The intense growth of the Illawarra Property market has ceased in 2018. Buyers can breathe a sigh of relief but what about selling your home in this changing market?
We asked the highly experienced Wendy Ristuccia from Ray White in Thirroul for her top tips for both buyers and sellers to manage and still capitalise in this changing housing market. Here are her top tips and market summary:
The Illawarra Housing Market is now levelling in price across the board with some areas coming back in price. Northern suburbs of Wollongong are more protected from lack of supply with limited properties between the escarpment and coast line and better accessibility to Sydney (eg. Thirroul with it's express train stop).
- If you are buying and selling in the same market - it's all relative so you shouldn't lose out. Don't let a changing market delay your decision to sell if you are buying in the same market!
- For Finance get in early and apply for pre-approval! The royal commission enquiry currently on the banks is making lending more difficult than it has been previously. It’s not about how much equity or deposit a borrower may have it’s the ability of servicing the loan and being able to repay.
- Needing to upsize or downsize but scared to take the leap? When you're needing to sell first to buy it can be very daunting. It is common to worry about the unknown, like what if we can’t find something suitable to buy in time? However, the best position when you find your dream home is to be financially ready so you can put your offer forward! Selling before you buy generally means you can avoid a bridging loan, which clobber you on high interest repayments.
There are also plenty of options that make selling before buying preferable, for example:
- Extended settlement
- Renting back from new owner or renting temporarily another home.
- If you choose to buy before you sell, enquire as early as you can for a bridging or relocation loan to give yourself plenty of time to have sorted or to have an estimate of what costs may be involved - as highlighted before, temporary loans like bridging loans can come with a high price tag...
- Lastly, this is changing market and therefore the key thing that will drive the sale price of your home upwards is generating competition between buyers. This obviously means you will need more than one buyer so the onus lies in finding a hard working agent who really follows up every single buyer AND has great relationships with hot buyers on their database. Ask an agent how many potential buyers they could bring through that weekend just from their own database - the answer will be telling.
- An honest, genuine agent that goes above and beyond servicing BOTH their sellers and you as a buyer will help enable a smooth and successful transaction at one the most stressful times of life - so make sure you have rapport with whichever agent you choose.
With our thanks to the lovely Wendy Ristuccia for sharing her insight and experience. You can make contact with Wendy by clicking here... Wendy is always delighted to value your home or share her expertise, so feel free to get in touch!