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C&G’s Guide to Buying and Selling in the Same Market
Thinking of buying and selling property in the same market? Doing so is a complex task that requires some consideration and strategy - but we are here to ensure you have a streamlined and profitable experience. This C&G blog highlights key information that you should be across – from deciding on when to make your move to settling into your new home. Have any particularly curly questions? Team C&G are always ready to support you to tackle any real estate challenges you might face.
Preparation and Market Research
Always assess the market you’re selling in first: is it an upward or downward market? An upward market is one where purchasers buy property before selling. Doing so can be rewarding if you capitalise on a rising market trend, or you wish to secure your ideal new home before selling your current one. Be aware, however, that there is always the risk being unable to buy and sell within the same property cycle. It is prudent to consider strategy for all possible scenarios – from longer days on market through to amending your expectations of price through to acquiring a bridging loan to give you extra breathing space around settlement.
If you’re buying in an upward market, it can be useful to initially negotiate a long settlement with the option of bringing moving day forward if necessary. When buying in a downward market, it is critical to secure your finance prior to purchase; should you neglect to achieve pre-approval, you may be at a disadvantage when negotiating and you will be potentially excluded from auction. With finance in place, you’ll be able to present more robust and sure terms to the vendor of the home you aspire to secure – reducing your stress levels and giving you time to negotiate the best sales price for your own home.
Presentation and Appeal
You want your home to be market ready when you’re ready to press ‘go’ and release it to the buying public. We cannot stress how much first impressions matter, and decluttering is always the first place to start. One of our first tips is to use a storage service – they’re often more affordable than you may think! Companies such as Fort Knox Storage (Moorabbin) offer extremely competitive prices and tailored storage solutions for both personal and commercial use.
Make sure all repairs or maintenance jobs are complete before putting your property on the market. If necessary, pamper your walls with a fresh coat of paint and perhaps consider investing in professionally staging your space. These investments in presentation may well be the ‘wow factor’ that catches the eye of your future buyer.
Once all is primed, open for inspections will follow. Depending on both your market and personal circumstances, opens may be weekly or in the form of private buyer appointments. Your C&G agent will work closely with you throughout the sales and negotiation process, keeping you abreast of buyer feedback and helping you to achieve your goals with your impending settlement date in mind.
Contact our expert Bayside-wide team today to find out how we can assist you to buy and sell within a market cycle for the maximum result.