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Home › Blog › Sell Your Home [2023 Guide]
Last month we looked at the pros and cons of selling your home in a changing real estate market.
And now you’ve made that all-important decision to go for it and sell your property.
The first four weeks of putting your home on the market is critical – unfortunately, a house on the market isn’t like a fine wine that gets better with age, so you want to get those offers in.
To sell your home, it’s worthwhile considering the following to help put yourself, and your home, in the best possible position for a quick and successful sale that benefits both you, as the seller, and the buyer.
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There’s no doubt that it’s a changing market, so keeping an eye on what’s actually happening and staying informed, is going to really help you out when preparing to sell.
2023 will see a drop in price for property, with the four major banks predicting falls of around -10 to -15% and the RBA cash rate is expected to peak early next year at 3.35% (currently 2.35%) according to ANZ and Westpac.
However, good news in recent data from CoreLogic shows that the downturn has slowed again in October, with the monthly rate slowing to 1.2%, from 1.4% through September.
CoreLogic’s Research Director Tim Lawless says looking to the buyer side, home sales in the capitals are +3.8% higher than the 5-year average for the quarter which suggests demand is holding strong.
“The number of home sales is well down from the highs of late last year, however, the fact that sales activity is still above the 5-year average over the past three months reflects a base level of demand remains for housing,” he said.
These factors may indeed indicate that throughout 2023, this trend may continue and actually reach a turning point in the middle of the year.
Regarding how long it’s taking to sell, the reality is houses are taking longer to sell in every Australian capital city, but it’s still far shorter than the time it took before the COVID-19 pandemic.
In the three months to October, the median days on market was 36, up from a low of 20 days over the three months to November 2021.
Source: CoreLogic
However, real estate agents have gone on the record saying they feel it’s still a healthy timeframe, with the days on the market dependent on the seller’s expectations.
And on another positive note, in the four weeks to 6 November, new listings volumes trended higher. At 38,438 newly advertised properties added for sale, the new listings trend is showing a slight seasonal uplift.
There are essentially five groups of homebuyers in Australia, so knowing which one your home is most suited to will give you an advantage and idea of how to position your home.
Rental value growth remains high across Australia – unit rent values have seen increased momentum, rising 12.4% in the past 12 months. Across all dwellings, this has resulted in an annual rental growth rate of 10.0%.
On the back of these latest figures from CoreLogic, along with the fact that demand for investment properties remain high, this is a key market if your dwelling meets the criteria.
Investors are all about the numbers, they want to see a positive return on their investment, so if your sales campaign is focused on expected rental return, capital growth of the area, and estimated depreciation deductions, it’s going to help tick the boxes.
Offering a low maintenance property is also a bonus.
You’re selling a home that offers it all – four-plus bedrooms, multiple bathrooms, living areas and a decent land size.
The trick here is to sell the dream of this ideal family home and show the potential buyer how their family will love living in your home.
Highlight all of the good points – the floorplan, family areas, backyard, and overall neighbourhood if it’s family friendly.
Many in this group were probably the upsizers at one stage, but now looking to scale down their home to suit a change in lifestyle.
The children have moved out and they can now choose a smaller home, with less maintenance, less DIY projects, and one potentially closer to amenities.
Low maintenance and high security is often most attractive for this group as they focus on their career and lifestyle.
Does your home or unit offer convenience, lifestyle and security? If so, these are the qualities you want your agent to focus on when talking to this potential group of buyers.
If you and your agent think this is the target group for your sale, then it’s probably safe to say these potential buyers have already done extensive research into the market. They have no doubt painstakingly looked at every home in the area in their price range on realestate.com.au and you want to inspire them to imagine living in the property and starting that new chapter.
This is one of the most, if not, THE most important decision you’ll make in the process of selling your home.
The goal is to attract as many buyers as possible in order to stimulate competition, so setting an informed and realistic price is a balancing act.
Knowing the value of your property is the key to helping you understand what offers are reasonable, whether your agent’s estimate is on the money, and at what level you should set the guide and reserve prices.
Buyers are now approaching the market with more caution and not just willing to snap up anything that comes their way.
They’re searching for the best deal and still willing to pay good prices if your home is perceived as “worth it” and ticks all of their boxes.
A property is only worth what a fully informed person is prepared to pay for it.
Another good thing to do is compare similar recent sales in your suburb and surrounding suburbs to see if the price you’ve decided on is in the same ballpark and attracting buyers.
Our Calculating your property value [Guide} takes you through getting an accurate property value estimate, and the easiest way to get your own free property value report so you can be sure you’re not getting ripped off.
Westpac has offered their top tips to create a great first impression and we’ve thrown in a few of our own.
Finding the right real estate agent can make all the difference to help market your property to the right audience and attracting quality buyers.
Your local area will have a range of agents to choose from, each with different experience and skillsets. You can start narrowing down the list with our quick comparison tool and be on your way to a successful sale in 2023.
To Sell Now Or Wait Until 2023? [Spring 2022 Update]
Australian Property Market Forecast 2023 – Is It All Bad News? [Updated]
Reach out to one of our knowledgeable team members below.
If you would like to be introduced to a top buyer’s agent to help with finding and securing your next property fill out the below form and we will be in touch to quickly understand what you’re looking for and to put forward a couple free suggestions.
If you are thinking of selling your property, we can also introduce you to a top selling agents, click here to find out more.
