Guide: Home Selling

The best time to sell your home...

Deciding when to sell your property can be difficult, as the real estate market can be influenced by a range of different factors, ranging from local supply and demand to the overall state of the economy. However, by working with an experienced and knowledgeable real estate agent, you can expect to accomplish good results all year round.

Spring: Spring is a great time to list a new property. Stock traditionally tapers off after May then surges again in Spring, giving sellers access to a large pool of buyers. However, given that most other vendors are aware of this, the market can become inundated with new listings.
Summer: People tend to take time out from their busy schedules during the holiday season, and buyers can use this period to research the market and become more prepared. Therefore, this is a great time to position properties ‘off-market’.
Autumn: Autumn is a fantastic time to showcase high-quality properties, as the overall quantity tends to be lower. However, it’s important to keep in mind that families often go away during the Easter holidays.
Winter: Brisbane Winters are usually fairly mild, so buyers tend to still be active in the colder months. If you want to get a jump on your competition, winter is the time to hit the market. The higher the demand – the higher the price!

1

The Market

Buyer’s Market

A buyer’s market refers to when there are more properties listed for sale than there are buyers, which can cause the average house price to fall. As a result, sellers need to drop their asking price if they want to sell their property quickly.

Seller’s Market

In a seller’s market, there are more people looking to buy than there are properties for sale. Nearly every property in the area will sell quickly, due to high demand from interested buyers.

Neutral Market

A neutral market occurs when the number of properties and interested buyers is equal. This is often a result of banks offering good interest rates, which can entice buyers into the market. Sale prices remain steady in a balanced market.

2

Finding the Right Sales Agent

It’s fair to say that most people want to sell their property quickly and for as much money as possible, a goal which is made all the more possible by top-quality real estate professionals. If you’re on the lookout for a real estate agent, you should be seeking someone who:

Has Unparalleled Market Knowledge

Look for the agent responsible for selling the most properties in your area. These agents will have an abundance of market information and they will have an idea of the best potential buyers for your property.

Is A Skilled Negotiator and Auctioneer

Algorithms have changed the modern property market. Everyone – including potential buyers for your property – now has access to websites that create value estimations for a listed property, which may limit a home to a certain value. Having an agent with the ability to auctioneer a property and work beyond predetermined price limits can be a real asset in today’s market.

Will Make Your Life Easier

A good real estate agent will have connections with all the right people, and can make your life easier by putting you in touch with tradespeople, town planners, insurance providers, and more!

3

Selling Method

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Auction

Auction is a specialized selling method, so if your agent recommends a sale by auction, be sure you find out about their ability to achieve successful auction results by looking into how many auctions they have recently listed and sold. The major benefit of an auction is that there is no ceiling price. If you are considering selling, and you want to have a winning chance of selling your home within 30 days for a price that exceeds your expectations, talk to the agents and auctioneers that specialise in this selling method.

Private Treaty with Price

Private treaty sales are popular with home owners. A property is normally advertised at a predetermined price and buyers are encouraged to attend open-home inspections. Buyers can then choose to make an offer, which is presented to the owner for consideration. This process is repeated until a premium sale price is achieved.

Private Treaty without Price (Pre-Advertising)

Elite real estate agents like the ones at Place will maintain an extensive database of buyers, giving them the ability to conduct exclusive viewings for qualified prospective buyers. This selling method can engage buyer interest in a property before it has even been advertised.

Following the private viewing, buyers will provide the agent with feedback on their impressions of the property. If they’re interested in purchasing it, they will make an offer. The seller can then consider the offer, and use the feedback provided to make an informed decision.

4

Getting Your Home Ready

First impressions are everything when selling your property; you don’t get a second chance. Here’s a helpful list of things to do when preparing your home for the market.

Fix Any Deal Breakers

Buyers want minimal problems, which is why we often recommend that sellers conduct their own building and pest inspections prior to putting their property on the market. This gives sellers insight into how their property might be seen in the eyes of a buyer, and time to address any of the issues highlighted in the inspection, which will ultimately make the home more appealing to buyers.

Tip: Talk to your real estate agent before making major changes, such as painting the house or replacing carpets, as these costly restorations may not greatly affect the sales price.

Up Your Street Appeal

Ensure the gardens look good by removing weeds, putting down fresh mulch, trimming hedges, and mowing the lawn.

The lead up to your front door is the first thing potential buyers will take notice of when they visit your home, so you should try to create a welcoming entrance by painting the front steps, placing pot plants next to your front door, or adding some outdoor furniture.

Tip: Vacant land that has been cleaned, fenced, and turfed sells a lot easier than unkempt land.

Clean

A clean home makes a good impression, so put some elbow grease into cleaning, or pay professional cleaners to do it for you. If possible, you should shampoo carpets, polish and repair damaged hardwood, and re-grout tiled floors.

