The January rush trend often sees a spike in home-search activity that takes place right after Christmas and into January - here's how to make the most of it.
If there is one thing 2020 has shown us, it's that things don't always go according to plan. And yet, the end of the year somehow still spurs a sense of optimism for fresh starts and clean slates - even more so after the harsh Covid-19 pandemic-hit year. Inadvertently, there has been a rebound in the property market, but also we've come to value the places and spaces we choose to do life and work in, even more.
Enter the January Rush trend. Rightmove describes the surge in online searches as an "immense group of home-hunters who wait until after Christmas Day to begin their search for a new home".
Similarly, in January of this year, Property24 saw a significant increase in traffic - this when the interest rate was at 10%. In the first month of 2020, some 4.6m users visited Property24, a 13% increase when compared to the same period in 2019, according to Google Analytics. Comparing data for the period 21, November 2019 to 21, December 2019 and 21, December 2019 to 21, January 2020, it shows a significant 98% spike in traffic.
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Stoking this year's possible 'January Rush' even further is the favourable interest rate now at 7% (3% lower than at the start of 2020). So if you've been thinking about putting your home on the market - here's some solid advice to ensure you're listed and ready to sell by Boxing Day.
- Price correctly from the start
If you haven’t had your property valued yet, best you get that sorted immediately. Ask at least two qualified estate agents to value your property. Pricing correctly from the start is vital. You don’t have to be offering the cheapest property on the market to achieve a quick sale, rather it needs to be well priced in comparison with similar properties.
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- Work with the right estate agent
Choose an agent based on their skill sets, the company’s marketing ability and track record in your area. Importantly, sellers should select the right agent for their needs based on the quality of their offering rather than pricing.
- Get your home ready
Selling your home is all about making it as appealing as possible. We all have our must-have features when it comes to choosing a home, but what about the must-not-haves - but outdated kitchens and bathrooms can be the most off-putting, not to mention the most expensive when it comes to upgrading a property.
Ensure you do a proper declutter of both the inside and outside of your home, so you put your best foot forward when listing your property. Create as much light, open and airy spaces as you can before you arrange any viewings.
- Start preparing your documents
The normal process is that only after the offer to purchase is signed, will the seller “get around to dealing with” the Conveyancer’s requests for paperwork. This can drag out the transfer considerably - already a 2- to 3-month long process, calculated from the date of sale.
The seller can be faced with an astonishing amount of paperwork; which could include the items listed below. Of course, not every property has the same history and unique circumstances and therefore not all these items will apply, advises Sampson.
- Giving the 90 days’ Notice to the existing bondholder for cancellation of the bond.
- Having an Access Bond frozen, before cash can be drawn therefrom.
- Obtaining building plans for the house.
- Incorrect rates and taxes accounts, especially where a previous subdivision took place;
- Lost original title deed and the long delay in having a duplicate original issued,
- Failing to have had conveyancing documents or a Power of Attorney signed before travelling overseas.
- Repairing all known defects in the property before show day,
- Arranging Electrical Certificates of Compliance, Gas and Fence Certificates, which are valid and beyond reproach,
- Making sure that the Company or Close Corporation Seller has not been de-registered by the company’s office.
- 75% of Shareholders, Directors and Members in a Close Corporation to authorise the sale of its property.
- Trustees in a Family Trust must first be updated.
- Making sure that the property, if built within the last 5 years, has the obligatory NHBRC (National Home Builders Registration Council)
- Not having paid Engineering Services and Endowments, that were raised when an application to subdivide or rezone the property, was submitted to the Council.
- Deceased Estates: Only an Executor appointed by the Letters of Authority is allowed to sell the Deceased’s property.
*Article sourced from Property 24*
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