So much is said about the first-home buying process, with online courses, advertised incentives, government guides, coaching from professionals as well as mentoring by friends and families to ensure that first-home-buyers make a great decision when jumping on the property ladder. It is a tough time and a period bursting with nerves and anxiety. Especially in Perth’s real estate market today. The research shows that in 2024 there is a very low percentage of buyers that secure the first property that they make an offer on. It usually takes 2 - 4 written offers on different properties to successfully secure their home. The competition when buying is fierce, and getting one-upped by an experienced cash buyer or an East Coast investor with deep pockets and sky-high confidence is a reality.
But what about the first-home-seller? There is no second or third attempt for them as they only have one property to sell. Their sale is a time-sensitive decision based on a genuine need to move or liquidate. There are very few resources to guide the first-time seller on how they will execute their goal effectively and with supreme confidence. So let this be your guide, my first-home-seller friends!
As an active Perth inner city selling principal, many of our clients fit into this category. And let's face it, the first time is always the hardest, and rarely do you stay in the first property you ever purchase. It is an important stepping stone to securing your financial success and future lifestyle. So getting your first sale right is paramount. It requires guidance, care, and research, as well as guts. You will need to build up the courage to trust your gut instinct when selling your first home.
The first decision many first-time sellers come across (upgraders for example), is whether to keep their current home or to sell it to fund their next purchase. I recommend that you explore this with 2 - 3 professionals, and afterward discuss this with a more experienced homeowner that you know and trust. Your accountant and/or financial planner will help you gain insight into your medium and long-term goals. Your mortgage broker or bank lending office will assess your borrowing power based on your current position, income, and medium-term goals. Your choice of 2 - 3 real estate agents will best prepare you with an accurate sales appraisal, a plan to maximize your sales price, and the likely timing to secure an offer and complete settlement. The timing to secure an offer and the turnaround time for settlement may be just as important as maximizing every dollar you receive for your property, especially if you plan on making an offer subject to sale in this hotter-than-average market.
So you have decided to sell! Tens of questions will now flood your mind, and you want to make the best choices. Achieving the finest sales result is a cumulative process, with many parts making up the whole. Here goes:
Remember that trusted mentor that I mentioned earlier? After you have done your research, met with several agents, and have a decision in mind about what you are going to do to best present your home, the pricing strategy, your marketing plan, and your preferred agent, it is time to present your case to this trusted mentor. This person will respect the effort that you have gone to and nine times out of ten will reaffirm the decision that you have already made. Then once you are on your way, check in regularly with your agent (once or twice a week is plenty), to ensure that the feedback you need to hear is being delivered promptly. You also need to support your agent with the presentation of your property, easy access for viewings, and your thoughts regarding prospective offers or improvements to boost your selling experience. You and your agent are a team with mutual goals and professional respect for each other.
Two big questions will come up when much of the work has been done but a crucial decision is to be made. It is offer time! The questions are:
In today’s market buyer demand is outstripping supply. You will do well when selling in 2024, but you still need to choose well and invest properly in your sales campaign to achieve the best result. Best of luck out there first-home-sellers!
Brendon Habak - Selling Principal