FAQS
What method of sale should I choose?
The most common methods of sale are private treaty (putting a price on the property), price range, auction, tender, expressions of interest and by negotiation. Each method has its pro’s and con’s which your agent should be prepared to discuss with you. The best method will be dependent on the type of property to be sold, your personal circumstances and the state of the market.
What is the best time of the year to sell?
Many owners will hold back property for sales until they are presenting best which explains the increase in listings in spring. Premium prices are most often achieved when emotions overrule logical and there is strong psychological argument for presenting the property in its best condition both in condition and seasonal aspects. Also Canberra is affected more than other States by our employment demographics where postings are very common and frequently occur at year end and beginning. Interestingly though, we sell properties in competition not in isolation and it could be argued that a sale in the winter months when there are traditionally fewer listings, may optimise the result.
What if the market’s not right?
Well presented and well marketed properties where vendors have realistic price expectations will always find buyers. Also buying or selling in the same market lessens the risk of adverse market price action.
Should I get my home valued or appraised?
Valuations are carried out by licensed valuers and are often required for mortgage approvals or for refinancing. Appraisals are carried out by real estate agents and are opinions about the worth of your home.
Should I carry out maintenance and repairs before sale?
Well presented and maintained homes can command premium prices by moving potential buyers from a logical to an emotional state. Small repairs, crack filling and paint touch ups will enhance the property and for a small outlay may increase the sale price by many thousands. Major renovation projects to bring a property to sale may be beneficial but may also be counterproductive if it results in a product that the prospective buyers does not want or would have preferred to have renovated themselves.
What sorts of costs are involved in selling my home?
The building and pest report will need to be arranged however this amount is ultimately reimbursed by the purchaser as part of the settlement process. There is the cost of preparing the contracts for sale and conveyancing cost. The agent will recommend your investment in an advertising campaign, including press and internet coverage, which is suitable for your property. The agent’s fee or commission is generally set as a percentage of the sale price and is paid on settlement.
What sort of advertising will I need to do?
Your agent will recommend your investment in an advertising campaign, including press and internet coverage, which is suitable for your property. The level of this investment is your choice however you are selling your property in competition not isolation and it is very important that your coverage is as comprehensive as possible.
Whilst the internet is important, the press remains a crucial component and is often the first place your property is discovered. Generally buyers will use the press for first discovery and for checking opens and exhibitions prior to using the web to compile their short lists.
What sort of paperwork do I need?
Prior to a property going onto the market, a building inspection report, Energy Efficiency Rating (EER) and pest report is needed. These reports are generally done by the same firm at the same time. In addition a contract of sale will need to be prepared.
Do I need to use a solicitor?
Conveyancing can be done with the use of “do it yourself” kits however it is strongly recommended that a solicitor be used to carry out the conveyance. The fees are relatively small considering the size of the transaction and you do get the benefit of the solicitor’s professional indemnity insurance in the unlikely event of a transaction going wrong. |