Remember, buyers are trying to imagine themselves living in your property. If your home is filled with personal items, it won’t feel like a space they can make their own. It’s best to take yourself out of the equation to prevent inhibiting your buyer’s imagination.

Tip: Eliminate unpleasant odours in the household by cleaning well; don’t just try to cover it up with air fresheners

Professional styling

Professional stylists can help your property stand out in the marketplace. Experts will view your property, write a list, then return with furniture, artwork, and homeware to improve the look and feel of the home.

Tip: Well positioned furniture will always make a room feel spacious and easy to live in.

5

Picking A Selling Price

Auctions provide the platform for the most accurate pricing of a property; it illustrates what the market is prepared to pay, and what the vendor is prepared to accept at a given time. This is why we are pro–auction. We don’t want to set a ceiling limit on the price of our client’s property.

If you decide to sell your property by private treaty with a price tag then your agent will help you to decide on an asking price by providing insightful market knowledge and accurate comparable sales information for your property.

What are the main factors in deciding the asking price? Location, location, location! Closely followed by land size, overall quality, and the property’s individual features.

6

Showing your Property

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  • When you make the decision to sell, make sure your property is easily accessible; an agent won’t be able to sell your property if they can’t show it to potential buyers.
  • Buyer’s prefer when the seller is not home during the inspection, as it allows them space to embrace the space.
  • Flowers are a must-have for open homes! Orchids and potted plants are long-lasting and can be easily spread around the home to create a more inviting space.
  • Small things can make a big difference when selling a house, so make sure you have done your chores before an open home. This means: clean and put away dirty dishes, make beds, and store dirty clothes out of sight.
7

Reviewing Offers & Negotiating

While your goal is probably to achieve the highest price possible, certain offers will include more than simply the sale price. That’s why you should choose an experienced agent who is adept at negotiating and can explain all of the variables of each offer. The following are a few of these variables that you’ll need to take into consideration:

Cooling-off Period

A standard contract comes with a cooling-off period of 5 business days. Within this period you can cancel the contract if you’re not entirely happy. However, there are some instances where the cooling-off period doesn’t apply such as when property purchased under auction conditions or when as part of the negotiations it is waived by the buyer.

Deposit

A buyer who is willing to put down a deposit is showing that they’re financially invested, and interested in seeing the transaction through. A large deposit shows greater interest, and may also indicate that the buyer wants a fast transaction. A small deposit can also be promising, and may indicate that the buyer will need financing which adds in a time variable to the transaction.

Cash Sale

Some buyers are in a position to pay cash, which often yields a speedy result as there’s no need to wait for finance. However, buyers who are able to pay cash also have a profound advantage; and they know it. They may therefore attempt to offer you a lower sale price, so you’ll need to think about what matters most to you; speed, or price.

Inspections and Valuations

Most offers will include a clause requiring a building and pest inspection, or a professional valuation. These clauses must be satisfied before you can proceed to an unconditional contract of sale.

Special Conditions

Some offers will include special conditions, which must be complied with in order for the sale to go through. A common example of this would be the special condition that the buyer can sell their own home before they buy yours. Special requirements can always be negotiated, so be sure to discuss your options with your agent.

Countering an Offer

When you offer a counter-proposal, this shows the buyer that you are seriously considering their offer but have a few reservations. These could include working on the price or including further terms and conditions before you agree to a sale.

8

Closing the Sale

Closing the sale is the point where you need to finalise all details to ensure the sale goes through as smoothly as possible for you and the buyer. At this point, the purchaser is usually entitled to a final pre-settlement inspection to ensure that the property is still in the same condition as the day their offer was accepted.

Sale by Auction

The buyer has bought the property on an unconditional basis, which means there are no terms and conditions to be met and the buyer does not have a 5-day cooling off period. Your signed contract will be forwarded to your chosen legal representative who will carry out all necessary legal actions on your behalf in preparation for your agreed settlement date.

Sale by Private Treaty

Unless this has been waived, the buyer is entitled to a cooling off period. All other terms agreed upon (such as building, pest, or swimming pool inspections) will have time periods in which to be completed by the buyer.  Depending on whether the results of the inspections are satisfactory or unsatisfactory to the buyer, there may be further negotiations required before the property goes unconditional.

Selling with Place

The team here at Place Property Sales have unrivalled real estate experience and expertise.

We work collaboratively with the best in the business to implement an end-to-end sales service that you can trust will yield great results for your property. We’re also industry leaders in negotiating and auctioneering, which means that – unlike other local agencies – we work beyond the limits of restrictive algorithms. So, if you want to ensure that your home sells in record time for a premium price, then talk to the team at Place Property Sales.


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