A commonly asked question from people is “should I sell my house first or buy first?”
From people looking at the benefits of downsizing, to those selling their first home and buying their second. If this is a question that has you second-guessing in this changing real estate market, this video will outline the pros and cons of each, depending on your situation.
If you’re ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist.
YES, DOWNLOAD MY CHECKLIST
Do your house research to sell your property
Prior to signing an agency agreement with a real estate agent to sell your own home, it pays to take a look at what is currently on the market for sale. Three great real estate portals to use as research tools are:
- joanned.com.au
- realestate.com.au
- domain.com.au
While online research provides great information, it does not replace a physical inspection. It is a good idea to step inside the properties that are on the market that have what you are looking for and attend a few open homes. There are three different ways you can find out about open houses during any given week. They are:
- Real estate portals such as realestate.com.au and domain.com.au
- Request to be added to our open home alert
- Saturday’s Illawarra Mercury Real Estate Liftout
Attending these open homes can also give you your own knowledge on where your property pricing sits in the current market. This means when you do list to sell your house, you will be fully informed of the current market conditions, allowing you to price your home to sell. If you do find your perfect property sooner rather than later, you might want to consider Selling By Auction to expedite the process.
If find several homes that really interest you and you feel you could see yourself living there, then you are probably going to be in a pretty good position to be able to sell your home first and then buy something that you like. Choosing this path may mean you have to review your finances to allow you to purchase, and you may look to utilise a deposit bond.
On the other hand, if in your information gathering exercises, you find that you can’t really see a property that stands out and there is nothing suitable, then you are probably better off to try and find something first, secure that property and then look at selling yourself.
In doing this research, you will start to get an idea of how much money you are going to need to purchase your new property, and compare it to how much you think you can realistically sell your existing property for. This will give you an idea of how much money you could you have in your hand before you commit to another home.
So to answer the question of should you buy or sell first, the advice is to get out in the current local real estate market and have a look around. You will be able to make a decision on how long it may take you to find the next perfect home. Predicting the market is difficult - and there are different influencing factors at play all the time.
If you’re ready to discover the secrets to being ready to sell your home download our free checklist – Insider Secrets To Being Ready To Sell.
YES, DOWNLOAD MY CHECKLIST
I hope that has helped you today in whether to buy or sell your house first, but if you have any questions I’d love to talk to you. My number is 04 26 264 771 and I look forward to talking to you soon.
Considering how you can Right Size your Home and perhaps move into Aged Care? Register for this short course and learn how to best right size your home when moving into aged care.
If you have any family or friends that might benefit from real estate guidance, please feel free to pass on my details or share this link. I’d love to be able to help.
You might also be interested in
May 16, 2024
Navigating the Emotional Journey of Selling Your Home: Understanding the Stages
Selling a home is a monumental decision that is not just a property transaction – it is a deeply personal and emotional journey. From the moment homeowners entertain the idea of selling to the bittersweet moment of handing over the keys, the process has a myriad of feelings that can ebb and flow. Whether it's the anticipation of new beginnings, the nostalgia for cherished memories, or the anxiety of the unknown, each stage of selling a home brings its own set of emotions that shape the seller's experience. The decision to sell often signifies a significant life transition—a new job opportunity, a growing family, or a desire for change. Intertwined with this excitement is a lingering sense of attachment to the home—a place that has been witness to countless milestones and moments of joy. As the journey unfolds, sellers find themselves traversing a landscape of emotions, each stage offering its own lessons and insights into the human experience of letting go and moving forward. In this video, Joanne Danckwardt of One Agency JD Property Agents shares some of these emotions that sellers go through from when it comes to listing the home for sale to it actually being sold. [youtube id="https://www.youtube.com/watch?v=4U3tpZloATg"] If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist. YES, DOWNLOAD MY CHECKLIST Anticipation and Excitement The decision to sell a home is often accompanied by a sense of anticipation and excitement. Homeowners may feel eager to move on to the next chapter of their lives, whether it's upsizing to accommodate a growing family or downsizing to simplify their lifestyle, or a new job opportunity. The prospect of a fresh start and new opportunities can generate positive energy during this stage. Nostalgia and Attachment As the selling process begins, homeowners may find themselves grappling with feelings of nostalgia and attachment to their home. Every corner holds memories—family gatherings, milestones, and everyday moments—that can be difficult to let go of. It's natural to feel sentimental about saying goodbye to a place that has been a sanctuary for so long. Anxiety and Uncertainty As the home is listed on the market and potential buyers come through for viewings, sellers may experience heightened anxiety and uncertainty. Questions about whether the home will sell quickly, for the desired price, and to the right buyer can weigh heavily on the mind. Concerns about the logistics of moving and finding a new place to live may also contribute to feelings of unease. Frustration and Impatience The selling process can sometimes be prolonged, with offers that fall through or negotiations that stall. During this stage, sellers may feel frustrated and impatient, eager for the process to reach a resolution. Delays and setbacks can test one's resolve and require patience and perseverance to overcome. Relief and Acceptance When a suitable offer is finally accepted, sellers may experience a profound sense of relief and acceptance. The weight of uncertainty lifts, and there is a newfound clarity about the next steps in the moving process. Closing the sale represents the culmination of hard work and perseverance, bringing a sense of closure to the chapter of homeownership. Mixed Emotions Even as the sale is finalized and keys are handed over to the new owners, sellers may experience a mix of emotions. While there is excitement about embarking on a new adventure, there may also be a tinge of sadness about leaving behind familiar surroundings. It's normal to feel a range of emotions during this transitional period. Navigating the emotional stages of selling a home requires self-awareness, patience, and support from loved ones and professionals. By acknowledging and understanding these emotions, sellers can better manage the ups and downs of the process and ultimately make informed decisions that align with their goals and priorities. Selling a home is more than just a transaction—it's a journey that encompasses the full spectrum of human experience. If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist. YES, DOWNLOAD MY CHECKLIST If you're contemplating listing your property for sale and you're looking for someone who can help you not just with the sale itself but also that emotional journey you're going to go through, please get in contact with Joanne here at One Agency JD Property Agents in Fairy Meadow on 0426 264 771.
