You have gone through all the processes when you purchased your home. You probably feel like you have a handle on the property market. But, selling your property or home has its own set of circumstances and can become a stressful exercise. The following are a few tips on how to go about the procedure of putting your home up for sale.
When is the best time to sell my home?
There are multiple reasons why people decide to sell their home. Finding the right time can require some investigation on your part. Research when the housing market completes the most sales in your area. Here is a list of reasons when homeowners may want to sell
- The family is outgrowing the size of the home
- Alternatively, family members have moved out and its time to downsize
- Your employment has taken you to another suburb or city
- The positive market prices are appealing
How can I find out the value of my home?
There are multiple websites that you can access to find the value of your home. You can see historical property data on the median price, annual growth, number of sales and so on. One website that offers information is Your Investment Property Here you can enter a suburb and it will automatically retrieve a host of information that you will find useful. You can research your current suburb and the suburb you are intending to move to.
How can I know if it is a seller’s market?
A typical indication would be if there is more demand for property in your suburb than there are sellers. What is the auction clearance rate and have loans fallen or risen? There is a website called the Demand to Supply to Supply Ratio. You can enter the suburb and it performs a health check.
Who is most qualified to talk too?
Obviously, a real estate agent is the first person you should contact. They will have a finger on the pulse of real estate activity in your region. They will be able to quickly tell you what price you can expect when you sell.
Real estate agent database of buyers
A good real estate agent will already have a list of potential buyers. They will match your property details with purchasers in their database. This can make the process of selling quicker and less stressful for you. This can also save you money on advertising and other associated costs. If the agent brings a buyer to you with an acceptable offer then you can sell immediately.
What are the options to sell my house?
Typically you sell your home via a private sale or you go to auction. If you are going to do a private sale then you will already have a price set for the property. From here your home can be promoted for sale through various online and print media outlets. You can advertise your selling price and negotiate with all the buyers. This type of sale could be what you want but can take longer to sell.
Alternatively, you can go to auction. This is by far the preferred avenue of selling your home.
What happens at an auction?
You have to set a reserve price. This sets a minimum price of what you are willing to accept. On the day of the auction, all potential buyers will bid on your home. If your home exceeds the reserve price then you can sell. However, if the property does not reach the reserve you have the option to negotiate with the highest bidder.
If you go to auction make sure your agent has explained to you carefully your legal obligations.