If you’re selling a home for the first time, you might be wondering where to start. This handy guide will help you navigate the process.
Determining the value of your home
To make sure you can sell your home for a good price and avoid having it sit on the market for a long time, it is important to determine its value.
Get an appraisal
There are websites that can provide you with a calculated estimate on what your home could be worth, along with available property history and comparable properties in the area. This can be a great way to get a general idea, however it may not take into account any improvements you’ve made – so use this as a guide only.
You should also arrange for two or three local selling agents to provide a property appraisal. Not only will they be able to give you some guidance on setting your price, but you can also use this as an opportunity to assess which selling agent you would like to work with for the remainder of the process.
Research other listings
Research what is happening in the property market in your area by looking at listings and sales data on comparable properties over the last three months. Identical homes directly across the street from each other can vary significantly in some neighbourhoods due to factors such as dividing lines, main roads, freeways and train lines so it is important to consider these factors in your research.
Try to compare properties that are a similar size and a similar age. One suburb might consist of homes built in the 1890s right next to another ring of construction from the 1980s. Values between the two will differ. Make sure you’re comparing apples to apples.
Understand the market
You will also need to understand the current property market conditions. To get an idea about where the market is sitting, read the latest finance and property articles and reports, and talk to local selling agents.
When there are a lot of properties for sale and not many buyers, it’s called a buyer’s market. In a buyer’s market you may need to allow some wriggle room on your pricing to ensure you are competitive with other properties being sold in the area.
When there are not many properties on the market but a lot of buyers, it’s called a seller’s market. In a seller’s market you may be able to raise your asking price.
Preparing to sell
Work with a real estate agent
You should engage a real estate agent to help you sell your home. Real estate agents are professionals and have valuable insights and experience into the best ways to sell your home. When choosing a real estate agent, there are a few things you should consider:
- Recommendations from family, friends and neighbours – your family, friends and neighbours can give you valuable and honest insight into what it is like to work with a real estate agent.
- Commission and fees – real estate agents will charge you a commission to sell your home. They may also charge other fees, such as marketing costs. Compare the commission and fees of a few different agents to make sure you are getting a good deal.
- Selling strategies – each real estate agent will have their own preferred strategy for selling properties. Choose an agent whose strategy aligns with your own.
- Engagement skills – it is important that you can build a rapport with your real estate agent and that you can trust them to engage with potential buyers to get you the best deal possible.
Marketing
Marketing your home is all about putting your best foot forward. You want to attract buyers by presenting a lifestyle they can aspire to. Your real estate agent will help you market your home, but it is important to note that the marketing costs may not be included in your agent’s fees or commission. These are some basic things you should consider:
- Photography – professional photos of your home can make a big difference to your listing. You want to show off all the best angles of your home to entice potential buyers. To really impress potential buyers, you could have the home professionally styled before the photo shoot.
- Listings – you should list your home on websites like realestate.com.au and domain.com.au, as well as on your real estate agent’s website. Your agent can help you write an enticing and aspirational description of the home.
- Advertising – advertising your home helps to bring in potential buyers. The more people who see your listing with beautiful photos and an enticing description, the more likely you are to have lots of potential buyers inspecting your home.
Inspections
When it’s time for inspections, you should make sure your home is looking its best. You want potential buyers to notice the beautiful floorboards and the fancy oven you splurged on, not the flickering hallway light and fingerprints on the windows. In the weeks leading up to your inspection days you should focus on:
- Repairs – hire a maintenance professional to tie up any loose ends in the home. Make sure all your light bulbs are working, there is no half-finished DIY projects and that everything is in good working order. You might also consider a fresh coat of paint.
- Cleaning – a professional cleaner can make sure your home is looking its best inside and out. You might also hire a gardener to tidy up your garden.
- Styling – consider having your home professionally styled for inspections or, if you can’t fit it into your budget, research the best ways to style your home to sell. Creating a Pinterest board of inspirational photos can help you create a clear vision for how you want to style your home.
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