Mar 15, 2024
Choosing the Right Real Estate Agency to Sell Your Property: A Guide for Landlords
There comes a time in every investor’s journey where they consider reducing their property portfolio to either free up some capital or reduce debt. This question is probably best answered by your Accountant. And although marketing a property for sale, whilst continuing to receive an income from rent is very appealing, there are a few extra considerations to take into account when you have a renter in place and you are thinking of selling. As a landlord considering selling your property, one of the most crucial decisions you'll make is selecting the right real estate agency to represent you. With various agencies vying for your business, it's essential to weigh your options carefully to ensure a successful sale. One common question landlords often face is whether to stick with the company already managing their property or explore other options. In this video Joanne Danckwardt of One Agency JD Property Agents discusses the factors to consider when making this decision and provide guidance to help you choose the best agency for your needs. [youtube id="YSiDUdBZGLg"] If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist. YES, DOWNLOAD MY CHECKLIST Evaluate Experience and Expertise When assessing potential good real estate agencies, consider their experience and expertise in selling properties similar to yours. Look for agencies with a proven track record of success in your local market and expertise in handling investment properties, with superb negotiation skills. Determine whether the agency has experience working with landlords and understands the unique challenges and opportunities associated with selling rental properties. Review their marketing strategies and resources to ensure they have the capabilities to effectively promote your property to potential buyers Seek Recommendations and Reviews Ask for recommendations from fellow landlords or trusted professionals in the real estate industry. Personal referrals can provide valuable insights into the performance and reputation of different agencies. Additionally, research online reviews and testimonials from past clients to gauge the satisfaction level and experiences of others who have worked with the agency. Schedule Consultations Take the time to meet with representatives from potential real estate agencies for consultations. Use these meetings to discuss your goals, ask questions, and assess the agency's approach to selling properties. Pay attention to how responsive and attentive they are during the consultation process. Choose an agency that demonstrates a genuine interest in understanding your needs and objectives. Evaluate Communication and Transparency Clear and transparent communication is vital throughout the selling process. Evaluate how effectively the agency communicates with you and their willingness to keep you informed every step of the way. Ask about their communication channels, frequency of updates, and how they handle feedback and inquiries from potential buyers. If you choose to sell the investment property whilst still tenanted, it is important to remember there are strict rules that must be adhered to. It is important to be aware of the legislative requirements when selling a tenanted property. In our experience, it works best when - The renter is provided with plenty of notice, it helps them to get organized. The process is clearly explained to the renter right from the start and it is adhered to throughout the campaign The property manager has a good relationship with the renter and is the one who initially gives them the confirmation that the property is going to be sold. They can then reassure them if they have any concerns. The selling agent takes the time to introduce themselves and sits down with the renter to create a plan to minimise the disruption to their lives as much as possible Potential buyers are made aware of the conditions of the current lease agreement eg the notice periods required if they wish to move into it themselves Both the selling agent and the property manager are “on the same page” and understand what all parties are trying to achieve. This will give both the owner of the property and the renter confidence in the process. If you're ready to discover the secrets to being ready to sell your home, download our free insider secrets to being ready to sell checklist. YES, DOWNLOAD MY CHECKLIST Choosing the right real estate agency to sell your property is a significant decision that can impact the success of your sale. While sticking with the company already managing your property may seem like the easiest option, it's essential to carefully evaluate all your choices. Consider factors such as experience, expertise, potential conflicts of interest, recommendations, and communication when making your decision. By selecting a reputable and reliable agency, you can confidently navigate the selling process and achieve your desired outcomes as a landlord. If you are thinking of selling your investment property, contact us today. We can provide insights tailored to your specific market, and run you through how the process would look for your investment, including any potential obstacles that need to be navigated. With the right approach and timing, you can capitalise on the advantages of selling your investment property in the current real estate market. If you feel you could benefit from our experience with buying and selling, we’d love to hear from you. Simply reach out. We hope that has helped you today. If you have any questions, or you know of anyone who may benefit from our real estate services, we’d love to chat. Our number is 0426 264 771. We look forward to talking to you soon.