There’s a lot of talk about real estate these days. TV shows, the news, and other media, continuously talk about interest rates rising, mortgages, property prices… How do you really know what’s happening? What’s the truth?
Well, for Melbourne, start with looking at the data. The Melbourne median has grown by 14.4% across all demographic properties since March 2020, and weekend clearance rates remain well above 60%. In other words, the market is still very active and will continue to be so over the coming 12 months!
If you are thinking about selling your property, it’s still a great time to score a great sale price. You just need to find the right professionals who will guide you through the process and customise a sales plan that suits your needs. Let’s look in more detail at what you need to consider.
1. Ensure the timing is right for you and create a 6-12 month plan
Before you take any steps towards selling your property, think critically about your motivations. Ensure that everybody in your family is on the same page and clear on why you are selling, and what will be the added value of selling your current place and moving into a new home.
Take into account things like your work location, the school for your kids, and your financial situation. Remember, this will be a big move that requires planning, so start drafting a 6- 12 month plan that works for you.
Decide whether you will rent or buy a new place.
If you are buying, consider the financial and practical implications of when you will buy:
A) If you buy your new home before selling your current property, you may need bridging finance support.
B) If you buy after you sell, you will need to find a place to stay while you find a new home, and this will have other costs.
Include all these details in your 12 months plan and try to be as specific as possible.
2. Consider legal and tax implications
Selling a property comes with many legal regulations that you need to follow with help from the right professionals. So factor into your plan, the service of a qualified specialist property lawyer and conveyancer who can assist you. They will help review and draft contracts and other essential documents, ensuring legal accuracy throughout the process.
Consider also the tax implications of selling your property. Contact your accountant and ask for clarification on what is going to change from a taxation standpoint for you.
3. Maintenance: repairs, cleaning and stylingÂ
Today’s buyer’s have standards and high expectations when it comes to style, especially those buying in the $2m plus market, and in areas such as Melbourne’s bayside and south east. When selling your property, renovations and style will play a crucial role in finding the right buyer. So when creating your 12 month plan, take into account the financial and timing implications of all the maintenance work that your property may need.
Consider the timeframe that it will take to engage a builder, tradespeople and others and complete renovations. Remember, this step could involve multiple tradespeople including hiring landscapers, builders, architects, interior designers, and stylists, so you need to have a solid network to support you!
4. Find a great Real Estate agent to help you through the processÂ
The right Real Estate Agent will be crucial for the success of your 12 month sale plan. They will guide you through the process and ensure you score a great sale price on your property and a smooth transition to the new one. Ensure that you work with professionals who are qualified, have a solid track record, and whom you can trust.
What’s on your to do list that we can help with?
At Atria Real Estate, we can help you create your perfect 12 month sale plan. We have more than sixty years of combined experience in the melbournian real estate market, and have a qualified network of professional lawyers, tax accountants, builders and stylists that can help you with everything that needs to happen on your to-do list. Call us on 03 8680 9421 or email us today to find out more.
