Over the last 12-months, conversations about Melbourne’s hot property market have been ubiquitous in the media landscape. And while there’s no doubt houses are selling well and there’s plenty of demand from buyers, the media noise can often be confusing and skew expectations.
For vendors, it’s important to not let media hype influence your approach to listing your home. It’s critical to look at your individual situation and sell when it best suits you. This may or may not be during spring which is often spruiked as the “best time to sell”. Remember, stock in spring doubles, or even triples, so will it give your house the best chance to stand out? This is something you should chat through with your agent to ensure you’re making an informed decision that’s best for you and your home.
When it comes time to price a property, the safest bet is to find middle ground. It is in the best interest of the agent and vendor to achieve the best result, but a property priced too high runs the risk of an extended listing campaign and could result in a significant price drop. My advice to vendors is to work with your trusted agent in setting reasonable goals to achieve the best results.
For buyers, be realistic about what you can afford by doing your due diligence. Seeking out experienced advice from a mortgage broker is the best way to avoid getting in financial hot water. And don’t forget to factor in rising interest rates because they won’t stay at record lows forever.
Buyers should also be opportunistic and use search engines such as realestate.com.au or domain.com.au to their advantage. Filtering your search for properties from oldest to newest will present homes that have been on the market for an extended period, where a lower offer may be accepted. Despite Melbourne’s “hot market” there are still plenty of great deals to be secured.
While it’s great to do your research and consume plenty of news to stay informed, ensure you are pragmatic in your approach and consider your personal circumstances.
To chat further about buying or selling your home, give us a call today.