don’t despair if your location is not ideal.
Is it the right fit? – Potential buyers have specific requirements regarding size and layout, particularly the number of bedrooms and bathrooms to accommodate their needs. Recent reports suggest that the ideal family floor plan includes two living spaces and three bedrooms on one level for a family. Buyers want a functional home that suits their lifestyle. For example, a young couple may be looking for a home with room to accommodate a growing family, with a yard suitable for kids and pets. Remember to declutter rooms and aim for minimal furniture to allow the true space of your home to be appreciated.
Does it meet the budget? – Always a critical consideration, a home that provides value for money is always high on the list even if it doesn’t meet all the criteria. Homebuyers will often forgo some “nice-to-haves” if the home meets their needs and budget. So, ensure your home provides value for money and is priced accordingly.
Repairs Needed? – A buyer will always examine the condition of the property to determine if repairs are required. It’s wise to have any maintenance pre-done, so the property is move-in ready. A property that requires repairs may take longer to sell, so it’s best to address any issues upfront. Money spent on areas in your home looking a little tired or requiring repair will pay off. Budget permitting, if you are replacing taps or fittings, choose those made to last, as buyers appreciate quality fittings. Once again, speak with your experiences real estate agent who can advise on what is a ‘must do,’ A property a buyer can move into and enjoy will often take precedence over one requiring repair.
Outdoor area? – Having the facility for outdoor entertaining is always a great selling point. Make sure your backyard is looking its best. If needed, add new plants, shrubs and mulch to bring your garden back to life. Use solar lights in areas to enhance and show your garden at its best. Also, ensure that your front yard is well-maintained, with adequate lighting, as this is the window to your home and can significantly increase its curb appeal. Potential buyers will generally check gardens to determine the amount of upkeep required.
What about parking? – Having sufficient parking, which is essential for both houses and apartments, is a key concern to your buyer. A clean, neat garage with ample storage will always appeal, so clean your garage and have everything neatly stored (or moved to storage) for inspections. Likewise, for apartments and townhouses, make sure the parking space is uncluttered and clean.
Energy efficient? – With rising energy prices and the focus on being environmentally friendly, energy efficiency is more than ever an increasingly important factor that homebuyers consider. Features such as solar panels, double-glazed windows, and efficient heating and cooling systems will stand out in the market.
Natural Light? – Having the availability of natural light in a home is always a plus. If your home offers this, ensure you allow the light to shine through!
Is there storage? – Storage is a must for potential home buyers! Check what your home offers. Homebuyers can always add storage space, but that can often come at the sacrifice of living space, so the more storage options your home has the better.
Can I extend it later? – Being able to extend at a later date is something that many potential buyers look for, as it provides the flexibility to adapt the home as their needs change.
Kitchen and bathrooms? –The kitchen and the main bathroom come in high on the list. It’s said that the kitchen is the heart of the home where the family spend time, so this is a focal point of your home. Having a clean, bright and inviting kitchen will always be a winner. In bathrooms make sure any leaking taps or cracked tiles are attended to. If you need to do some work in either, check with an experienced agent to see what may get the best return before spending money, as some home buyers will delight in renovating a kitchen to suit their taste. If you can’t afford updates, then just ensure everything is spik and span.
Remember, these are some of the most common considerations. The key is to highlight the best features of your property and position it in a way that appeals to potential buyers.
Ultimately, it’s that feeling of home, the intangible feeling a buyer gets when they walk into a home that feels just right that will seal the deal.
Acknowledgements: REA, CoreLogic,Tom Panos,The Spruce, House and Garden, gov.au/energy