We're pleased to advise that on 1 June 2022, National Australia Bank Limited (NAB) acquired the consumer banking business from Citigroup Pty Ltd (Citi) and appointed Citi to provide transitional services.
"Citi", "Citibank", "Citigroup", the Arc design and all similar trade marks and derivations thereof are used temporarily under licence by NAB from Citigroup Inc. and related group entities.
Our Tips to Selling Your Home and getting to Know The Market
21 Jul 2022
Whether you bought your home 20 years ago or within the past few years the property market around you has no doubt changed considerably. If you’re now looking to sell you will likely be guided by your agent on price expectations, but it’s important to know yourself how your area is performing and what factors are driving prices and sales.
To get up to speed on what is happening in your area we have a few tips to get you back in the picture and make you more knowledgeable when you do sit down with an agent.
1) Check out property listing sites
This will provide you with information on recent sales pricing> Look for homes with similar attributes like land size and number of bedrooms and bathrooms to start to clarify in your mind what your home is worth.
2) Check out local agent’s websites.
Agents like to promote recent sale prices, so it’s a good place to get local information on house price sales.
3) Go to auctions
Attending auctions will give you great insight into how buyers are reacting to current conditions. Late last year it may have been exciting to see buyers tripping over each other to get in a bid. Clearance rates are down and buyers are more cautious about over committing. That aid, there are still a lot of well-funded buyers, particularly with the economy near full employment. Auctions will clue you in on what buyers are most looking for in a home, and let you know what to expect when your own home goes under the hammer.
4) Get property reports
Property reports provide a detailed breakdown of the sales in 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.
5) Is an independent valuation worth it?
Your agent should have 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 more 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.
6) Be realistic
You have done your homework and listened to the experts, but you know your home is special, and you want more than you are being told its worth. Having a house sit on the market for a long time because you have the pricing wrong can end up costing you a lot of money.
7) It's time to sell
Set realistic pricing expectations based on all the information you have gathered. Once you have sold your home consider where you will be parking the funds. It may be short term as you have another property lined-up to purchase, so a savings account may be appropriate. If it’s longer term you may consider a term deposit better suits your needs, or you may want to split the funds and consider government or corporate bonds, or other investments. Whatever your needs, we have experts that can consider your position and offer investment opportunities to suit your needs and risk appetite.
Any advice is general advice only. It was prepared without taking into account your objectives, financial situation, or needs. You should also obtain and consider the relevant Product Disclosure Statement and terms and conditions before you make a decision about any financial product. Investors are advised to obtain independent legal, financial, and taxation advice prior to investing. Past performance is not an indicator of future performance.
National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”) is the credit provider and issuer of Citi branded financial and credit products. NAB has acquired the business relating to these products from Citigroup Pty Ltd (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”) and has appointed Citi to provide transitional services.
“Citi”, “Citibank”, “Citigroup”, the Arc design and all similar trade marks and derivations thereof are used temporarily under licence by NAB from Citigroup Inc. and related group entities.