An RP Data study conducted in the middle of last year showed that autumn, followed by spring, is the busiest season for real estate, attracting the largest number of sales. As we are now heading into autumn, this means that there are is a large amount of people who are currently preparing to either buy or sell real estate, or both.
For those selling, it is important to make sure that your property stands out amongst all the other listings on the market. Chris Gray, in an article on Real Estate.com.au entitled 'Preparing your property for sale this autumn' suggests that simple cosmetic alterations can vastly increase a property's appeal to buyers, and gives sellers the following tips:
- Declutter – remove all excess furniture, photos and other unnecessary items. Buyers want to imagine how a property will look when they add their own touch.
- Perform a quick cosmetic renovation – simply replacing the carpet and repainting is affordable and can instantly refresh any property. Stay away from do-it-yourself jobs, as the results rarely compare to a professional job.
- Style your property – Stick with simple furniture and a neutral colour palette so that potential buyers can imagine how they would add their own touch.
It is amazing how even the most minor improvements can increase a property's appeal and thus drive up its value. And with the large volume of listings that autumn will see, it is important to highlight the value of your property to potential buyers.
For those people preparing to buy property going into autumn, I think it is a highly worthwhile exercise to have everything necessary in order so that the decision to buy can be made quickly if need be. This includes having mortgage pre-approval (if obtaining financing), appropriate legal representation and lining up a company to conduct the necessary inspections.
Having said this, I don't mean for people to rush into purchasing a property. For those who think they will be in a position to buy over the next three months, definitely start looking at real estate now. In order to get a sense of what you like, need and want (in terms of both properties and locations), it is important to have seen a large number of properties. It can also be helpful to attend several auctions to get a feel for how they are conducted, as there is a possibility that you may end up buying through this method.
There is no doubt that autumn is a very exciting time for real estate and I wish all the buyers and sellers out there the very best of luck. For any individual real estate enquiries you may have please feel free to pop into your closest Century 21 office.