2021 was definitely a year for the property record books. With overall growth nationwide at just over 22% and in many suburbs of Sydney experiencing as high as 30% growth in just 12 months, it’s little wonder there are many homeowner considering making a move this year.
If your home of 30+ years is becoming too difficult to maintain, or if your young family is growing and you need more space, 2022 might be the best opportunity you will have for some time to capitalise on the enormous growth we’ve recently experienced.
So where do you start and how can you ensure you achieve top price for your home?
- Maintenance – The first thing you should do is find someone with an eye for detail to walk through your home and make a list of all the things that could be improved upon. This might be finally re-painting the water stain on your ceiling from an old water leak, patching and painting any evidence of cracking in walls both internal and external or re-grouting the bathroom tiles. The least amount of repairs required to the property the better from a buyer’s perspective. Buyers will tend to discount what they are willing to pay for a property if there are many small repairs and upgrades required which can in turn reduce the overall value of the property.
- Property Presentation – Have a good objective look around your home at the style and placement of your furniture. Less is more when it comes to creating a cosy yet spacious feeling to a home. What may have worked practically for you for the last 20 years might not appeal to the types of buyers you are trying to attract. If you are not planning to take your furniture with you, it might be worth donating larger items to charity, listing for sale on FB Marketplace or Gumtree, or organising a council clean up well in advance of the proposed sale. You can then hire some furniture to enhance the appeal and style of the home.
- Property Values – Do your own research on property values in the neighbourhood. But be careful… 2022 will see a shift in the market. How quickly this will happen is difficult to tell so early on in the year. However we would advise not to base your expectations on a property close by that achieved a ridiculously high price during the latter half of last year. The reality is the property market has been extremely unpredictable and changing almost daily. This year will continue to see a more subdued level of growth so this together with only the most up to the minute sales evidence should be relied upon when assessing how much you can expect to achieve for your home.
- Real Estate Agent – Choosing the right real estate agent is a critical factor in achieving the best price for your home. Visit a few open homes in your local area and see how each agent presents themselves and the property they are selling. Ask a few personal questions about the vendor and see how the agent responds. However don’t tell the agent you are thinking of selling as you will get a totally different experience. Once an agent gets a sniff that you might be selling, they will be very eager to secure your property to sell.
These are just a handful of tips to help you plan for a successful sale in 2022. Your home is your largest asset and it’s worth having an expert on your side you can trust to help you avoid costly mistakes. Our Vendor Advocate service specialises in all of the above plus more and will cost you nothing more than the usual agent’s fee.
If you’d like to find out a realistic estimate of what your home might be worth in the 2022 property market, feel free to contact us for an informative discussion. More information on our Vendor Advocacy service, can be found if you click here.