If you are looking to sell your home here are some common selling process FAQ.
When is the best time to sell?
Simple, there is no correct answer to this question.
Every market is different. What might work for a coastal suburb may not suit a home in the hills in the same city.
The most important factor that should dictate when to sell, is you. Instead of worrying about market trends, which are difficult to predict, sell when it is right for you, your circumstances and your family. A well presented, well priced home will always attract good interest.
That being said spring is typically spouted as a good time to sell your home because the weather is more pleasant and inviting, and features such as vibrant gardens or outdoor entertaining can create a real wow factor. On the flip side spring is also a typically very competitive month in terms of new volume to market, and properties may have less demand as buyers have more options. As such selling in autumn or winter may actually be more beneficial than waiting for spring.
How long will it take to sell my house?
Once your home is on the market the length of time it takes to sell depends on a number of factors including price, presentation, condition, supply, demand, location, development potential etc.
The first 10 – 14 days of the selling campaign are critical as this is when you will have the highest volume of enquiries. It is critical during this time to be proactive and adjust quickly to market feedback, particularly on pricing and/or presentation as these are the two biggest factors you can control. Being adaptable to feedback will ensure you achieve the best result and don’t have to heavily discount your price in a month or two because you were too rigid at the beginning of the campaign.
What things should I do to prepare for the sale of my house?
When it comes to selling houses the saying “you never get a second chance to make a first impression” rings true. Buying a property is typically one of the largest financial transactions you can make. The bigger the purchase the more we allow emotions to guide us. A well presented home can encourage a buyer to make a deep emotional connection to your home, which can help maximise your result.
Repair, clean, declutter, air out, paint are just a handful of things that should be done before listing your home for sale.
What is home staging and is it worth it?
Home staging is the act of setting up a home with furniture and homeware to showcase it in a way that maximises the sense of space, amenity and flow, whilst simultaneously drawing attention away from any less desirable features. A professional stylist is typically engaged to consult with a home owner and provide recommendations from small repairs to full staging of a vacant home with hired furniture and furnishings. A fully staged home might typically cost $4,500 to $5,500 to stage a vacant home. Whilst restyling of existing furniture with a few hired pieces in a lived home might cost about $1,500 to $2,000.
Staging can definitely increase the selling value of your home. According to Hipages.com.au
“For every dollar you spend on property styling, you make $3 in return when you sell.” “On average, a styled home sells within 33 days of being put on the market. In contrast it takes around 90 days to sell an unstyled property. In Australia, styled homes sell for three to six percent more than un-styled homes.”
Should I leave my house during the home open?
Yes. We want a buyer to step into your home and feel relaxed, unhurried, to actually envision and feel at home themselves. Your presence may disrupt this illusion and make a buyer feel hurried, or as if they are intruding. This may stop them from fully investing in the space when they attend a home open.
What are the stages of the selling process?
Appraisal. Your property appraisal will include a Comparative Market Analysis (CMA), which is an estimate of the value of your home relative to comparable properties in an area.
Pre – Market Preparation. The period before your property’s sales campaign launches to market. During this time all necessary repairs, maintenance and refurbishments are undertaken; photographs, videos and all other advertising materials are created for the campaign; and all decisions are made about your property’s pricing, marketing plan and strategy.
Campaign Launch. The sales campaign launches and encompasses all the decisions you have made with your agent about how your property will be priced, marketed, and sold.
Offers and Negotiations. A good agent’s negotiation and contract writing skills can make or break a contract.
Settlement. During this phase your agent will be intermediary for inspections, valuations, financing, and more. Ensuring deadlines are met and settlement occurs without (or with minimal) delay.
What do I need to disclose when selling my house?
In Western Australia you and your real estate agent must obtain and communicate all material facts to the parties in a transaction. In more serious cases failure to do so could result in hefty penalties, jail time, and in a best case scenario – losing a potential buyer. Not disclosing is not worth the risk.
For more information on material facts, see here and here
What happens once I’ve accepted an offer?
The buyer pays the deposit and arranges any inspections (timber pest and structural are the most common).
The buyer lodges their paperwork with their bank/broker and their settlement agent starts to prepare for the sale. Once unconditional finance has been approved, your settlement agent will liaise with banks, councils, the buyer’s settlement agent, and any other stakeholders to prepare for settlement.
In the days prior to settlement, the buyer is allowed a final Inspection to ensure any other special conditions have been met, e.g. agreed repairs undertaken, appliances, pools etc. are in working order, and that the home is in the same condition as it was at the time of forming the contract.
Settlement day arrives and your house is now sold, time to celebrate.
Can I sell a leased property?
Yes. However if there is a fixed lease, unless all parties agree to early termination, the property cannot be sold with vacant possession. A fixed term lease survives the sale of the property and the tenant will continue to have a right to occupy the property until the end of the lease term. Where a periodic lease is in place you may give your tenant a termination notice. For more information see here.
