As the world begins to plan for a post-coronavirus world, the purchase and sale of property will begin to rebound after suffering the negative effects of the pandemic. Being informed will be vital to how you can best navigate the property market.
Getting more information and better understanding the process is essential to guaranteeing a return-on-investment.
Buying or selling your property is always going to be a big deal. It’s a major financial commitment that is both stressful and emotional.
Therefore, our property law team has put together some tips to assist you in getting the best outcome and value for the property.
Research the market
Start researching local markets before you buy. Forewarned is forearmed as they say in the classics, and you should have a firm idea as to what you can expect to pay for a property in the area in which you are interested. Don’t assume that you can get a realistic idea of prices from internet listings, you will need to delve a little deeper than that. Chat to local estate agents – they have valuable local knowledge and will be able to provide you with facts and not a price based on a seller’s sometimes unrealistic idea of what their home is worth.
Market value of the property
Try to determine the market value of the property. This is important as it will assist you to assess whether or not the price is reasonable or not. You do not want to overvalue or undervalue the value of a property.
To hire or not hire a professional?
Although real estate professionals command a commission it’s probably not a great idea to try to do it on your own, especially if you haven’t done it before.
A good industry specialist generally has your best interests at heart. They will help you set a fair and competitive selling price for your home that will increase your odds of a quick sale. They can also help tone down the emotion of the process by interacting with potential buyers/sellers and by eliminating parties that only want to look at the property but have no intention on making a decision.
Property law experts will also have more experience negotiating sales, helping you get more money than you could on your own. And if any problems crop up during the process—and they commonly do—an experienced professional will be there to handle them for you.
Know whether your area has buyer’s market or seller’s market?
If your area has lot of property for sale and you are one among them, then it is said likely to be buyer’s market. The buyers will have number of options to choose from. This kind of situation is not so favorable for sellers and they have to be more cautious since their competition is very high.
At such instances, you need to manage the property well to the buyers. Do some necessary repairs and renovations and stage up your property perfectly to attract more buyers.
With seller’s market, you can sell your home easily since things are favourable to seller. The properties listed in your area will be very less, hence you won’t have much competition. This increases the chances of quick sale.
Sometimes, neither the buyers nor the seller’s market will exist because the market will be at the balanced level.
For property law and conveyancing services, book a consultation today with our specialist team for client centric expertise.