Is this the year you'll make your real estate move?
Adopting a cautious approach to real estate as we get into 2023 properly is understandable.
Whether buying, selling or both, there's plenty to consider. But don't over-complicate the situation.
Creating wealth through real estate is a long game, and short-term concerns such as interest rates can be an unnecessary distraction.
It's essential to stay within your budget, of course, but standing back and watching the market without a strategy will not serve you well.
Media noise is one of the most potent distractions. We could not have a better example than the coverage of the recent CoreLogic Daily Home Value Index that found the Australian market hit a record decline of 8.4% on January 7 after peaking on May 7, 2022.
No one should forget that owners enjoyed two years of double-digit percentage growth before that period.
General data about the property market is interesting but not especially helpful for you. The most relevant price and value trends are restricted to the area where you're selling and wishing to buy. The Mornington Peninsula for example continues to attract a wide variety of interest from buyers localy, from the city looking for a sea change and even interstate or international buyers wanting to find a home or investment in an area they know will always hold strong appeal.
As an experienced agency on the Peninsula, we encourage you to block out the noise of sweeping statements and focus your research on your desired location, property style and size. If you're unsure on where to start feel free to get in touch we would be happy to have a chat with you about your needs and provide any suitable advice.
We have also pulled together research tips to help you;
Be Disciplined
Restrict your research to relevant properties. Don't fall into the trap of comparing a mid-tier three-bedroom family home with a mansion just around the corner. Lumping every local property result together will give you an inaccurate picture of your needs. It's easy to get distracted by the beautiful homes on the Peninsula, but keep an eye on your budget and stick to properties showing within or close to that range.
Talk to an agent from Abode Peninsula
This is the most important one! Good agents will talk to you about not just the local price trends but cite specific sales results relevant to your style and size of property. We're a 100% independant family owned agency, we're Mornington Peninsula locals with over 10 years of experience in real estate across the local area. So, we are always happy to chat about the local market and your specific needs.
Make preparations
If you're diving into the research, you should start to think about how to prepare your property for sale. Homes in premium condition sell for more, and they sell faster. We have a decade of experience presenting properties on the Peninsula to maximise their sales appeal, if you would like to discuss where to start with your property we would love to assist.
Seek an appraisal
Ask an agent from Abode Peninsula to appraise the value of your home. We will tell you what we think we can achieve based on recent results. Don't be afraid to ask for detail on how we made that assessment. Also, we highly recommend seeking our team's advice on ways to improve your property's value.
Money matters
Begin preliminary discussions with a broker or your lender about refinancing. Chances are, lenders will have changed their risk tolerance and mortgage products since you last applied for a loan. It is always worth talking to lenders each year to see if there are better offers available. They key to successful planning is knowing your options.
If you need more real estate advice or would like to talk about the property market on the Mornington Peninsula please get in contact with a member of the Abode Peninsula team.
