The recent sharp fall in property prices which was triggered by interest rate rises has now flattened, according to the latest industry research.
CoreLogic’s March housing market update shows national prices dropped an almost imperceptible 0.14% in February, the smallest monthly fall since the Reserve Bank began hiking interest rates last May.
CoreLogic also reported that auction clearance rates are bouncing back, rising through the bellwether 70% level for the first time in 12 months in the last weeks of February.
The choice for buyers is also limited, which is helping fortify prices.
There are 17% fewer listings than this time last year, and we’re almost 12% below the five-year average.
For owners who are thinking of selling to upgrade or downsize, this is an excellent time to start planning an entry into the market.
If you’re thinking of putting your home on the market, here are our top five quick tips to get you on the way.
Talk to your agent
Seek advice on the likely price your home might achieve and any improvements that would maximise the value of your home. Trusted agents will know the mood of buyers in the area and how you should respond.
Power of price
If you’re prepared to be competitive with your pricing, you’ll likely find a buyer quickly. Homes that get stuck on the market are usually those where the price does not meet buyers’ expectations.
Be bold
A strong marketing campaign with high-quality photography and perhaps a video will help give you the best chance to achieve an excellent price. The more effort you make with your marketing, the more buyers you’ll attract.
Perfect presentation
Make sure you complete any necessary repairs. A beautifully presented home will always attract buyers. But if you leave problems unattended, buyers will demand a discount to pay for remediation work.
Stage your home
One of the best marketing investments is to “stage” your home. Staging involves hiring a consultant to select and rent furnishings to put your home in the best possible light. We’d recommend you place your possessions in storage and perhaps find a short-term rental as you look for your next dream home.