1st February 2023 / Sarah Lowry: 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 it's best not to 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.

As an experienced agency in your area, we encourage you to block out the noise of sweeping statements and focus your research on your desired location, property style and size.

Below, we've 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.

Talk to agents

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.

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.

Seek an appraisal

Ask an agent to appraise the value of your home. They will tell you what they think they can sell it for based on recent results. Don't be afraid to ask for detail on how they made that assessment. Also, seek their 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.

Don't hesitate to reach out to your local Fletchers estate agent to discuss your property situation.