One of the simplest ways a seller can approach a buyer’s market is with a standout property. Most homes require at least minor repairs or improvements before going to market. Have you considered how you would fund the cost of pre-sale improvements to your property, especially as the cost of living continues to rise?
If you’re about to sell your home, chances are you’re keeping a close watch on the latest property news. Economists estimate the Australian housing market will fall around 20 per cent in the coming months. But what exactly does a shifting market mean for sellers?
There’s a saying you can’t control the wind, but you can adjust your sails. Flexibility and a shift in mindset are our best tools for navigating from a seller’s market to one that favours the buyer. At the start of the year, buyers were purchasing properties site unseen. But several factors have caused compulsive buying to cool.
Consider the latest cost-of-living rise and the pressure inflation now puts on buyers. Plus, with interest rates set to rise again next month, borrowing capacity will come under strain for many.
People that relocated during Covid have now done so, so that rush to relocate — often interstate — has now settled.
With time up their sleeves, buyers can now make measured decisions as opposed to purchasing on impulse.
In a booming market it’s natural for a seller to assume their house will simply sell itself, and in the right climate it just might. But now is the time for a shift in mindset —think competition over complacency. You need to appeal to the greatest pool of buyers out there while contending with other listings on the market.
Standing out in a changing market
Pre-sale improvements are a no brainer for adding value to your home. Here is where you’ll want to talk to your agent about the best way to present your property for sale. What you spend on renovations will be determined greatly by the outcome you’re trying to achieve.
Unless you’re marketing your property as a ‘knock down and start again’, most properties will benefit from even minor pre-sale improvements. Today’s buyers are often time-poor, so what might seem like minor repairs to you might turn away buyers that simply can’t invest the time in simple fixes.
If pre-sale improvements aren’t something in your budget, consider a funding solution. Property Credit can advance you the funds for your renovations, with nothing to pay until settlement — you’ll simply pay a fixed monthly fee.
This will allow you to present your property to its full potential. Perhaps you’ll go beyond basic fixes and make additions to your property? Again, think competitive. What do the houses selling in your area offer that yours doesn’t? Do they feature pools? Solar energy? Now your property can too.
Remember, if you’re selling in a slower market you’re also buying in a slower market. There are advantages to this shift — you’ve got time to make decisions and truly reflect on what you need from your next purchase. With the right preparation, and a standout property, there’s no reason you can’t achieve a successful sale.
Stay tuned for Property Credit’s top renovation spends.