Imagine yourself on selling day, where you’re left wondering how you got the price so wrong. Now imagine the opposite, where your home sells for what you’d hoped – or more.

It’s important you’re confident about the market in order to develop realistic expectations on the outcome. And that starts with accurate, reliable information.

Here are some things to consider

Get to know what’s happening in your area.

Check out property listing sites.

They’re a great way to check out selling prices in your location.

Browse local agents’ websites.

Many of them list their most recent results on their sites or in ads.

Head out to auctions.

It's a great way to observe buyer behaviour, sentiment and trends that you can't get a sense for online. And the turnout alone can help set your expectations. Just don’t stretch or practise your Saturday Night Fever moves when the bidding starts.

Download a property report.

Property reports provide a detailed breakdown of your area, including individual properties. Reports differ depending on who provides them (realtors, valuers, finance companies, etc.) but you can generally expect handy information like:

  • the total number of properties sold in a suburb and the average selling price in the last 12 months
  • the average asking price compared to the average selling price (a great indicator of how a property's time on the market can impact what buyers are willing to pay)
  • specific details for individual properties, like the number of bedrooms, car spots, etc. so you can make comparisons from similar properties to your own.

If you’re looking for insights for your area, download free NAB Property Reports to get the inside edge.

Get to know your property

Consider an independent valuer.

Your agent would’ve already given you an informed estimate of your property, but professional valuers are often more accurate. By getting another opinion – especially one that’s independent – you’ll get a clearer and balanced insight into your home’s true value.

Choose a valuer that’s both registered and experienced with your area/property type. For just a few hundred dollars, it's definitely worth the cost.

Leave any emotional attachment at the door.

A common pitfall is confusing your property's value with what you're budgeting for. You might have your heart set on buying a special house in your dream location, but thinking this way can open you up to some tough reality checks. It's also pretty easy to think your home's the best on the block, so try to stay objective and compare apples with apples.

What happens if you’ve found your next property before you’ve sold?

Get your ducks in a row for that next purchase.

The property market can be ruthless, so you'll need your finances sorted to move quickly on a dream home. If you're borrowing a bit extra for a new place, there are some things that you can do to be prepared and help make that dream closer to reality:

Consider a bridging loan

You're far more likely to find your dream property before you sell (and before you have some much needed funds in the bank) but a bridging loan could be your answer.

A bridging loan ‘bridges the gap’ by providing funding to purchase the new property before you have sold the old one. It uses the value of both your new and existing property to help secure the loan needed to purchase. When you sell your existing home it allows you to reduce the loan back down in line with the new property value.

Taking out a bridging loan might seem like a no-brainer, but you'll be paying it off on top of your current home loan, which can get a bit dicey if you're not financially prepared.

It's also crucial to be realistic about how long your place will take to sell and how much you'll get. The last thing you want is to come up short for a loan that's had time to accrue a lot more interest than you budgeted for. Unsure? Learn more about bridging loans and if they're right for you.

After more information?Other related articles

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Opening your home for inspections can be stressful. Read our tips on how to get your home ready for buyers.

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