A Guide To Selling Residential Property in 2022

The Sydney real estate market is one of the most famous in the world, due to our world-class beaches, incredible views, and year-round good weather. It’s no wonder so many people are looking to rent or buy in this Harbour City. However, what about homeowners that are wanting to sell in 2022? There’s a huge space for selling residential property in 2022, and for those savvy enough to do it, there are definite ways to increase your profit margins for the sale, too. This blog will be your definitive guide to selling residential property in 2022. From choosing the right season to sell to the different suburbs, and how to pick your right real estate agent, you’ll understand the ins and outs of real estate with this blog!

MGM Martin is a real estate company with a difference. We’re local to Sydney and have years of experience in the area. Based in Mascot and Zetland, but with extensive knowledge of the whole city, we’re your friendly local experts to help you sell, rent, or buy the home or property you deserve. 

    A Guide To Selling Residential Property in 2022 MGM Martin

    Make Sure The Market is Right

    The real estate market is notorious for being up and down, and this is especially true for Sydney. Make sure that when you sell your home, you’re not at the bottom of the pricing cycle. You can do this by checking out the market ahead of time and seeing where your property is valued compared to other homes in the area. 

    Sell in the Right Season

    Interestingly, the shoulder season is the best time to sell a property. So if you’re gearing up to sell in 2022, consider if you’d rather move in spring or autumn. When deciding this, consider the light and feel of your residential home – light and airy spaces would fair better in the springtime as people consider where they’d love to be in the warmer months. Darker and more cosy spaces often sell better in autumn. 

    Do You Have a Plan?

    Obviously, if you’re selling your residential home and that’s your primary address, you need somewhere to go. Do you have a rental property available for you in the meantime? Or have you already considered where you’d like to buy? Having an exit strategy is key to selling your home at any time of year.

    Work Out Your Pricing

    The Sydney real estate market is notoriously competitive, and we have some of the best homes in the world. With incredible views of Bondi Beach, the Sydney Harbour, and more, homes are selling quicker than ever, so it’s important to get the price right when you list your home. This isn’t just so you get the most profit, but also so that it is competitive against your neighbours. You can check out the pricing in the neighbourhoods around your home either by speaking to local agents, like us here at MGM Martin, or even accessing online reports. There’s a lot of information out there to make sure you get the price right.

    Pick the Right Agent

    Picking the right agent is a great way to ensure that your home sells for a good price. We know and recognise that it might be tempting to sell your home privately to avoid agency fees and commission, but there are plenty of reasons why that might not be the best idea for your home. For example, if you sold privately, you’d have to bear the costs of all advertising and legal fees outright. Advertising for your property is extremely high, and if you can’t afford the costs then your home might sell for less than you intended. Plus, real estate law is tough, and it pays to stay on the right side of it. Real estate agents are experts in the real estate market, so whatever commission fee we receive from selling your home, it’s more than likely worth it.

    Choose a real estate agent based on their knowledge and expertise of the current market, your neighbourhood, and their experience in selling in particular. They also need to have a passion for their home, because this will be telling when it comes to the sale process. You can afford to be picky here because the right agent will be worth it in the end.

    How Will You Sell?

    There are three ways to sell your home:

            Sale by tender

            Sale by auction

            Sale by private treaty.

    We’ll talk you through the three methods now so that you have an understanding of how it all works.

    Sale by tender is normally for high-end properties: the offers are submitted privately and examined after a certain date. The buyers are acting independently with no knowledge of the other offers on the table – it’s up to them to put in the highest bid and hope for the best in terms of a sale.

    Sale by auction is an exciting process. A group of potential buyers will place bids on the home based on a certain base, or reserve price. There’s a level of uncertainty when it comes to the auction, but it could pay off if the bids go through the roof. In fact, the level of excitement does generally lead to higher sales.

    Finally, a sale by private treaty is the most common method of sale in Australia. The property is marketed at a certain sale price, and people put in their offers, which agents can then negotiate. The risk with this method is that sales rarely go above the asking price, so you have to make sure you get it right to avoid losing any potential money.

    Style Your Property

    Styling your property is a worthwhile investment if you want to encourage potential buyers to your home. By hiring a professional interior designer, it really gives way to the potential of the property, particularly for any marketing and advertising needs. Be sure to hire a professional photographer for your marketing pictures – while this might seem like a costly item, it’s a worthwhile investment into the sale of your home.

    Make Sure the Sales Contract is Right

    This is worth having an expert to work with. Sales contracts list everything that is included with the property sale, from the furnishings to the alarm systems, and everything in between. In fact, many assume that when viewing the property, what they see is what they get. So, make sure that you’re clear about what is included when making your sales contract. It’s worth having a lawyer look over the contract to make sure everything is crystal clear.

    Get A Property Title Check

    A property title check is a legal requirement here in Australia, and while you can do it yourself, we’d really recommend hiring a lawyer for this too. This is because if this element of the sale is incorrect, it could lead to huge repercussions and financial penalties for you, including denied financing.

    Once this is all done, there’s only one step left – selling your home and saying goodbye to your property! The Sydney real estate market is booming right now, so there’s no better year than 2022 to sell your residential home. This guide should help you with everything that you’d need to consider, but don’t forget you can always ask your friendly local experts here at MGM Martin for any help or advice you might need.

    MGM Martin – home-selling experts!

    If you are considering selling your property, call MGM Martin today. We will be able to provide a free market appraisal and give you the best advice on how to sell your property at the best price. Based in Mascot and Zetland, locals with years of experience in Sydney real estate, we have been through all types of markets and know what it takes to get the most out of a sale.

    Get in touch today for a chat. Call 02 9662 3954
    For more information: mgmmartin.com