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Five questions to answer before you sell

Whether it’s your first property sale or your fifth, selling your home or investment property is a major financial decision that can come with its fair share of emotions as well.

So what do you need to know beforehand to ensure you are making the right decision? Let’s look at five questions you should answer before you sell.

How does the selling process work?

There’s a process to selling any property and it’s important to understand exactly what’s involved.

Typically it includes:

Research – About the market and potential real estate agents to manage the sale

Determining the property value – Via an appraisal from one or a number of agents. This will help you set a realistic sales price.

Selecting an agent – The agent you select should be a local area expert who will go above and beyond to understand your needs and then achieve them.

Selecting the sales method – there’s more than one way to sell a property with auctions, private treaty and open to offer among the options available. It’s a good idea to acquaint yourself with the pros and cons of each method, considering what might be right for you.

Marketing the property – Once you’ve selected the agent and decided on the sales method, the marketing of the property begins. This might include a variety of marketing avenues, such as print media, website advertising, and social media.

Open houses – The marketing is designed to draw people to the property so they can see it for themselves at an open home. These inspections are usually held on a Saturday and perhaps mid-week, with prospective buyers putting forward their offers if they are interested in purchasing the property.

Exchange and settlement – Once you’ve accepted an offer, it will be formalised via a contract of sale which sets out the terms, conditions and timeframe for the sale, including the date of settlement when the property is handed over to the new owners.

How much is my home worth?

Before you commit to selling, it’s a good idea to have an understanding of exactly what your property is worth.

This involves researching the sale of similar properties in your area as well as making yourself familiar with current market conditions.

In addition, you may wish to call in an agent to have the property appraised so they can give you their opinion on the price they believe the property would fetch.

Is now the right time to sell?

When it comes to getting the best possible price for a property, timing is everything, so it’s important to consider whether now is the right time to sell.

Interestingly, this question isn’t just answered by market conditions but should also factor in your personal circumstances.

What can I do to get the best price?

It’s natural to want the best possible price for any property that you are selling, which is why it’s important to consider what exactly you can do to achieve this goal.

Depending on the property and the market it’s likely to appeal to, achieving the best price might involve the following:

  • A general tidy and declutter
  • Repairs and minor improvements such as painting
  • A renovation
  • Styling
  • Professional photography
  • Videography
  • A concerted advertising and marketing campaign

How much will selling cost?

There are costs involved in selling a property and it’s important to be aware of them from the outset.

Typically, these costs include:

  • Agent commission
  • Repairs or improvements prior to sale
  • Marketing and advertising costs
  • Legals and conveyancing
  • Lending costs such as mortgage discharge fees

How we can help

If you’re considering buying or selling a property and seeking to understand the current market conditions, why not chat with one of our friendly agents to understand how we can help?

Or feel free to enter your address below to get your instant property estimate.

We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.