Smart Steps to Achieve Your Property Goals in 2020

The new decade has hit and when the countdown clock timed out and the fireworks went off we didn’t just ring in the start of a New Year, we hailed the start of a hot growth period for the property market.

2019 saw a correction in the Sydney market and while we heard a lot of doom and gloom headlines on the topic, what many didn’t recognise were the future positives that we’re now experiencing. As prices have corrected, buyers have come out in force to find their first homes, their dream homes or to begin their own investment portfolios. Buyer demand hasn’t waned and listings have remained low in the market - making these the perfect conditions to sell your home.

This gap between supply and demand also has us expecting growth in the market throughout 2020. We saw this growth at the end of 2019, with CoreLogic’s Home Value Index showing price increases across the nation and we can expect to see value growth of up to 5% in the New Year.

So, what should you be doing now that you know all this positive property market news?

The best thing to do in January is to use the fresh start to set new property goals. But, don’t just stop at setting your property goals, the trick is to set goals that you are able to track and achieve.

Here are our top tips for setting property goals that will work for you in 2020.

1. Be SMART about your goals

Being smart isn’t just about setting clever goals or working towards your goals with intelligence. SMART is a tried and tested method of goal setting that actually works.

What does it stand for?

Specific Your goals should be direct, detailed and meaningful. Vague goal-setting is inevitably only going to lead to procrastination and a lack of drive.

Measurable You should have a method of tracking your goals progress or success in a quantifiable, meaningful way.

Attainable Your goals need to be realistic and you need to have the resources to attain them. Don’t set your sights on a million-dollar apartment if you don’t have the resources to attain it.

Relevant Your goal should be meaningful to you. Simply ask yourself, ‘If achieved will this goal meet my needs?’

Time-based You should include a time limit in your goal. No time limit = procrastination. If you set yourself a time you need to complete your goal or single steps of your goal by, you will achieve it in no time.

A SMART goal sounds something like this.

‘Cut out unnecessary spending to save $50,000 towards my home loan deposit by August 2020.’

2. Stay up-to-date on the property market and allow flexibility in your decision making

Whether you’re looking to start your investment journey, sell your property or buy your first home, it’s important to stay informed about the property market.

What’s happening in the property market will inevitably affect your property goals, whether for the better or not. What will keep you on your feet and heading towards achieving your goals is being as prepared for the changes as possible.

Keeping an eye on the region’s market, as well as news and events that affect the national economy and property market will keep you one step ahead.

Here are some of the best and easiest ways to stay up-to-date:

Subscribe to market content and updates from trusted sources

Stay in regular contact with real estate agents in your area and seek advice from us

Look past the often exaggerated real estate headlines and do your own thorough research - you’ll find that having multiple sources of information will give you a more even-handed view of what to expect in the property market.

If market conditions do change, having a game plan in place to reduce the affects of these changes or being willing to adjust your goals accordingly (whether you need to extend your time frame or change the actions you need to take to lead you to success).

Flexibility is key when it comes to setting reasonable goals and achieving them.

3. Speak with a real estate agent

If you don’t have real estate experience, no matter how much research you do some changes in the market will come as a surprise to you.

Without expert advice, it can be difficult to determine what goals are reasonable and SMART, and what goals may not be possible to achieve.

We recommend starting your year by catching up with a real estate agent and outlining your goals. Your trusted agent will understand what your goals are and the steps you need to take to achieve them. By meeting with a professional, you’ll have a much better outline of what you need to do going forward and you’ll also find someone to rely on for more advice throughout 2020.

If you’re looking to set your property goals for the New Year, you can get started today. Give us a call to set up a meeting!