If you’re venturing into selling your property for the first time, let’s unravel the selling process together. Understanding the sequence of events is key to a smooth journey.
Several decisions await you: When’s the ideal time to sell? What method suits your property best? Which real estate agent should represent you? And how can you prepare your property for its grand entrance into the market?
The pace at which you move forward hinges on your unique circumstances. Have you already found your next home? Your timeline is a personalised journey, and our team is here to align with your needs, ensuring a stress-free and well-paced process. Let’s embark on this exciting venture together!
Table of Contents
What is the selling process, and how does it work?
Selling a house might feel overwhelming to begin with but breaking the process down into separate stages can really help. Let’s navigate these stages together and transform the seemingly complex journey into a series of manageable, exciting milestones. Your home-selling adventure just became a roadmap to success!
Research
Kick off your selling journey by delving into an online search of your local area. Explore the current homes for sale, check out properties recently sold near you, and stay updated on the latest auction results in your suburb.
Valuation
When aiming for a precise understanding of your property’s worth, take the proactive step of seeking an objective valuation. Team LOYLE can provide an objective appraisal using our expertise to offer a realistic estimate based on comparable sales, as well as considering the unique size, type, and condition of your home.
Real Estate Agents
Discover your ultimate home-selling companion – your agent! They’re not just negotiators; they’re advocates for your property. Dive into market trends with them as your guide, offering insights like whether or not it would be best to put a price on your property or put it up for auction. They may also suggest things like small renovations or give advice on perfect staging, their goal is to enhance your property’s appeal.
Marketing
Agents will utilise a dynamic blend of marketing resources including online ads and classic signboards. Stellar photography and video capture your home’s essence, complemented by a compelling property description. Making sure your home stands out, not only listings, is crucial!
Open Homes and Auction
Now that your home is prepped for inspection, you can launch into the market! Once you and your agent agree on strategy and timings, put your house on the market. Potential buyers will submit offers to your agent, who will advise you on acceptance. An auction will normally commence after 4 weeks on the market but speak to your agent about this.
Exchange and Settlement
Once you decide to accept an offer, you and the buyer may negotiate terms and timings that suit you both. The settlement period is normally around 30 days and after this, your house is officially sold!
This process is not just about selling a property; it’s your journey to the next exciting chapter of your life. So while it’s completely normal for this period to bring about some stress, try to embrace the challenges and stay positive!
How to get the best price for your home
As we have mentioned, there are so many things to consider when selling a home that it can be quite daunting. However, to maximise the price you can attain when selling your home there are a few crucial factors to consider.
Choose the right time of year
Choosing the best time to sell your home can be tricky. Spring and autumn tend to be busy times in real estate, full of activity and opportunities. However, more properties also mean more competition! Winter offers a quieter scene, while mid-summer usually marks a brief market break from late December to early February.
Keep an eye on market trends:
Your real estate agent’s expertise is valuable. They’re your go-to source for advice on available properties, the number of active buyers, and the most effective selling methods. With their expertise, you can make informed decisions and steer your property journey in the right direction.
Make those small repairs and improvements:
Strategic improvements can make all the difference. Consult with your agent on enhancing marketability. From minor repairs to refreshing aesthetics, each tweak contributes to a higher perceived value.
Consider Supply and Demand:
When demand is high and supply is low, prices tend to rise and vice versa. Strategize with your agent to position your property favorably in the market.
Finding your home’s value
Estimating a home’s value solo can be difficult. Personal biases, like fond memories or over valuing renovations you have completed, might skew your perception. Plus, market dynamics change over time so you may over or under value your home. To stop yourself from falling into these traps, follow the next steps.
Get an appraisal
Local agents hold the keys to market-driven insights. Request an appraisal to gain a nuanced understanding of your property’s value in the current market. Just like any asset, the value of a property can change over time. Keeping a regular check on your property’s market value and staying updated on local market trends is a smart financial move.
Consider the development potential
Explore subdivision possibilities, a factor that can significantly boost your property’s value. It also never hurts to consider making your renovations match what local buyers view as ‘must haves’.
What are the costs associated with selling a house?
Now let’s talk about the financial side of selling your unique property. Selling your property involves various costs – some are obligatory, whilst others are avoidable. For sellers, knowing the key expenses is crucial for budgeting and avoiding any unexpected surprises in the process.
Real estate agent’s commission: Typically around 2.4-3.5% of the sale price, though this does vary.
Conveyancing / legal fees: Approx. $1500 to $2000.
Marketing of the property: Typically between $2,500 – $6,000 and it will depend on your style of home and expected target buyer.
Auctioneer’s fees: Between $750 and $1000.
Renovations and repairs: Variable based on your property needs.
Home staging: This can range between $3,500 to $6,000, depending on the size of your home.
Mortgage discharge fees: Varies, talk to your lender.
Capital Gains Tax: Depends on the property.
Moving costs: Roughly $400 to $2000, dependent on home size and distance.
Consider having a detailed chat with a friendly real estate agent from Team LOYLE to delve into the specifics of selling costs. This proactive approach ensures smooth sailing throughout the sales process and can prevent surprise costs!
Navigate the selling journey seamlessly with Team LOYLE, your friendly, local real estate agents. From unraveling the selling process to mastering the art of timing, valuation, and understanding the financial landscape, we’re here to guide you at every step. Let’s turn your selling journey into a success story!
