The Great Dilemma - Buy First or Sell First.
With Redland City’s real estate market surging and moving more into the ‘generational sales’ area, the face of the local market is definitely changing.
And, according to independent Real Estate expert, Christine Carroll of Waterline Real Estate, this surge and change is causing consternation within the market.
“We’re seeing the Redland property market evolve, as more people are wanting to move onto their second or third home, and making lifestyle choices as they become empty nesters or begin preparation for a change to what has seen them live decades in their family home.”
‘It can be a very trying and difficult time when making the decision to sell and move. The current real estate market presents a maze of pricing options, with no price, auctions, expressions of interest, tenders, property preview and so on. This can make looking for and deciding on a price point that best suits you very difficult which in turn can slow down or rush your decision to buy or sell and also in what order.”
Mrs Carroll says that these perplexing issues have been a constant on her radar in recent years as the Redlands City property market heats up in so many new ways.
"The main issue that has emerged is an upswing in sales of family homes on larger blocks which can also mean fast sales before a seller is ready to move on".
Mrs Carroll says that this is an example of where a Real Estate Agent's professionalism needs to shine and what sellers should be looking for when selecting an Agent to sell their property.
"The synchronising of a purchase and sale does not need to be a mine field, and it can be an expensive and emotional time if the timing isn't right".
"Selling and buying at the same time can be one of the toughest things to manage when you make the decision to move to a new house.The cost of moving, synchronisation of settlement times and possible storage costs are often something a seller doesn't think about when they buy before they sell and often things may not go according to plan."
Mrs Carroll says that "if an Agent tells you it's a simple process ... think very carefully before moving forward, because it is not all as it seems. Timing is everything and a good Agent will work with you at contract time with both properties to ensure that everything that needs to be done to minimise any difficulties will be addressed. While many Agents will tell you that it's simple we don't live in a perfect world. The buy and sell scenario or the sell and buy scenario needs careful and professional management and planning."
"This is where a seller needs to ask themselves do they have confidence in the Agent they are considering, that he or she will have enough experience and knowledge to be able to walk you through the mine field unscathed."
The key to a great agent is understanding the selling and the buying market, according to Mrs Carroll.
"At Waterline Real Estate we start by working with you to understand the outcome and goals you are seeking to achieve. It's also about jointly establishing realistic feedback on your current property's worth, including the realistic parameters, price, timing, and presentation of the property.This way you'll have an informed indication of what you can expect to reasonably walk away with at the end of the sales process and be better prepared to look for your future home."
And that same level of research is critical and should be running side by side when you are researching the property and areas you may wish to buy in and move to.
"You need an Agent that can also work with you to firm up what it is you are looking for in your new home and help set the buying parameters for this property as well."
"The last thing you want is to sell your home only to be left short changed when the property you want to buy is priced over your expectations and is beyond your budget. A good Agent will help you with htis game plan so you can make an informed decision throughout the whole process."
Being ready to pounce is the Key:
"Speak to your financiers and know exactly how much you will need and what they will lend so that you know what you have to work with for the purchase post sale. Again, your Agent and the research can be critical at this stage".
"As soon as you get a good offer on your home, you don't necessarily have to sell that day. You can take your time to consider your position and put the research you and your Agent have prepared to work. In other words, start negotiations on your new home at this stage and then it's a case of using your Agent's professionalism and experience to marry the two deals together."
The Golden Rule - Find an Agent you can trust and work with who can help you achieve your overall goals and is not just concentrating on their own outcome.